Tecnoglass, Inc. (NYSE: TGLS) reported first-quarter 2026 revenue of $249.0 million USD, a 12.0% year-over-year increase and a first-quarter record for the Barranquilla, Colombia-based window and architectural glass manufacturer. Despite the top-line growth, net income fell to $31.9 million USD, or $0.71 per diluted share, from $42.2 million USD, or $0.90 per diluted share, in the same period of 2025, as elevated US aluminum costs linked to import tariffs, mandatory minimum wage increases in Colombia, and a strengthening Colombian peso combined to compress gross margins by 540 basis points to 38.5%.

Multi-family and commercial revenues rose 20.4% year-over-year, driven by continued activity across key markets including geographies beyond Florida, which has historically dominated the company’s US revenue mix. Single-family residential revenues were relatively flat on a year-over-year basis, with management attributing the result to the timing of order conversion into revenue rather than underlying demand, noting that order growth in the segment remained positive into April 2026. On a geographic basis, the US accounted for $237.1 million USD, or approximately 95% of total revenues, up 11.6%. Colombia generated $7.5 million USD, up 17.2%, and other international markets contributed $4.4 million USD, up 27.3%.

Gross profit declined to $95.8 million USD from $97.5 million USD in Q1 2025 despite the higher revenue base. The company cited an unfavorable revenue mix driven by a greater proportion of installation-related revenue, higher raw material costs — with US aluminum tariffs representing an incremental headwind of approximately $6.4 million USD in the quarter — higher salary expenses resulting from annual minimum wage adjustments in Colombia, and the effect of a stronger Colombian peso on costs incurred locally. Pricing actions and operating leverage on higher volume partly offset these pressures.

“We see a clear path to fully offsetting the impact of tariffs in 2027, when full-year pricing across both businesses and incremental automation savings are expected to be realized.” — Santiago Giraldo, Chief Financial Officer, Tecnoglass

Selling, general, and administrative expenses rose to $50.9 million USD, or 20.4% of revenues, from $42.5 million USD, or 19.1%, in Q1 2025. The increase reflected higher personnel costs from annual salary adjustments, peso appreciation, and higher transportation and commission costs tied to revenue growth. The period also included a one-time charge of $2.9 million USD related to Colombia’s *impuesto al patrimonio*, a government-imposed wealth tax levied on large corporations to fund measures addressing recent climate-related events in the country.

Adjusted EBITDA — which excludes non-cash foreign exchange gains and losses, the bad-debt provision, non-recurring charges, and equity-method adjustments related to the company’s joint venture in Vidrio Andino with Saint-Gobain (EPA: SGO) — came in at $61.5 million USD, or 24.7% of total revenues, compared to $70.2 million USD, or 31.6%, in Q1 2025. Adjusted net income was $34.6 million USD, or $0.78 per diluted share, versus $43.1 million USD, or $0.92, in the prior-year quarter.

Cash provided by operating activities was $6.7 million USD, a significant decline from $46.9 million USD in Q1 2025, driven in part by a deliberate build-up of US-sourced aluminum inventories — up $34.3 million USD in the quarter — as part of the company’s tariff mitigation strategy. Capital expenditures of $17.3 million USD reflected scheduled payments tied to previously announced capacity and automation projects. During the quarter, Tecnoglass returned $16.5 million USD to shareholders through share repurchases and paid $6.7 million USD in cash dividends. As of May 7, 2026, approximately $92.5 million USD remained available under the current share repurchase program. The company ended the quarter with total liquidity of approximately $425.0 million USD, comprising $91.1 million USD in cash and cash equivalents and more than $330.0 million USD in revolving credit facility availability, against total debt of $200.3 million USD.

The company’s order backlog reached a record $1.36 billion USD at quarter-end, up 19.1% year-over-year, extending multi-family and commercial pipeline visibility into 2027. Tecnoglass cited continued expansion of its dealer network and showroom footprint as supporting geographic diversification and market share gains, with vinyl product lines identified as an incremental growth driver broadening the company’s addressable market.

José Manuel Daes, chief executive officer, commented on the results: “First quarter results were in line with our expectations, with resilient performance across our key metrics reflecting the continued strength of our vertically integrated business model despite a dynamic cost environment. Demand for our product offerings remains strong, as demonstrated by another quarter of record backlog and healthy order activity, with momentum continuing into the second quarter. Our previously announced pricing actions are now in place, and the broad-based nature of industry cost pressures supports our confidence in executing these increases while preserving our competitive positioning.”

