Sectors
Subscription software for businesses is the most legible sector for an investment committee and for a buyer: recurring revenue, net retention, acquisition cost and gross margin tell the whole story. In Latin America the challenge is to demonstrate scale with SMB customers and local pricing. We advised Gestionix from its pre-seed through its sale to Konfío, and the sale of Zenda.la to Intelexion.
Investors are regional and global venture capital funds with theses in vertical software and SMB tools. Strategic buyers are fintech and SMB services platforms that integrate software into their offering, regional software companies consolidating verticals, and financial sponsors buying profitable recurring revenue.
Capital, debt and M&A in the sector, with public sources cited.
Research
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.
Listed comparable companies in the sector: price, market value, multiples and expected growth. Data as of 31 August 2026.
Analyses of recent deals in the sector: structure, value drivers and what they signal to the market.
Deal analysis
The Brazilian payments and collections platform for SMBs is buying a WhatsApp-native conversational CRM and will keep it as a subsidiary until 2028: a deferred integration that says as much as the price.
Deal analysis
A Chilean conversational platform with USD 11 million in ARR and only USD 2 million raised was sold to a US strategic buyer for an amount the parties did not disclose.
Deal analysis
The project-profitability software for agencies, founded by Argentines and headquartered in San Francisco, raised growth capital with 51% growth and profits: the profile international capital is funding today.
Deal analysis
Founders Fund led the round that made Enter Latin America’s first AI unicorn, with revenue up more than tenfold since the Series A and a single use case, high-volume litigation.
Deal analysis
The purchase of 100% of a school-management SaaS with 17 years of operating history shows how private credit, rather than venture capital, funded a consolidation of vertical education software in Mexico.
Deal analysis
Partners Group bought 15% of the Brazilian SMB ERP in Brazil’s largest equity round of 2025; the structure, more than the size, is the signal for SaaS across the region.
Deal analysis
While awaiting clearance for Linx, TOTVS bought a vertical agribusiness software company with a base price and a conditional deferred payment: the consolidator’s standard structure for small assets.
Deal analysis
Brazil’s largest enterprise software company completed the purchase of StoneCo’s retail software unit eight months after signing, with unconditional CADE approval: a carve-out that reshapes regional retail tech.
Deal analysis
An AI conversational-commerce platform with 17% average monthly growth and Mexico as a priority market raised capital to triple its commercial team without disclosing valuation.
Deal analysis
A European strategic buyer paid about six times revenue for a condominium-management SaaS with operations in Mexico, leaving behind a public multiple the sector did not have.
Perspective
What a committee reads before deciding is not the deck. It is the model, the cap table and the quality of the answers once the questions stop being polite.
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