FreshBooks, the #2 small business accounting software in America, with paying customers in 100+ countries, announced its acquisition of Facturama. Based in San Luis Potosi, Mexico, Facturama helps 19,000+ self-employed professionals, small businesses and startups maintain better control of their finances through electronic invoice management, reporting and other organizational services. The company is one of few software providers in the region that is currently compliant with Mexico’s advanced electronic invoicing and accounting regulations. Supported by FreshBooks, Facturama’s service will allow for greater scaling capabilities in Mexico, where the small business market is significant and growing. The purchase amount has not been disclosed.
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Following the acquisition, Facturama’s team, including CEO and Co-founder, Humberto Ramirez López and Co-founder and Chief Operating Officer, Martin Arochi, will be joining FreshBooks. Ramirez will remain CEO of Facturama, in addition to becoming Managing Director of FreshBooks for Mexico, and will lead the expansion into the region. The Facturama team will be based in San Luis Potosi, Mexico at Facturama’s headquarters.
“The Facturama team has built a great business helping Mexico-based small business owners succeed, and I’m excited to welcome the team and 19,000 entrepreneurs to the FreshBooks family,” said Mike McDerment, CEO and Co-founder of FreshBooks. “It’s still more difficult than it should be to run your own business. In Mexico, 65 percent of small businesses do not survive past their second year, and it’s largely because of cash flow management issues. Combining Facturama’s regional expertise with FreshBooks’ online payments and scaling expertise will accelerate our ability to better serve Mexico’s growing small business and startup market.”
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