Baufest has reportedly spent US$2 million on the acquisition, which analysts say can also play a crucial role for the Argentinean firm to upskill its staff in Latin America.
That is because Vanadis runs a technology school called ESTEC in the Spanish town of Linares (Jaen), where It provides skill training to IT workers.
Vanadis has employed barely 30 people but counts Santander, Renault, Pepsico, and Air Europa among its clients.
Baufest executives have stated that they will increase Vanadis’ European workforce fivefold in a short period of time.
Baufest makes around US$30 million in annual earnings and is one of the five software development companies in Argentina with the fastest-growing revenue.
In addition to Argentina, it runs delivery centers in several Latin American and U.S. cities, including Santiago, Mexico City, Lima, Seattle, and Boston.
This is Baufest’s second major acquisition in recent years after its 2019 purchase of TransSolutions, a US-based IT firm specialized in developing software for the logistics and transportation industry.
With more than 800 employees, it claims to have carried out over 700 IT projects in the past 25 years.