Colombia-based Siigo Expands Latin American Footprint with Acquisition of Aspel in Mexico
The acquisition expands Siigo's ability to serve SMEs across six major markets in Latin America and will increase Siigo's SME customer base to over 1.2 million.
BOGOTA, Colombia and MEXICO CITY, Feb. 9, 2022 /PRNewswire/ -- Accel-KKR portfolio company Siigo, the market leader in Latin America for accounting and administrative software for small and medium-sized enterprises (SMEs), has closed its acquisition of Aspel, a major administrative, accounting and finance ERP software company based in Mexico City. The acquisition expands Siigo's ability to serve SMEs across six major markets in Latin America and will increase Siigo's SME customer base to over 1.2 million.
With the acquisition of Aspel, Siigo has committed to invest over $20M in product development to build the leading SME ERP cloud solution for the Mexican market. Siigo delivers critical, cloud-based application software to small and medium business across the Spanish-speaking Latin American region and has been awarded Microsoft Partner of the Year in Colombia due to its constant innovation that is democratizing technology for SMEs. Siigo's product portfolio includes electronic billing, accounting, inventory, purchasing and expenses, payroll, POS systems, professional reports, mobile apps and online eCommerce marketplace integrations for its customers.
Since Accel-KKR's 2017 investment in Siigo, the company has grown over 7x and completed its 4th acquisition to complement its organic growth. The company's CEO, David Ortiz, was also recently awarded 2021 Entrepreneur of the Year by Endeavor, a global non-profit network that promotes entrepreneurship and investment in emerging markets.
"The rapid and expansive performance of Siigo is a testament to the market need for a compelling, feature rich product and the vision and drive of a great CEO like David Ortiz. Siigo is a strong example of our commitment to investing in transformative international companies that bring value to customers and shareholders," says John Crowell of Accel-KKR.
"The success of our solutions in multiple Latin American countries is a validation of our growth strategy, which is attuned to the current market need for an intuitive yet powerful ERP platform designed specifically for SMEs. We are focused on bringing together the best people and the best technology all over Latin America to drive innovation for our customers and boost our growth" says David Ortíz, CEO of Siigo. "We are constantly improving our platform as we expand and will be bringing even more features and capabilities to Aspel's distributors and customers who join over 300,000 SME's already using our cloud software in South America," he adds.
"This is a natural partnership for Aspel and represents an opportunity to expand the performance of our solutions and deliver needed services to hundreds of thousands of customers. Collectively we will continue as the unified market leader for SMEs in this part of the world," says Emilio Icaza Chávez, President of Aspel.
About Aspel:
Aspel is a leading Mexico based financial and accounting administrative software company that has facilitated the digital transformation of more than one million SMEs over the past 40 years. Aspel ensures that its customers are in full compliance with national government regulations while providing a full array of solutions to effectively run their businesses. https://www.aspel.com.mx/
About Siigo:
Siigo is an accounting and administrative software company for SMEs and accountants with a presence in Colombia, Ecuador, Uruguay, Chile, Peru and now Mexico. It has more than 30-years of experience in the market, and has formed a community of more than 500,000 small businesses and accountants. Currently, Siigo invests more than 20% of its income in product innovation with the purpose of strengthening its technological ecosystem. This has made it the best partner for its clients by providing them with all the necessary cloud-based tools to improve the performance of their businesses. The company has been recognized by 'Great Place to Work' as one of the best companies to work for in Latin America, occupying the 14th position in this ranking. Its CEO, David Ortiz, was also named the 2021 Endeavor Entrepreneur of the Year. For more information please visit: https://www.siigo.com/.
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About Accel-KKR:
Accel-KKR is a technology-focused investment company with more than $11 billion in capital under management. The company focuses on software and information technology companies. At the heart of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on creating joint value, leveraging the significant resources available through its network. Accel-KKR focuses on mid-market companies and offers a wide range of equity solutions including buy-out capital, minority growth investments and credit alternatives. It also invests via a wide range of transaction types, including recapitalizations of private companies, carve-outs of divisions, and going-private transactions. For three consecutive years in a row (2019, 2020 and 2021), Inc. included Accel-KKR in "PE 50 – The Best Private Equity Firms for Entrepreneurs", its annual list of founder-friendly private equity firms. Accel-KKR was named "Best-Performing PE Firm" globally by HEC-DowJones 2021 Performance Ranking. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta, London and Mexico City. For more information, please visit: www.accel-kkr.com.
Contact: Esteban Tellez, Siigo, [email protected]
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SOURCE Siigo
