Stockholm-based customer engagement platform Sinch has acquired Brazilian business messaging provider Wavy for US$70 million.
Wavy is the second-largest messaging provider in Brazil and runs offices in other Latin American countries, like Mexico, Colombia, Peru, Chile, Argentina, and Paraguay as well.
Across the region, Wavy has an alliance with around 50 mobile operators and the company claims to be handling more than 13 billion business messages annually.
One of Sinch’s clients is Atento, a Spanish BPO firm with extensive operations in Brazil, and financial institutions such as Caixa and CitiBanamex.
Reports say that Wavy’s conversational messaging service has far more a wider variety of relevant customers than the messaging giant WhatsApp, in the local Brazilian market. Some of their clients include the likes of food delivery app iFood and Brazilian ticket sales specialist Ingresso Rápido.
“Uniting Sinch and Wavy significantly strengthens our offering in next-generation messaging and expands our presence in Latin America,” says Oscar Werner, Sinch CEO. Wavy has registered 200% year-on-year growth.
Wavy will come into Sinch’s fold along with several perks, such as APIs, a customer service platform, a messaging system, and several chatbots.
Once the deal is closed, Wavy’s CEO, Eduardo Henrique, will join Sinch’s senior management team.