Christian Daes, chief operating officer, addressed the tariff response and the company’s assessment of a potential US manufacturing presence. “Our pricing initiatives and cost mitigation efforts are well underway, including logistics improvements, further automation across our operations, and ongoing supply chain optimization,” he said. “We are also advancing our assessment of a proposed US manufacturing initiative, with a well-located site identified and significant state and local incentives secured that strengthen the project’s potential economics if we decide to move forward based on market demand.”

Santiago Giraldo, chief financial officer, reaffirmed full-year 2026 guidance and outlined the company’s tariff offset timeline. “Based on our strong execution to start the year, we are reiterating our full year revenue outlook in the range of $1.06 billion to $1.13 billion USD and Adjusted EBITDA outlook in the range of $225 million to $245 million USD,” Giraldo said. “This reflects the impact of the recently implemented 10% tariff on finished aluminum window imports as previously disclosed, which is expected to be partly offset in 2026 through pricing actions effective on orders from early May forward, with additional efficiency initiatives from logistics optimization and automation underway and expected to begin contributing benefits by year end. We see a clear path to fully offsetting the impact of tariffs in 2027, when full-year pricing across both businesses and incremental automation savings are expected to be realized.”

On the corporate structure front, Tecnoglass’ board of directors has approved a plan to redomicile the company from the Cayman Islands to the United States, subject to shareholder approval. If approved, the redomiciliation is expected to be completed during Q2 2026. The company stated that the move is intended to simplify its organizational and regulatory structure, improve the tax efficiency of dividend distributions, and expand its potential investor base to include funds and accounts limited to US-domiciled securities. Tecnoglass will retain its Miami, Florida headquarters following the change.

Separately, the company is conducting a feasibility study for a potential new US manufacturing facility. A site meeting project specifications has been identified and substantial state and local tax credits have been secured. The proposed facility is described as highly automated and intended to support future growth while also improving lead times, reducing transportation costs for certain markets, enhancing supply chain efficiency, and enabling the company to compete for Buy America-eligible projects and rapid-turnaround contracts. Tecnoglass expects to complete the purchase of land for the potential facility during Q2 2026, at an estimated cost of $20 million to $25 million USD to be financed through available credit facilities. The company noted that the land purchase does not constitute a commitment to proceed with construction, which would occur in phases contingent on demand, market conditions, and return profiles. The company’s 5.8-million-square-foot vertically integrated manufacturing complex in Barranquilla, Colombia, would continue to serve as its primary production base.

Above photo: Tecnoglass facilities in Barranquilla

The upcoming monetary policy meeting of the Banco de la República, scheduled for April 30, takes place as the balance of financial risks has shifted significantly compared to the first quarter of 2026. Analysts from Bancolombia (NYSE: CIB) expect the Junta Directiva to increase the benchmark interest rate by 75 basis points, bringing the policy rate to 12.00%.

The convergence of elevated inflation, recent reversal episodes, and misaligned market expectations has reinforced the perceived need for a restrictive monetary stance. This strategy aims to contain domestic demand while preserving the institutional credibility of the central bank. Unlike previous sessions, the current decision-making process is influenced by a shifting global environment where markets have moved toward a higher-for-longer interest rate scenario amid increased uncertainty.

Recent discussions regarding the participation of the Ministro de Hacienda in the Junta Directiva sessions have introduced an additional element of analysis. However, current assessments suggest this does not alter the fundamental policy diagnosis, and no disruptions to the decision-making process are anticipated. Monetary policy is expected to maintain consistency, with the strategic focus shifting from reaching a contractive level to determining the necessary duration of that posture.

Analysts project Banco de la República will raise rates to 12.00% to combat inflation despite slowing domestic economic growth.

The international economic context provides a mixed backdrop for the Colombian decision. Private sector activity in the US appeared to accelerate in April, following a 1.7% monthly increase in retail sales during March. In contrast, the Eurozone reported a contraction in economic activity during April. Energy markets have also seen volatility, with US crude inventories rising in the second week of April while gasoline stocks saw a significant decline. Furthermore, crude prices surged following reports of new security incidents in the Strait of Hormuz.

Domestically, the Departamento Administrativo Nacional de Estadística reported that the Índice de Seguimiento a la Economía grew by 1.6% in February. While imports maintained growth during the same month, the urban unemployment rate across the 13 primary metropolitan areas continued a downward trend through March 2026. In the fixed income market, the central government reported debt levels at 64.2% of GDP for the first quarter, with internal debt accounting for 71.2% of that total.

Market movements reflected these broader trends as the US Treasury curve saw valuation increases driven by investor caution. In the region, Colombia, Brazil, and Uruguay emerged as the primary beneficiaries of the J.P. Morgan (NYSE: JPM) GBI index rebalancing in March. Locally, fixed-rate Títulos de Tesorería experienced devaluations across the entire curve last week. According to the April Encuesta de Opinión Financiera, these devaluations are expected to persist in the coming months. In currency markets, the COP appreciated last week against a backdrop of global and local factors, while the Euro lost ground against the USD.

