Private equity firm OpenGate Capital has bought out integrator Damovo's Mexican and Brazilian operations.
The investment house has been building its offering in Latin America in recent years, with acquisitions of operations from Getronics in 2012 and Sopho two years prior to that. The two Damovo businesses bring with them almost 400 employees and upwards of $100m (£58.4m) in revenue.
OpenGate chief executive Andrew Nikou said: "OpenGate Capital's acquisition of Damovo Brazil and Mexico demonstrates our commitment and enthusiasm for the Latin America market."
The private equity player now claims to boast businesses with a total turnover of $300m in the Latin America region. Employee numbers exceed 3,000, with staff posted in Brazil, Venezuela, Peru, Mexico and Colombia. OpenGate partner Sebastien Kiekert Le Moult was responsible for heading the latest buyout deal.
"We are thrilled to have completed our third acquisition in Latin America," he said. "While we have been very successful growing the Getronics and Sopho businesses over the past four years, we instantly recognised the tremendous accretive value that Damovo would add given the synergies and strengths of the combined businesses. Through this acquisition we have created a powerful, multi-faceted platform for providing best-in-class IT services and products for the entire Latin American market."
The deal means Damovo no longer has a presence outside Europe. It retains operations in the Netherlands, the UK, Switzerland, Poland, Ireland, Belgium, and Germany.
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