Mexico’s Leading SMB Financial Management SaaS to Join SUMA’s Global Platform
Mexico City, January 28, 2021. SUMA SaaS Holdings has announced the acquisition of Bind ERP, one of the leading providers of cloud-based enterprise resource planning (ERP) solutions in Mexico, as part of its regional expansion and building 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 provide SUMA with a leading position in Mexico, a country with over 4 million small businesses operating in a highly connected economy.Bind ERP enables small and medium business (SMB) owners to manage their operations online, improve financial visibility and collaborate with their accountants all in one place allowing them to make better business decisions. In a country where 52% of the GDP and 72% of its employment is generated by SMBs, the company serves thousands of clients, supporting their growth by up to 50%. As SMBs have increasingly moved to remote work due to the pandemic, Bind ERP provides business continuity and productivity for its clients.
In 2020 the company launched Bind para Contadores, a cloud platform that enables accounting firms to perform work for their clients in minutes instead of days, serve significantly more clients with the same capacity, and access a new universe of potential customers. Having accountants and business owners working together on the same platform drives greater efficiency and unprecedented growth opportunities for both parties.
“We are very excited to partner with SUMA to promote our shared vision, enhancing the lives and finances of small businesses, through incredible technology and exceptional service. We are confident that together, we can help promote the growth, expansion and digital inclusion of entrepreneurs throughout Latin America,” said Alejandro Bonilla, the CEO of Bind ERP.
Fabrice Serfati, partner at IGNIA mentioned, “We are very fortunate to have been one of Bind ERP’s earliest backers, having initially invested in 2017 in the company’s Series A round, we were consistent with our belief of partnering with entrepreneurs in building solid digital platforms that have a positive impact for Mexican SMEs. We have enjoyed working alongside Bind ERP’s CEO, Alejandro Bonilla, as the company’s monthly recurring revenue grew more than three times since the beginning of our partnership. This acquisition marks another exit from IGNIA’s portfolio of tech-enabled solutions for the emerging middle class in Latin America.”
With more than 100,000 small businesses already supported, SUMA has become Spanish-speaking Latin America’s largest and fastest-growing financial management automation platform, now operating in Chile via Nubox, Argentina, via Colppy, and Mexico via Bind ERP. SUMA backer Riverwood Capital committed additional capital in order to fund the transaction.
Matthew Cole, CEO of SUMA, concluded, “We are enthusiastic about the potential for Bind ERP to join SUMA in our mission to digitize and enhance the operations of millions of SMBs in Latin America. As part of SUMA’s global platform, Bind can accelerate its growth and product development to cement its position as the market standard in Mexico.”
About Bind ERP
Founded in 2014 by entrepreneurs Alejandro Bonilla and Eliezer Garza, Bind ERP is the most practical and modern administration and billing system in the cloud for SMBs in Mexico. The Monterrey, Mexico-based company is committed to promoting the use of these technologies to increase productivity and drive growth for its clients. For more information, please visit: bind.com.mx
About IGNIA
IGNIA is a cross-border early-stage venture capital firm, investing in world-class tech entrepreneurs who are solving pain points faced by the emerging middle class in Latin America (Latam). IGNIA serves as a bridge for international companies coming to Mexico and Latam and supports high-growth Latam-based startups in industries ranging from fintech, digital commerce, SaaS, marketplaces, and the future of retail. Learn more about our investments at ignia.vc, and check-out our resources for entrepreneurs at igniaunlocked.vc.
About SUMA
With more than 100,000 small businesses already supported, SUMA (www.sumasaas.com) has become Spanish Speaking Latin America’s largest and fastest-growing financial management automation platform. Developed for the unique administrative and regulatory requirements of entrepreneurs and small business owners, SUMA simplifies and automates key business tasks such as: accounting, payroll and electronic invoicing. SUMA´s platform allows customers to easily integrate their business information with a variety of counterparties in the ecosystem: customers, suppliers, employees, banks, accountants, regulatory agencies, and sources of potential financing via a simple, easy-to-use, intuitive user-interface and world-class customer service. SUMA is backed by Riverwood Capital, a private equity firm focused on high-growth technology and technology-related companies in need of capital and expertise to scale on a global basis.
IGNIA Contact
Christine Chang
Industry & Investor Relations
ccc@ignia.vc
info@ignia.vc
+52 (81) 8000-7164
SUMA + Bind ERP Contact
Santiago de la Vega
Head of Corporate Development
santiago.delavega@nubox.com
+52 (55) 1798-4650