Headline photo: Bogotá headquarters of Banco de la República (Banrepublica). Photo credit Juan Enrique Rodríguez, courtesy Banrepublica

Economic activity in Colombia expanded at an estimated annual rate of 2.1% during the first quarter of 2026. According to the latest NowCast report issued by the Grupo Cibest, unit of Bancolombia (NYSE: CIB, BVC: BCOLOMBIA), this outcome reflects a loss of momentum compared to the rolling quarter ended in February. That previous period recorded a growth of 2.2%, which was revised downward by 10 basis points from an initial estimate of 2.3%.

The 2.1% growth rate for the quarter indicates a slowdown relative to both the market consensus average of 2.7% and the internal growth forecast of 3.3% held by the bank. On a month-over-month basis, the seasonally adjusted series of the NowCast index posted a 1.3% contraction in March 2026. When compared to March 2025, economic activity grew by 2% year over year, representing a 50-basis-point decline from the 2.5% reading recorded the previous month.

“Overall, these results suggest that the economy is beginning to lose steam, amid multiple sources of uncertainty.” — NowCast Bancolombia Report

Analysis at the sector level reveals a broadly weaker growth profile, with deceleration appearing across most productive areas. Slower momentum was identified in trade, manufacturing, recreation, real estate, and financial services. Manufacturing expansion cooled to 1.0% in March 2026, while financial services recorded marginal growth of 0.6%. The real estate sector maintained a steady growth rate of 1.9%.

Construction and communications were the only sectors to record negative growth during the period. The construction sector saw a significant downturn, contracting by 2.3% in March 2026 after having posted 1.4% growth in February. The information and communications sector contracted by 0.4%, marking its fourth consecutive month in contractionary territory. Conversely, acceleration was noted in public administration, which grew by 5.1%, agriculture at 3.7%, and mining at 0.8%.

The NowCast family of indicators is prepared by Grupo Cibest through the processing and aggregation of transaction data from the bank’s various payment channels. Using advanced quantitative tools, the index provides high-frequency estimates of Colombian productive activity to complement official data from the Departamento Administrativo Nacional de Estadística. The report was authored by Arturo Yesid González Peña, Head of Quantitative and Analytics, and Sebastián Ospina Cuartas, Data Controller.

The report also incorporates data from the Bloomberg platform and FocusEconomics Consensus Forecasts to provide broader economic context. While the national economy remains in expansionary territory, the analysts suggest that the current results indicate the market is losing steam due to various sources of domestic uncertainty.

On April 8, 2026, S&P Global Ratings (NYSE: SPGI) lowered its long-term foreign currency sovereign credit rating on Colombia to BB- from BB and its long-term local currency rating to BB from BB+. The outlook for both ratings is stable, reflecting expectations that the Government of Colombia will gradually reduce its fiscal deficit while sustaining moderate growth in the national gross domestic product.

The rating action follows persistent fiscal imbalances and a policy environment that has become less predictable since the pandemic-related recession. The government decision to suspend the national fiscal rule in 2025 marked a significant shift in the policy framework. Pro-cyclical fiscal policies have provided marginal support for employment and consumption, but have also contributed to higher inflation expectations and a wider current account deficit. S&P expects the general government fiscal deficit to reach 5.6% of the national gross domestic product in 2026, compared to 5.3% in 2025.

“We expect Colombia to have consistently large fiscal deficits over the next few years.” — S&P Global Ratings

Institutional stability remains a key factor in the rating, though challenges persist. A fragmented legislature followed the March 2026 elections, where Pacto Histórico and Centro Democrático emerged with the largest minorities. The upcoming presidential election, scheduled for May 31, 2026, adds further uncertainty. Candidates such as Iván Cepeda of Pacto Histórico, Paloma Valencia, and Abelardo de la Espriella have proposed varying approaches to fiscal consolidation. The new administration will inherit spending pressures related to domestic security, rising healthcare costs, and pension payments linked to minimum wage increases.

The Banco de la República, the independent central bank of the country, has maintained a tight monetary policy to combat inflationary pressures. Annual inflation reached 5.3% in February 2026, prompting the bank to increase reference rates to 11.25%. S&P anticipates that inflation will not return to the target range of 3% +/- 1% until early 2029. While the independent status of the central bank provides a buffer against external shocks, high interest rates and lower-than-expected revenue collections have contributed to the widening deficit since 2024.

