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Swedish software company IFS has acquired 100% of its master reseller in Brazil, LatinIFS, looking to strengthen its operations and to expand business in Latin America, the company said in a statement.
The purchase price was not disclosed. IFS is focusing its global strategy on investing in emerging markets, in particular the BRIC nations. LatinIFS is the main coordinator of reselling in Latin America.
The company's strategy of buying local resellers to directly manage and expand business began in 2005, when the company acquired India's Escosoft. In 2010, IFS bought its mains partners in Russia and China.
"The purchase in Brazil represents investing in one of the fastest growing markets worldwide. The country is the world's seventh largest economy and is currently making significant investments in areas where IFS is focused, such as oil and gas, construction and engineering," IFS CEO Alastair Sorbie said.
For 2012, the executive predicts 17% growth in the company's Latin American revenues, attributing that mainly to forecasts of increased software sales.
IFS has a client base of more than 120 companies using its IFS Applications software in Latin America. The company has offices in Brazil, Mexico, Argentina and Ecuador, and clients in countries such as Chile, Uruguay and Trinidad and Tobago.