Yesterday, Colombian multinational accounting software provider Siigo announced that it had completed the acquisition of Mexican ERP software provider Aspel. Although the amount paid was not disclosed, Siigo said it had committed to invest US$20 million in the development of ERP products for small and medium-sized businesses in the Mexican market.
Siigo’s product portfolio includes e-invoicing, accounting, inventory, purchases and expenses, payroll, point-of-sale systems, business reporting, mobile apps, and e-commerce marketplace integrations. line for its customers.
“The success of our solutions in several Latin American countries is a validation of our growth strategy, which is aligned with the current market need for an intuitive yet powerful ERP platform designed specifically for SMEs. We strive to bring together the best people and technology from across Latin America to drive innovation for our customers and drive our growth,” said David Ortíz, CEO of Siigo. “We are constantly improving our platform as we grow and will bring even more features and capabilities to Aspel distributors and customers who join the more than 300,000 SMBs already using our cloud software in South America,” adds- he.
US private equity firm Accel-KKR invested in Siigo in 2017, and since then Siigo has made 4 acquisitions across Latin America.
“Siigo’s fast and expansive performance speaks to the market’s need for a compelling, feature-rich product, and to the vision and drive of a great CEO like David Ortiz. Siigo is a strong example of our commitment to investing in transformative global businesses that deliver value to customers and shareholders,” said John Crowell of Accel-KKR.
Aspel is a 40-year-old company that specializes in software solutions to support Mexican businesses with accounting, compliance and resource planning.
“This is a natural partnership for Aspel and represents an opportunity to extend the performance of our solutions and provide the services needed by hundreds of thousands of customers. Together, we will continue to be the unified market leader for SMEs in this part of the world,” says Emilio Icaza Chávez, President of Aspel.