Economic growth is projected at 2.5% for 2026, slightly below the 2.6% recorded in 2025. Per capita growth is estimated at $9,900 USD for 2026, with real growth expected to average just above 2% through 2029. Despite being a net energy exporter, the performance of the US economy and international energy prices continue to influence national outcomes. Hydrocarbon exports declined to 35% of goods exports in 2025, down from 67% in 2013, showing some diversification even as the sector remains a primary source of volatility.

Net general government debt is forecast to approach 66% of the national gross domestic product by 2029, rising from 60.4% in 2025. S&P notes that the government interest burden will average 12.3% of general government revenue over the next three years. The shift toward issuing shorter-term debt instruments has reduced reported interest payments but increased vulnerability to interest rate fluctuations. External indicators remain a concern, with narrow net external debt expected to stabilize at 130% of current account receipts through 2029. Foreign direct investment is expected to be the primary source for funding the current account deficit, which is projected to stabilize around 2.6% of the national gross domestic product.

Vise photo credit © Loren Moss

The company’s flagship Jupiter 3 satellite was launched July 29, 2023 and covers north & south America with capacity exceeding 500gbps, and individual streams up to 100mbps bandwidth. The school-bus sized satellite runs off of 14 solar panels and sits perched at a longitude of 95 degrees east. Hughes packages this GEO (Geostationary Earth Orbit) with its managed LEO (Low Earth Orbit) service to provide connectivity without the end client or user having to manage the connections, coordinate, or even be aware of what satellite or network is providing the connectivity. This has allowed Hughes to deploy solutions such as its OneWeb in-flight satellite internet service for aircraft.

Hughes insists that its solutions are not just for the jet-set or big businesses. Locally, Hughes has been deploying its advanced technology in places like Colombia’s remote La Guajira peninsula, rural Huila and 12 other Colombian departments, connecting 12,510 previously isolated households. Rural schools, agriculture, and small, remote communities are all able to benefit from Hughes’ modern satellite technology.

Hughes country manager for Colombia, Roque Lombardo was kind enough to take time out from his dealmaking at ANDICOM to speak with Loren Moss, executive editor of Finance Colombia, and himself a veteran of the early commercial satellite business, to talk about how Hughes is making the latest space technology like Jupiter 3 relevant and accessible for even a grade-school student in Colombia’s La Guajira desert or Chocó rainforest.

Finance Colombia: I’m here with Roque Lombardo, who is the country manager for Hughes Satellite here in Colombia. Thank you very much for your time. It’s an honor to be here talking with you. How’s it going here at ANDICOM?

Roque Lombardo: Well. We have been participating for several years now, truly with great success. I’d say it is the largest telecommunications and technology fair in Latin America, except for some events in Mexico. So, luckily, we are doing very well.

Finance Colombia: Excellent. I want to start by congratulating Hughes because one thing I have seen is that, year after year, you have a long-term commitment here in Colombia. Aside from all the technology that Hughes has developed throughout its history, from World War II, when you made aircraft, to now as a satellite company, you are committed to connecting not only Medellín and Bogotá and Cartagena here, but also rural areas of Colombia. Explain to me how you are applying your technology to bridge that gap.

Roque Lombardo: Satellite technology is, generally speaking, a long-term investment. Since you mention long-term commitment, obviously, there is a long-term commitment, but the business is very long-term because the satellites we launch have a useful life of 20, 25, or 30 years. So any business we can do in satellite connectivity is long-term.

This provides two things: it guarantees sustainability and regional coverage. From there, I would say that satellite communications are basically focused on rural connectivity, or are focused on rural connectivity and backup services; fundamentally, it’s those two. Our strength is in rural areas, but you can also see, even though we don’t compete with fiber optics, you can see our VSAT terminals in urban areas, like I don’t know, at a gas station. What is one of our VSAT terminals doing at a gas station in an urban area? It is a backup service because they cannot be left without communication. When the radio link or fiber optics connection fails, the backup service kicks in.

Now, to answer your question more specifically, there are two things I consider to reduce the digital divide. The first consideration is, obviously, that we are all very committed to reducing the digital divide, especially in the southern hemisphere. I am not talking only about Colombia, but on a global level.

And from there, we need to have a certain level of connectivity, but we also need to have content. Because many advocates for reducing the digital divide say that we have reduced the digital divide if, and only if, we have connected a school to a satellite station. But if you don’t feed that school with relevant content from a satellite station, it’s useless. You know? In other words, a connection alone is one thing, but a connection with relevant content so that people can educate themselves, engage in e-commerce, communicate, carry out e-government procedures, and so on, is another thing entirely.

