Totvs buys rest of shares in software developer Totalbanco

- Friday, April 1, 2011

Totvs buys rest of shares in software developer Totalbanco

Brazilian software firm Totvs (Bovespa: TOTS3) has exercised the call option to purchase shares it did not already own in financial sector software developer Totalbanco Participações, Totvs announced.

Totvs already held 70% of the company from an October 2009 purchase. The remaining 30% cost the company 10.5mn reais (US$6.5mn).

The acquisition has been submitted for review to Brazilian antitrust authority Cade.

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Last month Totvs carried out a 5:1 stock split.

Earlier in March, it also opened a 3,000m2 software center in São Paulo, to develop solutions for the company's primary vertical markets, which include healthcare, agriculture, judicial institutions, financial services, distribution and logistics, retail, education, construction, manufacturing and services.