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B3 and Totvs' join venture makes first acquisition: InovaMind

InovaMind is a Brazilian artificial intelligence startup that uses big data to create digital products and services for companies

TOTVS headquarters in Sao Paulo
TOTVS headquarters in Sao Paulo. Photo: Aluísio Alves/Reuters
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Dimensa, a joint venture of Brazilian software house Totvs in partnership with Brazilian financial exchange operator B3, announced this Monday (10) an agreement to acquire 100% of artificial intelligence startup InovaMind for BRL 23.5 million.

InovaMind is an artificial intelligence startup that uses big data to create digital products and services for companies. In its fourth quarter of 2021, the startup recorded annualized gross revenue of approximately BRL 11 million.

READ ALSO: Brazil’s Totvs announces a BRL 300 million fund to invest in startups

The AI ​​startup has 31 employees and around 40 customers. With the purchase of InovaMind, Dimensa “expands its offer of products and services to its customers and takes another strategic step to strengthen its leadership position in the segment of B2B technologies for the financial and fintech sectors”, points out the announcement to the market disclosed by Totvs about the deal.

The joint venture results from the separation of Totvs’ division for the financial services segment (TFS) and a partnership with B3, which provided an investment of BRL 600 million — B3 holds 37.5 % of the new company. The deal was announced in July 2021.

At the time, the companies announced that the TFS operation had a team of 400 employees and net revenue in 2020 of approximately BRL 140 million.

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