So, from there, satellite connectivity is very useful, and we are working in that direction to increase connectivity. Because even narrowing the gap is sometimes a fallacy, because there are always more places to connect. In other words, the number of places to connect is growing, and the speed of coverage should grow at the same rate as the need for internet service, right?

Finance Colombia: Yes, it’s quite shocking. I’ve visited parts of Colombia: La Guajira, not far from here, Chocó, in the south, like the Amazon and Vaupés, and those areas where there’s no cell phone service, let alone internet access or anything like that. But I think you have technologies that allow cell phone operators to, like, they don’t have to run fiber optics,  they can install connectivity in remote areas like Leticia, or in Antioquia. There are areas where the only access is by river.

Roque Lombardo: 30 kilometers away from here, there are areas without coverage. We are in Cartagena, and 30 kilometers away, there are areas without coverage. That is another service we are providing called cellular backhaul, which connects cell phones through satellite stations. Why? Because, in a way, it is not profitable for cell phone operators to go to a very isolated location with fiber optics or a radio link. So, since they don’t go there with that, they can do it through a satellite link and achieve 4G or 5G cellular coverage in remote areas.

Finance Colombia: One thing that fascinates me is technological advancement. I’m old enough to remember when people had satellites like C-band antennas in their yards.

Roque Lombardo: 180 cm tall.

Finance Colombia: When you changed the channel, that satellite would move from one game to another.

Roque Lombardo: I am that old as well.

Finance Colombia: And I remember that in the nineties, I had a company that provided services for those things.

Roque Lombardo: C-band.

Finance Colombia: Right, yes. And up north, when it’s cold, the lubricant freezes.

Roque Lombardo: And the antenna wouldn’t move.

We have approximately 10,000 schools connected in Colombia, and we have between 15,000 and 17,000 homes connected – Roque Lombardo

Finance Colombia: It was a money-maker for us, because they called us so they could watch the game, and it was just a matter of cleaning the arm that moves it. But what killed that was the Ku-band. And then the dish satellites arrived, which already had the small things, and changed the industry completely. Now, twenty years later, for example, you have antennas that are like small laptops. The connection and installation are much easier. Before, a technician had compasses and weird things.

Roque Lombardo: Elevation and azimuth.

Finance Colombia: It looked like voodoo, installing that for the consumer. So my question is… You guys are still at the forefront. How do you see and what is your strategy with the advancement of systems, which they say are disruptive, but we already have Low Earth Orbit, which has like satellite constellations? You guys already have it; you’ve been setting the pace with every piece of technology. How is that changing the market, and what is your strategy in response to that?

Roque Lombardo: Yes, let’s see, what changes the market dramatically is the reduction in hardware and service costs, beyond the technology itself. I mean, it can be GEO, or LEO in this case; either one. Now, GEO technology has a specific coverage area, and LEO technology, due to the characteristics of the networks, has global coverage.

What does LEO allow for? It allows you to have connectivity everywhere, absolutely everywhere. GEO has very significant coverage, with extremely high capacity, but in perfectly defined areas, right? So, I believe that fixed Internet connectivity is becoming more democratic, but two paths are also opening up: the residential path, B2C, and the business path, B2B. In the residential sector, with low orbit or stationary GEO, needs can be met without any problem. In the business sector, you have two solutions: a LEO solution, a GEO solution, or a mixed solution.

Finance Colombia: Yes.

Roque Lombardo: In general, the best solutions are mixed ones, in which the provider analyzes your needs and gives you the best solution for each of those needs. There is no single GEO solution or single LEO solution.

Finance Colombia:  Something you guys have is a featured product that provides services to airlines.

Roque Lombardo: Yes, that is LEO.

Finance Colombia: That is LEO, okay. And aside from that, your customers obviously include broadcasters, traditional media outlets that always send their signals that way, and one of your first commercial customers. Apart from that, obviously, cell phone operators, but… there’s something in Colombia and many countries here in Latin America, as well as in Canada and Alaska, there are businesses that are located in very isolated places. And I don’t know if there’s much coverage so far north, but my question is, aside from those traditional clients who have known you for decades, what are the companies, I imagine like we have many readers from the mining and oil sectors, what are the sectors where you see the most growth, where perhaps you have solutions for those industries?

Roque Lombardo: There is a need in all industry verticals. Banking, finance, oil and gas, mining, agriculture and livestock; because in addition to everything we’ve already talked about in these few minutes, you have what is called IoT, which is the famous Internet of Things, with 5G technologies in which everyone can set up their own virtual private network, and from there have all their connectivity needs covered. That demand is infinite, because I’m talking about wanting to connect a television camera, wanting to connect my refrigerator, wanting to connect a drone, wanting to connect a moisture detector to measure agricultural moisture, or wanting to connect livestock to see how it is evolving and to monitor it.

