Leading ERP Software Provider for SMBs in Colombia Continues To Entrench its Position as the Market Leader Across Latin America
Bogota, Colombia & Montevideo, Uruguay, November 18, 2020 — Siigo, the leading ERP software company for small- and medium-businesses (SMBs) in Colombia, today announced that it has joined forces with Memory, a leading ERP provider for SMBs in Uruguay. This acquisition marks Siigo’s second geographic expansion in less than three months, after acquiring Contífico, an ERP software provider in Ecuador, in August 2020. Siigo received an investment in 2017 from Accel-KKR, which has accelerated its growth through organic initiatives and cross-border expansions.
The combined businesses of Siigo and Memory serve a common goal of bringing leading cloud-based technology in accounting, administrative and electronic invoicing software to an estimated market of more than 1,000,000 SMBs and more than 300,000 accountants throughout Latin America. Memory and Siigo share highly complementary characteristics including vision, talent, technology, culture, knowledge, and experience that led to this strategic transaction. Siigo’s leadership team will be augmented by Memory’s experienced management team, including Memory CEO and founder Roni Lieberman.
“At Siigo, we are convinced that by bringing the best talent under one umbrella, we can achieve our goal of being the leader in ERP software for SMBs across Latin America,” said David Ortiz, CEO of Siigo. “This goal is rooted in our dream to deliver the very best technology, talent and customer service to help Latin American businesses succeed. Indeed, we have already committed to investing more than USD10 million in technology and R&D in this region in 2021. With Memory founder Roni Lieberman and his team on our side, we continue to make big strides towards achieving that goal.”
“While we take great pride in what we have accomplished over the past 35 years, we are excited to become part of the Siigo family and believe that our partnership will do great things, not only for Memory, but for all of Uruguay and beyond,” echoed Roni Lieberman, CEO and founder of Memory. “With support from Siigo and Accel-KKR, we are eager to realize continued innovation and development as we seek to deliver the best products in the market for our valued customers.”
Siigo continues to grow rapidly across Latin America by acquiring strategic add-on businesses, investing in organic growth and attracting top talent to better serve its customers. Since 2018, Siigo effectively tripled the size of its business, and has increased monthly sales by more than 500% in 2020. Today’s announcement marks the third acquisition made by Siigo since securing Accel-KKR’s investment in 2017. Inorganic growth is a fundamental part of Siigo’s strategy to achieve its goal of being a best-in-class software provider across Latin America.
“Only three months after the Contífico acquisition, Memory made the decision to join forces with Siigo, exemplifying the power of the company’s vision. Roni is an incredible entrepreneur who brings over thirty years of industry expertise with him, and the board is extremely excited to welcome him to Siigo,” said John Crowell, board director of Siigo and regional lead in Latin America for Accel-KKR.
Founded in 1986, Memory is Uruguay’s #1 leading provider of Financial and Accounting software for small and medium-sized businesses. Led by its founder and CEO Roni Lieberman, Memory has been profitable since inception and through is constant desire to provide best-in-class service to its clients, Memory has transformed into a nationally recognized brand in the country. Today Memory services more than 20,000 SMBs and approximately 80% of the accountants across Uruguay.
Memory was distinguished as the Most Innovative Uruguayan Company and the Endeavor Company of the Year. For more information, please visit www.memory.com.uy.
With over 1,000 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 invoice, manage purchases, expenses, inventories, portfolio, accounts receivable, accounts payable, payroll and all other administrative functions of SMBs. To date, Siigo has added more than 200,000 new clients and has distinguished itself as the top company in the sector in Colombia. Founded over 30 years ago in the city of Bogota, the Company currently has a national leading presence across four countries being Colombia, Chile, Ecuador, and now Uruguay.
Siigo offers its clients a world class product based in the cloud. It takes pride its mission of improving client experience and usability through constant innovation and reinvestment in the business. The company has been recognized by Best Place to Work as one of the best companies to work for in Latin America. To learn more, visit www.siigo.com.
Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well positioned for topline 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 alongside management by leveraging the 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. In 2019 and 2020, Inc. named Accel-KKR to “PE 50 – The Best Private Equity Firms for Entrepreneurs”, its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta, London, and Mexico City. For more, visit www.accel-kkr.com.