In a US$ 118 million deal, SONDA acquires Brazilian Procwork
Procwork, with 17 years of experience, is one of the most important companies in the Brazilian market of consulting and IT solution integration services.
SONDA, the leading Latin-American IT Services provider, reached an agreement today with the shareholders of the Brazilian company Procwork to acquire a 100% stake in that company in a deal valued at US$ 118 million.
With US$ 350 million in revenues and US$ 38 million in net profit in 2006, SONDA is based in Santiago, Chile, and maintains operations in further eight countries throughout Latin America. It has been a public company since November 2006 and it has a current market capitalization of above US$ 1,0 billion.
Procwork, with 17 years of experience in the Brazilian market, is leader in consulting, systems integration services, and IT solutions in Brazil. Its revenues totaled R$ 257 million in 2006, equivalent to approximately US$ 132 million, and has a customer base of more than 600 clients, amongst which are two thirds of the Top-100 companies in Brazil. The IT Services it offers include IT outsourcing, systems integration and consulting, together with a comprehensive suite of complementary software products. Additionally, Procwork is leader in SAP Integration services in Brazil, having received a number of important SAP awards during the last seven years. Currently, it has more than 1,500 SAP consultants and has delivered more than 360 system integration projects.
SONDA, with operations in Brazil since 2002, where it holds a leading position in IT support and help desk services, with this acquisition becomes one of the largest and most relevant players in the IT Services industry of that country, offering a wide range of IT services to a blue chip customer base.
The US$ 118 million investment in Procwork, is part of the 2007-2009 investment plan established by SONDA last year, intended to consolidate its leading position in Latin America through acquisitions in the main markets of the region.
SONDA’s President, Mr. Andrés Navarro said that “the opportunities that arise with this acquisition are huge, being our own customers in Brazil and in the rest of Latin America the most benefited. The professionalism, skills and technical capacity of the Procwork team are exceptional, which combined with our own skills, strength and wide geographical coverage, will allow us to have one of the strongest and most reliable IT services offered across the continent”.
Procwork’s President, Engineer Luiz Carlos Felippe, delighted to become part of SONDA’s regional Project, a company that he considers as being the foremost Information Technology Services provider in all of Latin America, stated that “with this agreement, we will significantly strengthen what we have been doing, consolidating us as one of the principal players in Information Technology in Brazil and joining the ranks of a company with a solid trajectory such as SONDA. With this, our clients will be strengthened by having access to a wider range of services and our workforce will have at their disposal a broader choice of possibilities for their professional development, enabling us to reach, with our solutions, the rest of the countries where SONDA is present”. He concluded by saying that “We will be part of an organization with more than US$ 200 million of sales in Brazil, putting us amongst the leaders in our sector”.
After its IPO, which took place in November 2006, SONDA became the largest public IT company in Latin America, reaching a market capitalization of US$ 925 million as of December 31, 2006.