Finance Colombia: The water levels.

Roque Lombardo: Water levels, I mean, the applications are endless. That’s why I say that demand is growing all the time, and all the solutions that are appearing in any type of orbit are going to be necessary to meet all that demand.

Finance Colombia: That’s right. Well, I remember that, I don’t think it was last year, but two years ago, you guys were celebrating, and you invited us to celebrate with you the launch of a satellite. I don’t remember if it was Jupiter 3, off the top of my head.

 Roque Lombardo: Jupiter 3.

Finance Colombia: Is there something we haven’t mentioned that you want to mention, or a question I didn’t ask you, or some successes since then?

Roque Lombardo: No, basically, we have continued to grow. We have approximately 10,000 schools connected in Colombia, and we have between 15,000 and 17,000 homes connected. We have many deals with large companies, and we have cellular backhaul, as I mentioned before. And we are marketing, let’s say, if we’re talking about basic services, we are marketing everything that Hughes offers with geostationary orbit satellites and OneWeb’s service with low orbit satellites, with full coverage.

Finance Colombia: And if there are businesses or school districts that want to learn more, is there a specific section of the website or a contact? What steps can be taken?

Roque Lombardo: Yes, at Hughes.com, you can find all the information there. It’s a very user-friendly site with instructional videos, product lines, services, and more. It’s at Hughes.com.

Finance Colombia: Okay, thank you very much for your time.

Roque Lombardo: Great, thank you.

Finance Colombia: Okay.

FlexBPO is a solution purpose-built for today’s dynamic business environment, delivering greater transparency and flexibility than traditional business process outsourcing models. It features a customizable nearshore collaborative model that integrates seamlessly with both onshore captive client operations and offshore outsourcing locations. This location-agnostic approach empowers enterprises to align delivery capabilities, whether nearshore, offshore, or onshore, aligned to their strategic goals and evolving business needs.

“FlexBPO doesn’t replace traditional BPO — it enhances and complements it.” — Shaji Farooq, CEO, Chazey Partners

The attributes of FlexBPO that make this possible are:

•  A nearshore location aligned with US time zones.
• Collaborative decision-making and shared control.
• Flexibility through client-specific customization.
• A Strong focus on transformation.
• An end-to-end, process-oriented approach rather than a task-based one.
• Seamless integration as an extension of the client’s operations.

“FlexBPO doesn’t replace traditional BPO—it enhances and complements it,” said Shaji Farooq, CEO of Chazey Partners.

“Our clients seek more agile, transformative approaches to outsourcing, and FlexBPO delivers exactly that by embedding transformation from day one, tailored specifically to each organization’s unique requirements. While traditional BPO works well with ~80% of the processes, it struggles with a subset of more complex, time-sensitive processes where the cost of failure is high (both financially and reputationally) – It is these gaps that FlexBPO addresses,” Shaji added.

“The root cause of problems associated with executing more challenging processes lies in delivery from far-shore locations (with their associated large differences in time zones). Since work has to be executed during US working hours, offshore teams, by definition, must operate during local night-shift hours – there is no real fix to this. This, in turn, poses ongoing challenges related to the low availability of high-quality talent willing to work night shifts, leading to high attrition rates, constant knowledge erosion, and the associated need for retraining. When it comes to simpler, task-oriented processes, the industry has managed to meet or exceed service levels despite these challenges, but not so when it comes to the ~20% of the more challenging processes,” adds Shaji.

Central to FlexBPO’s approach is its practitioner-led model that moves beyond standardized lift-and-shift operations. Chazey’s experts collaborate closely with clients to create tailored solutions that evolve alongside their business objectives. This unique flexibility ensures rapid scalability, seamless transitions, and optimal cost management without the burden of long-term constraints. The bottom line, emphasized Shaji, is, “We will work with you, and not force-fit a solution that is not tailored to your specific needs.”

“Chazey has gained extensive operational experience in designing, establishing, and optimizing global business services and shared services operations in Latin America, serving the US market. The strength of our capability is grounded in hands-on experience, and our FlexBPO solution addresses operational roadblocks, enabling enterprises to scale rapidly while maintaining high-quality delivery,” said Esteban Carril (above photo), executive partner, LATAM at Chazey Partners.

“Organizations no longer need existing infrastructure or local experience in Latin America — Chazey provides the facilities, the team, and the operational expertise to enable growth, particularly in strategic nearshore delivery centers like Latin America. Furthermore, availability of high-quality talent is not a constraint across LATAM locations – day-shift operations only make it easier,” Esteban added.

