Business

Brazilian Sinqia pays BRL 100 million in two new acquisitions

The purchase of Simply and FEPWeb aims to expand the offer of SaaS solutions and is part of the expansion strategy via M&A

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Photo: Sinqia Facebook

Sinqia, a software and innovation company for the Brazilian financial sector, acquired two new companies: Simply, specializing in opening digital accounts solutions, and 60% of FEPWeb, focused on digital transactions solutions. Sinqia invested BRL 94 million in the acquisitions, BRL 56 million for Simply, and BRL 38 million for FEPWeb.

The double acquisition is part of Siqia’s merger and acquisition strategy, which also includes emerging and fast-growing companies. In the previous semester, Siqia had already bought three other companies and reported a record net revenue of BRL 210 million, or BRL 269 million proforma considering the three acquisitions. The acquisition of Simply and FEPWeb raises the annual projection to BRL 299 million, according to the company.

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Bernardo Gomes, Sinqia’s CEO, said that the SaaS solutions developed by Simply and FEPWeb are crucial for institutions with digital operations because they improve the customer experience and reduce operating costs. “We are going to offer these products to more than 500 institutions and boost business via cross-selling,” he said.

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Simply creates opening digital accounts solutions and serves more than 50 customers, including neobanks. By the third quarter of last year, the company had achieved revenues of BRL 17 million and a 50% growth, according to the company.

FEPWeb develops digital transaction solutions and serves more than 55 customers, including big banks, neobanks and international banks. In 2020, FEPWeb had BRL 13 million in revenue and a 33% growth.

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