Business

Cloud computing and cybersecurity provider Claranet applies for IPO registration in Brazil

The UK-based company will go public in Brazil, where it has made 3 of 30 acquisitions in the past 9 years

Photo: REUTERS/Fabrizio Bensch
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  • The British company has Brazilians as its top executives;
  • Claranet says it intends to use about 84% of the proceeds from the sale of new shares to buy other companies.

Cloud computing, cybersecurity, and data services provider Claranet Technology has filed for an initial public offering (IPO), seeking funds to grow through acquisitions, according to a prospectus published Friday at the Brazilian Securities and Exchange Commission (CVM).

Headquartered in London, United Kingdom, the company founded in 1992 has Brazilians as its chief executives, including founding partner and president, Edivaldo Rocha.

READ ALSO: British tech company Claranet acquires Brazil’s Mandic

In the document, Claranet says it intends to use about 84% of the proceeds from the sale of new shares to buy other companies, using the remainder to fund its organic growth and to pay expenses.

The offer, to be coordinated by Itaú BBA, BTG Pactual, XP, and Morgan Stanley, will also enable Claranet Group, RW Brasil, Oria Tech, and individual shareholders José Maurício Cascão and Sidney da Costa Breyer to sell a stake.

In April, Claranet announced the purchase of Mandic, an internet pioneer in Brazil, just over two months after raising $100 million focused on expanding its operations in Brazil, where it has made three of 30 acquisitions in the last nine years.

READ ALSO: Some Latin American companies are hiring amidst the crisis

In Brazil, it serves clients including Embraer, Natura, Banco Inter, Bradesco, Samsung, Globo, iFood and Visa.

(Translated by LABS)

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