- Siigo, the leading Colombian ERP software company, is excited to announce that it has acquired Ilimitada, a regional market leader based in Medellin, Colombia
- Siigo continues to fulfill its mission of improving the lives of its clients by helping them organize their financial information through its cloud-based technology
- Siigo received an investment in 2017 from Accel-KKR, which has accelerated its growth through organic and inorganic initiatives
Medellín Colombia, January 24, 2019. Siigo, the leading ERP software company in Colombia, is excited to announce that it has acquired Illimitada, a Medellin based regional leader. Siigo has been present in the Medellin region for over 25 years and joining forces with Illimitada will help consolidate the Company’s presence regionally and strengthen its national leadership position.
This transaction is highly relevant for the development of the Latin American technology landscape as the combined business will be focused on bringing top-notch technology to Ilimitada’s customer base and combine both engineering teams to accelerate new product development for SMBs and Accountants in Latin America. The combination will allow Siigo to continue to positively impact the small business ecosystem in Colombia and Latin America by helping them to achieve greater control over their financial and operational information with its cloud-based solution. According to a recent study by the national Colombian business association Confecamaras, 98% of SMBs in Colombia go bankrupt during the first 5 years of their operation and one of the main causes is attributed to a lack of organization of their own information. This creates a unique opportunity for Siigo to continue to provide market-leading technologies to SMBs, strengthening the local small-business ecosystem.
Siigo’s growth strategy continues to be centered on 2 key initiatives: the first is based on continuous product development focused on delivering cutting edge technology solutions and the second is to continue its M&A strategy by acquiring companies such as Ilimitada in Colombia, as well as other Latin American markets. This growth strategy has been made possible by partnering with Accel-KKR.
“Ilimitada is the undisputed leader of Medellin. It is a company that we respect and admire. We share the approach of prioritizing customer service and we know that by pooling our experience, talent and resources we can grow in an accelerated manner and be able to impact more accountants and entrepreneurs,” says David Ortiz, Siigo’s CEO.
“In the business world we have had the opportunity to meet different types of competitors but Siigo has always stood out as having a high-quality organization and the best product in the country. We have found opportunities to collaborate together and are excited to work alongside Siigo for the benefit of all our customers as they will be able to quickly migrate to the cloud,” says Pedro Juan Gonzalez, General Manager of Ilimitada.
With a track record of operating for over 33 years, Ilimitada’s software serves over 35,000 users in Colombia. The Company was founded by Medellin-native Juan José Mejía in 1986 and quickly became the leader of the Medellin region. It has been recognized as a provider of excellent customer service and is committed to helping its customers migrate to the cloud.
With more than 400 employees and over 130,000 clients, Siigo is the leading accounting and administrative software company in the country. Founded over 30 years ago in the city of Bogota, the Company currently has a national presence in Bogota, Cali, Medellin, Bucaramanga, Barranquilla, Neiva, Ibague, Pereira, Armenia, Pasto and Duitama, as well as in Ecuador and Peru. Its mission is to transform the lives of accountants and entrepreneurs through technological solutions that facilitate their accounting and administrative processes, developing cloud software technology that entrepreneurs can use to bill, manage their purchases, expenses, inventories, portfolio, account receivables, accounts payable, payroll and all other administrative functions of small and medium sized businesses.
Accel-KKR is a technology-focused investment firm with over US$5 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for top-line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through making significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta, London and Santiago de Chile.