A recent case exemplifying FlexBPO’s value involved a large multinational company that leveraged the FlexBPO model to transform its finance operations. By repatriating services from an India-based outsourcer and establishing a nearshore delivery center in Bogotá, Colombia, the company achieved a rapid three-month launch, significantly enhanced operational efficiency by 30%, and laid the foundation for further expansion into HR, IT, and procurement functions, as well as additional finance functions.

FlexBPO is particularly suited to enterprises aiming for enhanced agility, reduced attrition, in-time-zone support, and higher client engagement. It’s an ideal solution for companies looking to transition context-sensitive processes that require deep business expertise, manage evolving operational needs effectively, and reduce the complexity of offshore management.

Photo credit: Chazey Partners.

The main objective of this funding round, according to the Bogotá-based startup, is to help consolidate Plataform’s services primary services offering of bank factoring, private factoring, confirming, and crowd factoring, including a stated goal of helping to finance more than $1 billion USD for companies across Colombia and the wider region.

“With this investment we seek to position ourselves as the number-one alternative financing option for companies,” said Felipe Tascón, CEO of Plataform, when announcing the round. “Having the backing of these two large companies takes us to another level in the market and allows us to reach the entire business fabric, both SMEs and large chains and surfaces.”

Plataform was founded in 2022 by Tascón and Mario Márquez as an alternative financing model.

“The resources obtained in this transaction demonstrate that investors are seeing a great opportunity in companies that develop alternative financing models,” said Márquez, who serves as COO. “The promotion of electronic invoicing, together with the growth of factoring in Colombia, will allow us to accelerate access to financing for the business base, helping the growth and development of the economy.”

The company’s core platform has been in the market for three months and has already helped a range of companies obtain immediate liquidity without affecting their debt capacity. They can draw on their working capital whenever they wish, negotiate high and low denomination invoices, meet obligations such as salaries and leases, and purchase raw materials, among others. 

Overall, Colombia ranks third in Latin America by volume of venture capital investment into the fintech sector, according to the Finnovista Fintech Radar report. The nation’s sector saw some $1.6 billion USD invested in 2021, although this number fell to $1.2 billion in 2022.

Photo (L-R): Santiago García, president Skandia Colombia; Felipe Tascón, co-founder and CEO of Plataform; David Buenfil, CEO of Latam Skandia; and Mario Márquez, co-founder and COO of Plataform. (Credit: Plataform)

We are already investing heavily to bring you the enhanced coverage you need to make sound business decisions. Just the past month, we have upgraded to more robust web servers, and we are betting big on video for 2022. We are asking you to help us add the resources, both human and infrastructure, to bring you the business intelligence and economic analysis that has been valuable to you since we launched in 2014.

As you know, Finance Colombia is the only English-language publication focused 100% on business, finance, commerce, and investment in Colombia. We connect Colombian enterprises and markets with the global investors, executives, diplomats, importers, and exporters that power your growth and investment.

We want to keep Finance Colombia free so that our sponsors obtain the widest possible coverage, and so that we can continue to serve students, young readers, the many English-language learners that read us, and aspiring entrepreneurs.

We are told cute dogs stimulate buyer affinity, so above is Finance Colombia founder Loren Moss’ dog Juana.

Corporate Sponsorship Opportunity

To this end, we are reaching out to our readers representing companies or government agencies to ask that you join us as sponsoring partners. Please contact us using the Whatsapp button below and to the right side of the screen or using the contact form by clicking here and we will send you a sponsorship package. We do not accept advertising or content related to casinos, gambling, or SEO link-building schemes.

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Individual Reader Opportunity

For those of you who are individual readers, we ask you to join at the next level as members.

You are among the world’s intellectual elite. You are a reader of Finance Colombia, now we invite you to become a member.

In addition to continuing to receive the most relevant business and investment news on Colombia, you will also receive:

1. Direct access to Finance Colombia editorial leadership to discuss relevant issues important to you: Up to 6 half-hour teleconferences per year.
2. Research briefs on fast growing Colombian companies important to you (subject to availability of information) Up to 2 per year.
3. Finance Colombia following you on those social media (only non-inflammatory, profane or polemic) channels where we are active.
4. Invitation to forthcoming Finance Colombia webinars and executive roundtables.
5. Invitation to subscriber-only “thank-you” breakfast events where we will have a featured speaker on relevant business, economic and political topics in Colombia. During the next year we confirm at least one event in both Bogotá and Medellín, we are potentially adding Cali, a coastal city (Barranquilla, Cartagena, and or Santa Marta), and Miami, Florida.
6. Speaker availability (subject to scheduling and logistics): Finance Colombia editor or journalist to speak to your office, academic or business group, in English or Spanish, on a relevant, mutually agreed upon topic (you must cover travel per our travel policy).
7. Member-only discounts and offers from our sponsor partners.
8. Our most thrilling new addition, the exclusive Finance Colombia Members Forum. A closed space only for paid subscribers, sponsors, and Finance Colombia contributors where you will be able to provide valuable input directly to Finance Colombia leadership, and interact at a collegial, professional level with other Finance Colombia members. Practically all are executives, investment professionals, government decision makers, or academics. Come and let’s discuss the pressing issues facing Colombia today! Ideas for something we should be covering? Guidance for where we may be missing the mark? This is your chance to get involved in a formal, productive way.

