Bind-ERP is excited to partner with SUMA to promote their shared vision, enhancing small businesses' lives and finances through incredible technology and exceptional service.
FREMONT, CA: SUMA SaaS Holdings acquires Bind-ERP, one of the providers of cloud-based enterprise resource planning (ERP) solutions in Mexico, as part of its regional expansion and developing upon its vision of empowering millions of small business owners in Latin America via simple, intuitive, world-class financial management Software-as-a-Service (SaaS). The acquisition will offer SUMA a significant position in Mexico, a country with over 4 million small businesses operating in a highly connected economy.
Bind-ERP allows SMB owners to handle their operations online, enhance financial visibility and collaborate with their accountants all in one place, enabling them to make better business decisions. In a country where SMBs create 52 percent of the GDP and 72 percent of its employment, the Company serves thousands of customers, supporting their growth by up to 50 percent. As SMBs have increasingly moved to remote work due to the pandemic, Bind ERP offers business continuity and productivity for its clients.
In 2020, the Company released Bind for Accountants, a cloud platform that allows accounting firms to perform their client's accounting in minutes instead of days, serve more clients with the same deployed capacity, and access a new universe of potential customers. Having accountants and business owners working together on the same platform drives efficiency and unprecedented growth opportunities for both parties.
This acquisition can help promote the growth, expansion, and digital inclusion of entrepreneurs throughout Latin America. SUMA has become Spanish-speaking Latin America's largest and fastest-growing financial management automation platform, now functioning in Chile through Nubox, Argentina via Colppy, and Mexico via Bind-ERP. SUMA backer, Riverwood Capital, committed additional capital to fund the transaction.
This acquisition marks another exit from IGNIA's portfolio of tech-enabled solutions for the emerging middle class in Latin America. For Capital Invent, it is a pleasure to have been part of the entrepreneurial path from Series A to this successful exit since it is part of its philosophy as a Venture Capital fund -accompanying entrepreneurs on the journey of entrepreneurship.