Hi readers, welcome to our July edition, which covers Latin American technology trends, expansion, and M&A. We’ve reached our 3rd anniversary since the start of the Connect33 Newsletter. Thank you to our network of readers around the globe.
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Scaling Engineering Teams in LATAM: Our Connect33 leadership conversation series continues with Manuel Martinez-Herrera, who discusses his experience in establishing and scaling BetterCloud's engineering operations in Mexico, from zero to a team of over 40 engineers. Manuel discusses how they decided to expand into Mexico, the engineering talent market, and talent scaling strategies that were pivotal in the company’s growth in Mexico City.
Our take: Manuel reveals how BetterCloud successfully built their Mexico City engineering office from the ground up. Unlike most US companies that rely on contractor models in Latin America, BetterCloud established a full entity and developed effective strategies for recruiting both junior talent from top universities and senior engineering managers—an approach that has proven highly successful for their scaling goals. Full interview.
On the importance of local expertise: "You cannot just be the foreigner that does not speak Spanish. You need someone that understands the market so that you make the right calls at the beginning... it's knowing how the culture works and how the market works."
1 big thing: Nearsure acquisition
Nortal, an Estonian digital transformation company, acquired Nearsure to expand AI enterprise solutions across the Americas, strengthening its nearshore capabilities. (Globe Newswire)
Why it matters: Nearsure, a software services firm with operations across Latin America, successfully executed the software services roll-up strategy by joining technology services firms Conexio, Tero, and UruIT under one parent company, Nearsure, in 2024 and implemented a successful rollout under Nearsure Studios. The now LA-based company has achieved significant success with an aggressive sales push in the US over the last 12 months. It will now begin to integrate into Nortal’s global operation.
What to watch: Expect to see this roll-up strategy continue to be used across the technology services sector in Latin America as small to medium-sized firms consider consolidation to achieve faster growth and access to larger US enterprise accounts.
Databricks, the data and AI company, expanded its São Paulo presence with a larger office to support growing demand for its data intelligence platform across Brazil and Latin America. (Databricks)
Canopy, a Brazilian private investment software firm, raised $100 million from Bessemer Venture Partners and Cloud9 Capital to enhance its AI-driven platform and explore potential acquisitions. (LatamList)
Andersen Consulting, a global technology consulting and digital transformation firm, continues global expansion with the addition of Azurian Consulting, enhancing its capabilities in digital strategy and implementation. (Business Wire)
Watershed, a climate technology platform helping organizations measure and reduce their carbon footprint, expanded its global presence with its first Latin American office in Mexico City. (Globe Newswire)
Kraken, the global cryptocurrency exchange, announced local funding initiatives for Argentina and Mexico to support digital asset adoption and financial inclusion across Latin America. (Kraken)
Thredd, a global payments processor and card issuing platform, partnered with Inswitch, a Latin American fintech infrastructure provider, to enhance digital payment solutions across the region. (Thredd)
Veritas Prime, a business process as a service (BPaaS) provider, scaled its delivery model with strategic expansion in India and Argentina to enhance global service capabilities. (PRN)
Block AI Labs officially launched as a new company specializing in affordable, full-stack development and AI integration services, leveraging top-tier engineering talent in Medellín, Colombia. (Yahoo Finance)
TOTVS, Brazil's leading business management software company, agreed to buy StoneCo's Linx unit to strengthen its retail technology offerings in the Brazilian market. (Reuters)
Squadra, a technology investment firm, invested $3.6M in AI platform Genius to fast-track digital transformation initiatives across Latin America. (Intelligent CIO)
TELUS Digital, a global digital customer experience and IT services provider, expanded capabilities with the addition of Gerent, a U.S.-based Salesforce-focused consultancy. (Business Wire)
Mercado Libre (NASDAQ: MELI), the leading e-commerce platform in LATAM, announced a $65M investment in a logistics center in Buenos Aires. (BNAmericas)
Track.co, a Brazil-based CX management platform, announced its merger with IndeCX, a Brazilian software development company, to expand their presence in the customer experience market. (Exame)
FiT, a business ecosystem specializing in technological solutions for the financial sector, announced the acquisition of Neurona Tecnología, a Colombian company specializing in payment solutions and transactional infrastructure development. (Vanguardia)
BigID, a global data intelligence platform, announced the acquisition of illow, an Argentinean company specializing in data privacy and consent management solutions. (iProup)
Claro, a leading telecommunications and technology services provider in Latin America, partnered with Nestlé to streamline connectivity across the region, enhancing the company's digital infrastructure and operational efficiency. (PRN)
Integrātz, a business process automation and integration solutions provider, expanded to Chile, marking the company's strategic entry into Latin America. (Integrātz)
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Additional stories we’re following
Mexico Surpasses Brazil In Venture Dollars For First Time in Over A Decade (CB)
dLocal CEO Sees “Spike in Interest” for Argentina, Eyes M&A in 2025 (Bloomberg)
Why Is Trump Targeting Brazil (BBC)
How’s MELI Using Argentina’s Economic Recovery to Fuel its Growth? (Yahoo)
Mastercard (MA) Divests Mexico Digital Payment Unit (Yahoo Finance)
LatAm-focused roles at top technology companies.
Canva is hiring a Senior Product Manager, LATAM
GitLab is hiring a LATAM Strategic Account Executive - Southern Cone
Amazon is hiring a Sr Compensation Consultant, LATAM Compensation Team
StackAdapt is hiring a Director of Sales, LATAM
Rippling is hiring a Global Payroll Operations Specialist - Argentina
Samsara is hiring a Senior Product Manager - Fleet Security and Mexico Growth
Okta is hiring a Regional Sales Manager, Brazil