Join us and support Finance Colombia’s critical mission as we gear up to go in-depth during the coming presidential election year, while Colombia tries to pull out of the COVID crisis, repair its severe fiscal deficit and weakened credit rating, address rising social insecurity, reactivate tourism, and determine the energy path forward, whether that’s fracking, renewables and hydrogen, nuclear, or something else. We are committed to doing our job, but we need your support!

Membership is only $19.95 per month, or 12 months paid in advance, $200 per year. One membership covers you and your spouse, or you and one other professional colleague. You will have the opportunity to provide membership details upon subscription.

We don’t want to turn anyone away. If you are a student, or genuinely struggling but still want to support us—after all, $200 is a lot of money for an entry level Colombian graduate—we want to offer you the highly discounted rate of $60 USD per year, payable annually (solo membership).

For our Monthly $19.95 USD membership, click here

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Special offer for students and low-income readers, click here

Above photo:

We are told cute dogs stimulate purchases, so above is Finance Colombia founder Loren Moss’ dog Juana.

“This is one of our bets for the region in disruptive technologies, local talent and skills for the Fourth Industrial Revolution. In times as challenging as this of COVID-19, investment in areas such as customer service and training in new skills is vital”, said Ana Paula Assis, General Manager of IBM Latin America.

Through this center, IBM will digitally manage, optimize and reinvent corporate processes and services to its clients, by using data analytics, cloud, artificial intelligence, automation, blockchain and other disruptive exponential technologies.

At the ‘Cognitive Transformation Center’, IBM will manage the end to end processes, including:

• Finance and administration: Billing, accounting, accounts payable, reports, treasury, among others
• Human Resources
• Procurement: Tactical and strategic support, as well as management of operational (transactional) procurement.
• Customer service and revenue cycle: Third party management, complaints and claims solution, reading, collection, billing, project management, collections and knowledge management.

The transformation driven by cognitive processes is one of the pillars of the growth of IBM Services, and one of the company’s main priorities in Latin America. The vendor expects improvements in customer satisfaction, agility in decision-making, reduced costs for the company, which means that the internal team can focus on more strategic activities.

“This great center, the largest IBM in the region, shows that Colombia continues to maintain its attractiveness to investors. Efficient foreign investment is one of the essential instruments in the current situation, not only because it leverages exports, but also because it creates job opportunities and helps boost the economy. We are working with ‘Compromiso por Colombia’ to promote the arrival of more investors: investment facilitation tools and business climate; relocation of companies seeking a new organization of their supply chains and efficiencies when leaving other latitudes; and sectoral and regional incentives,” said José Manuel Restrepo, Minister of Commerce, Industry and Tourism.

For Flavia Santoro, president of ProColombia, “the inauguration of the Cognitive Process Transformation Center in Colombia is a sign of investor confidence in the country and contributes to our consolidation as an investment destination and service export platform. We will continue to support the growth of IBM in our territory and that of this Center, which will contribute to technological development, job creation and the training and development of our talent.”

Patricio Espinosa, IBM Colombia, Venezuela and Latin Caribbean Region General Manager, said that “this is a very powerful announcement for the country and a commitment to technology. We will take process transformation to the next level. The use of new technologies will enable a more personalized, flexible and responsive service for customers.”

For more information about opportunities at IBM click here.

In addition to the US Undersecretary of Commerce, representatives from Colombia’s Ministry of Agriculture, ProColombia, and the Colombian Embassy participated in the meeting, which had the stated goal of increasing Colombia’s exports and diversifying the range of products that can be exported, taking advantage of the binational free-trade agreement between Colombia and The United States.

In the first half of this year, Colombia exported $6.85 billion USD worth of products, or 29% of the country’s entire exports, making the US Colombia’s most important trading partner. Of this total, $2.5 billion were exports other than mining or petroleum, increasing diversified trade by 1.75% over the same period last year.

In 2018, US direct investment in Colombia reached $2.478 billion USD, and in the first quarter of this year, $596.2 million USD. Telecommunications, finance and tourism received most of the US investors’ attention during that quarter.

Photo courtesy MinTIC