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Colombia-based Siigo Expands Latin American Footprint with Acquisition of Aspel in MexicoBOGOTA, Colombia and MEXICO CITY, Feb. 9, 2022 /PRNewswire/ -- Accel-KKR portfolio company Siigo, the market leader in Latin America for accounting and administrative software for small and medium-sized enterprises (SMEs), has closed its acquisition of Aspel, a major administrative, accounting and finance ERP software company based in Mexico City. The acquisition expands Siigo's ability to serve SMEs across six major markets in Latin America and will increase Siigo's SME customer base to over 1.2 million. With the acquisition of Aspel, Siigo has committed to invest over $20M in product development to build the leading SME ERP cloud solution for the Mexican market. Siigo delivers critical, cloud-based application software to small and medium business across the Spanish-speaking Latin American region and has been awarded Microsoft Partner of the Year in Colombia due to its constant innovation that is democratizing technology for SMEs. Siigo's product portfolio includes electronic billing, accounting, inventory, purchasing and expenses, payroll, POS systems, professional reports, mobile apps and online eCommerce marketplace integrations for its customers. Since Accel-KKR's 2017 investment in Siigo, the company has grown over 7x and completed its 4th acquisition to complement its organic growth. The company's CEO, David Ortiz, was also recently awarded 2021 Entrepreneur of the Year by Endeavor, a global non-profit network that promotes entrepreneurship and investment in emerging markets. "The rapid and expansive performance of Siigo is a testament to the market need for a compelling, feature rich product and the vision and drive of a great CEO like David Ortiz. Siigo is a strong example of our commitment to investing in transformative international companies that bring value to customers and shareholders," says John Crowell of Accel-KKR. "The success of our solutions in multiple Latin American countries is a validation of our growth strategy, which is attuned to the current market need for an intuitive yet powerful ERP platform designed specifically for SMEs. We are focused on bringing tgether the best people and the best technology all over Latin America to drive innovation for our customers and boost our growth" says David Ortíz, CEO of Siigo. "We are constantly improving our platform as we expand and will be bringing even more features and capabilities to Aspel's distributors and customers who join over 300,000 SME's already using our cloud software in South America," he adds. "This is a natural partnership for Aspel and represents an opportunity to expand the performance of our solutions and deliver needed services to hundreds of thousands of customers. Collectively we will continue as the unified market leader for SMEs in this part of the world," says Emilio Icaza Chávez, President of Aspel. About Aspel: About Siigo: About Accel-KKR: Contact: Esteban Tellez, Siigo, [email protected] View original content:https://www.prnewswire.com/news-releases/colombia-based-siigo-expands-latin-american-footprint-with-acquisition-of-aspel-in-mexico-301478363.html SOURCE Siigo |