Debt-laden Adexus Sells Off Operations in Peru

Argentinian IT integrator BVS Technology Solutions acquired the Peruvian operations of its Chilean rival Adexus, gaining broader access to wealthy mining customers in the Andean country.

The news comes three years after Adexus was given a six-year grace period to pay off its debt. Francisco Waltersdorfer, General Manager at Adexus, said in a press release that the sale of the Peruvian operations would free up cash, easing the task of “repaying the debt to our creditors”.

Chile accounts for barely 20% of Adexus’ revenue, but a large majority of its customers in Peru are deep-pocketed mining companies, including Minera Sierra Gorda, Minera Centinela, Minera Spence, Michilla, Albemarle, and Minera Escondida.

Founded in Chile in 1990, Adexus runs delivery centers in Colombia and Ecuador as well.

Even before splitting with Aenza, its parent company, Adexus was working on an internal restructuring process as part of a cost-cutting campaign that included the layoff of up to 300 professionals.

“Adexus Peru is an important benchmark in the Peruvian market, with a great team of professionals, strategic alliances, and solid relationships with customers, key factors in our regional expansion plan. We share our values, our corporate culture, and our passion for technology,” said Facundo Favelukes, CEO of BVS Group.

Based in Cordoba, Argentina, BVS employs approximately 200 people and operates delivery centers in five countries, including Chile, Argentina, the United States and Spain.

Despite having hundreds of wealthy clients, the company appears to have failed to increase profit margins. Its financial standings could have worsened following the onset of COVID-19 pandemic.