Yesterday, Colombian multinational accounting software provider Siigo announced that it has closed on an acquisition of Mexican ERP software vendor Aspel. Though the amount paid was not disclosed, Siigo stated that it has committed to invest $20 million USD in ERP product development for small & medium sized businesses in the Mexican market.
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.
“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.
US based private equity firm Accel-KKR invested in Siigo in 2017, and since then, Siigo has made 4 acquisitions throughout Latin America.
“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.
Aspel is a 40-year-old firm that has specialized on software solutions to support Mexican companies with accounting, compliance and resource planning.
“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.