Siigo, the leading ERP software company for small- and medium-businesses (SMBs) in Colombia, today announced that it has joined forces with Contífico, the leading ERP provider for SMBs in Ecuador. Siigo, a market leader in Colombia with 35% market share and an established presence in Latin America for over 30 years, continues to realize its goal in becoming the market leader across Latin America. Siigo received an investment in 2017 from Accel-KKR, a leading technology-focused investment firm, which has accelerated its growth through organic initiatives and international expansion.
Read More: Westpac Group sells Strategic Alliances (“Vendor Finance”) business
The combination will enable Siigo to continue to positively impact the business ecosystem in Colombia, Ecuador and the rest of Latin America by helping small and medium-sized businesses achieve greater control over their financial and operational information with its cloud-based solutions. This transaction is highly relevant for the development of the Latin American technology landscape as the combined businesses bring top-notch technology to both countries’ customer bases. The combined engineering teams will focus on accelerating product development for SMBs and accountants across Latin America. Additionally, Siigo’s executive leadership will be complemented by Contífico’s strong management team, led by its Founder and CEO Oscar Plaza.
“Siigo’s mission has been, and always will be, to change the lives of accountants and SMBs through world-class, cloud technology,” said David Ortiz, CEO of Siigo. “Oscar and his team of over 100 employees have built an incredible business with a market-leading position in Ecuador and we are extremely excited to welcome them to our Siigo family. Their experience and creativity joined with the entrepreneurial spirit of their leader, Oscar, will be invaluable to our team as we continue to create new products and push into new markets throughout Latin America.”
“We at Contífico are very proud of what we have accomplished so far and are excited to be part of what’s to come with Siigo,” said Oscar Plaza, Founder and CEO of Contífico. “We are convinced that we will be much stronger as one single, combined team focused on consolidating the market as leaders not just in Colombia and Ecuador but also across Latin America.”
Siigo’s growth strategy continues to be centered on two key initiatives: 1) continuous product development focused on delivering cutting-edge technology solutions and 2) further execution of its M&A strategy both domestically in Colombia as well as across Latin America. This growth strategy has been made possible by partnering with Accel-KKR. Contífico is the second company that has joined forces with Siigo since Accel-KKR’s investment in 2017.
“We are very excited to announce our investment in Contífico and our partnership with Oscar today, bringing together two market leaders of ERP software in Latin America,” John Crowell, board director of Siigo and regional lead in Latin America for Accel-KKR. “Oscar is an ambitious, strong leader that will help drive growth not only in Ecuador, but also in our regional platform as we continue to expand into new markets.”
