NEWS & INSIGHTS

Siigo Expands Latin American Presence to Ecuador By Joining Forces with Contífico

Accel-KKR | Aug 25, 2020

Leading ERP Software Provider for SMBs in Colombia Establishes Market Leadership Position Across Latin America

Bogota, Colombia and Guayaquil, Ecuador, August 25, 2020 — Siigo, the leading ERP software company for small- and medium-businesses (SMBs) in Colombia, today announced that it has joined forces with Contífico, the leading ERP provider for SMBs in Ecuador. Siigo, a market leader in Colombia with 35% market share and an established presence in Latin America for over 30 years, continues to realize its goal in becoming the market leader across Latin America. Siigo received an investment in 2017 from Accel-KKR, a leading technology-focused investment firm, which has accelerated its growth through organic initiatives and international expansion.

The combination will enable Siigo to continue to positively impact the business ecosystem in Colombia, Ecuador and the rest of Latin America by helping small and medium-sized businesses achieve greater control over their financial and operational information with its cloud-based solutions. This transaction is highly relevant for the development of the Latin American technology landscape as the combined businesses bring top-notch technology to both countries’ customer bases. The combined engineering teams will focus on accelerating product development for SMBs and accountants across Latin America. Additionally, Siigo’s executive leadership will be complemented by Contífico’s strong management team, led by its Founder and CEO Oscar Plaza.

“Siigo’s mission has been, and always will be, to change the lives of accountants and SMBs through world-class, cloud technology,” said David Ortiz, CEO of Siigo. “Oscar and his team of over 100 employees have built an incredible business with a market-leading position in Ecuador and we are extremely excited to welcome them to our Siigo family. Their experience and creativity joined with the entrepreneurial spirit of their leader, Oscar, will be invaluable to our team as we continue to create new products and push into new markets throughout Latin America.”

“We at Contífico are very proud of what we have accomplished so far and are excited to be part of what’s to come with Siigo,” said Oscar Plaza, Founder and CEO of Contífico.  “We are convinced that we will be much stronger as one single, combined team focused on consolidating the market as leaders not just in Colombia and Ecuador but also across Latin America.”

Siigo’s growth strategy continues to be centered on two key initiatives: 1) continuous product development focused on delivering cutting-edge technology solutions and 2) further execution of  its M&A strategy both domestically in Colombia as well as across Latin America. This growth strategy has been made possible by partnering with Accel-KKR. Contífico is the second company that has joined forces with Siigo since Accel-KKR’s investment in 2017.

“We are very excited to announce our investment in Contífico and our partnership with Oscar today, bringing together two market leaders of ERP software in Latin America,” said John Crowell, board director of Siigo and regional lead in Latin America for Accel-KKR. “Oscar is an ambitious, strong leader that will help drive growth not only in Ecuador, but also in our regional platform as we continue to expand into new markets.”

About Contífico:
Founded in 2011, Contífico is Ecuador’s leading provider of Financial and Accounting software for small and medium-sized businesses. Led by Founder and CEO Oscar Plaza, Contífico has demonstrated an incredible ability to promote its cloud product as the best solution for SMBs in the country. It has been recognized as a provider of excellent customer service and has been at the forefront of cloud technologies for its rapidly growing customer base. Contífico’s cloud-based software serves more than 25,000 users and close to 10,000 SMBs in Ecuador with a team of over 100 employees nationwide. For more, visit contifico.com.

About Siigo:
With more than 900 employees, Siigo is a Colombian company with the mission of transforming the lives of accountants and entrepreneurs through technological solutions that facilitate their accounting and administrative processes, developing cloud software technology that can be used to bill, manage their purchases, expenses, inventories, portfolio, account receivables, accounts payable, payroll and all other administrative functions of small and medium sized businesses. To date in 2020, Siigo has added more than 20,000 new clients and has distinguished itself as the top company in the sector in Colombia with over 35% market share. Founded over 30 years ago in the city of Bogota, the Company currently has a national presence in more than 6 cities in Colombia. To learn more, visit www.siigo.com.