Chile , Colombia , Brazil , Peru and Mexico

LatAm ICT financing, investment watch

Bnamericas Published: Saturday, November 12, 2022

IBM Consulting, IBM's unit for services, cloud and integration processes, plans on hiring 3,000 professionals by year-end for its Latin American operations, according to information shared with BNamericas.

The company is looking for developers, data scientists, scrum masters, test specialists, and project managers in Argentina, Brazil, Colombia, Chile, Mexico, Peru, and Uruguay.

In the first six months of the year, IBM Consulting hired 3,000 people for different positions and countries. 

The firm is seeing a strong expansion in Latin America, driven mainly by the new business needs arising from the acceleration of digital transformation, a spokesperson told BNamericas.


Brazil’s Compass UOL, a technology and digital transformation services company belonging to the UOL group, purchased US-based IT development company Avenue Code for undisclosed sum.

The move is part of a strategy to strengthen its business in the US market, CEO Alexis Rockenbach told BNamericas.

Last year in the US, the company bought Adobe-focused digital ad company Content Thread and Edgy Labs, a provider focused on search engine optimization.

Before those deals, Compass “had a few years of organic business development in the US,” said Rockenbach. 

Compass presents itself as a global company that is now focused on growing in markets outside of Latin America. As for verticals, it is mostly targeting the retail, automotive, insurance, agricultural, petchem and big tech markets.

The company’s customers include Natura, Livello, GOL, PagSeguro, Dotz and RaiaDrogasil.


Investments by private equity (PE) and venture capital (VC) funds in Brazilian companies reached 29.7bn reais (US$5.64bn) in Q3, up 123% compared to the third quarter of 2021, according to a survey from KPMG and the Brazilian private equity and venture capital association (ABVCAP).

Year-to-date investments amount to 57.8bn reais, which it is the largest amount since the survey began in 2011.

The financial sector received 22% of the Q3 investments, followed by technology and human resources, with 17% and 13%, respectively.

The purchase of stakes in startups by VC funds totaled 10.4bn reais, down 6% compared to last year’s third quarter.

Of the VC investments, 26% went to fintechs and insurtechs, while 16% went to retailtechs and 11% was invested in healthtechs.

In related news, Transactional Track Record (TTR) reported that Brazil saw 1,860 deals worth 249bn reais in the year through October, down 14% year-over-year.

The transactions include PE, VC, M&A and asset acquisitions.

The internet, software & IT services sector saw the most operations with 385 deals, down 26% y-o-y.


Chilean unicorn Betterfly bought Brazilian professional benefits company SeuVale for an undisclosed sum.

With the acquisition, Betterfly said it expects to complement its portfolio and offer the first integrated and built-in solution for managing food, meal and other incentives and benefits.

In September last year, the company purchased Brazilian startup Xerpay, which is focused on payroll management.

Betterfly is planning to launch operations in seven markets this year (Mexico, Colombia, Argentina, Peru, Ecuador, Panama and Costa Rica) and three markets in 2023 (the US, Portugal and Spain).


Chilean telco Entel launched the third edition of its "Inventing the Future” startup call.

It is carried out in partnership with ChileGlobal Ventures, the risk capital unit of Fundación Chile.

This edition is for startups with "high-growth potential that have validated technologies at a commercial/technological level," Entel said in a release. 

The winners will develop a pilot of their product together with Entel for Chile and Peru, the two markets where the telco operates.

Applications are open until December 11 at

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