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Research · B2B SaaS

B2B SaaS: capital, debt and M&A in Latin America 2026

Capital goes to software with artificial intelligence, public multiples set the ceiling of the negotiation and strategic buyers consolidate SMB platforms in deals of up to BRL 3.05 billion.

By Jorge González Gasque ( LinkedIn opens in a new window ) · · 6 min read

This note gathers the public transaction activity we use to place a mandate in B2B software. Every figure carries its source, its date and its scope: Mexico, Latin America or global. We include no estimates of our own.

Capital raising

Mexican SaaS startups with artificial intelligence raised USD 1,688 million against USD 334 million for those without it; new companies tripled compared with 2024 and seed rounds were half of all rounds (Endeavor México, February 2026). The exact period of the figure is not explicit in the source. Mexico captured 17% of the region’s SaaS funding, the second market after Brazil.

Omie raised a USD 160 million Series D at a USD 700 million valuation in September 2025, led by Partners Group, the region’s largest round of the third quarter (Crunchbase News, October 2025). It is the private valuation reference for a cloud ERP serving SMBs.

The public market sets the ceiling: 4.6 times enterprise value to revenue as the median multiple for listed SaaS above USD 1 billion in market capitalisation, and 4.5 times in private transactions since 2015 (Aventis Advisors, August 2026; global benchmark). Public valuations touched their lowest levels in more than a decade in the first quarter of 2026 and the median company is now profitable at the operating level (SaaS Capital, April 2026).

Debt and structured financing

We found no venture debt or recurring-revenue financing lines with a public amount announced by SaaS companies in Mexico or the region between 2024 and 2026 in sources we could consult. The structure exists and we see it in mandates: a line against contracted recurring revenue, sized on net retention and gross margin, that avoids diluting equity into working capital. With gross margins of 50% to 60% at AI-native companies, against 80% to 90% for traditional SaaS (Bessemer, February 2026), the lender asks for the margin first and the growth second.

Mergers and acquisitions

TOTVS acquired Linx from StoneCo at an enterprise value of BRL 3.05 billion, plus net cash, in July 2025, the largest acquisition in its history; the perimeter covers education, retail, fuel stations, automotive, pharmacies and healthcare, and its chief executive explained that artificial intelligence and cloud created opportunities where buying is a shortcut (StoneCo and Reuters, July 2025).

Visma entered Brazil with the purchase of Conta Azul, a cloud ERP serving about 100,000 SMBs, in August 2025, for BRL 1.85 billion according to Latin Lawyer (Visma and Latin Lawyer, August 2025).

Asaas acquired Helena CRM for USD 29 million in June 2026, its largest acquisition and its second of the year; 35% of Helena’s partners already used Asaas (LatamList, June 2026). Mattilda acquired Algebraix, school management software in Mexico founded in 2008, in October 2025, to go from 650 to more than 1,000 schools; terms undisclosed (LatamList, October 2025).

SaaS M&A in Mexico went from 8 deals between 2010 and 2020 to 16 between 2021 and 2025; 22% of the region’s companies accelerate technology adoption by buying startups (Endeavor México, February 2026).

Market context

About 17,000 SaaS companies in Latin America, 60% in Brazil and 17% in Mexico, in a regional market of approximately USD 21 billion projected at USD 45 billion by 2030 (Endeavor México, February 2026). USD 4.1 billion of venture capital in the region in 2025; Mexico captured USD 1.1 billion, up 53%, and led the second quarter of 2026 with USD 944 million (Crunchbase News, January and July 2026). Only 5.6% of Mexican SMBs have their own website and 22.3% of micro-enterprises use a computer (INEGI, Censos Económicos 2024).

G2’s reading for a mandate

An investment committee compares the round’s multiple with the public market’s 4.6 times and asks which part of the product is proprietary artificial intelligence and which part is a gross margin that is narrowing. For a vertical SaaS founder in Mexico, the most likely strategic buyer is a regional or international platform buying distribution in a niche, as Linx, Conta Azul, Helena and Algebraix show, and that negotiation is won with cohort retention and a pricing model the buyer can project.

Sources