Narayan AmmachchiTivit is preparing to expand operations into three more Latin American countries — namely Mexico, Bolivia, and Paraguay — as the Brazilian information technology provider sees increased demand in the region.
Tivit’s revenue from Latin American operations jumped 10% last year despite the economic storm sweeping through the region, with the total value of new contracts soaring by 30% compared with the previous year.
“Latin America has tremendous growth potential and Tivit believes that all the knowledge acquired in the Brazilian market with a complete portfolio of digital business solutions can meet an important demand throughout the region,” stated André Frederico, Chief Strategy Officer (CSO) of Tivit, in a press release.
The Sao Paulo-based company has yet not disclosed any dates for when the new delivery centers will be up and running.
Tivit’s expansion efforts gathered steam in 2014 when it acquired Chile-based technology services vendor Synapsis. Two years later, in 2016, it invested US$32 million in launching its own unit to provide cloud services.
It has now established an exclusive business unit to provide digital transformation services, urging its workforce to focus on developing solutions in emerging technologies such as IoT, analytics, and smart factories.
Besides Brazil, Tivit runs delivery centers in Chile, Colombia, Peru, Argentina, Ecuador, and Panama. Even so, Latin America accounts for barely 15% of its revenue.
The expansion comes amid rumors that the IT provider has abandoned plans to go public, with reports suggesting that Tivit’s managing board found the economic climate unfavorable for floating shares on stock markets. Tivit shareholders had planned to sell as many as 35.5 million shares in an IPO, according to Reuters.
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