Based in Rio de Janeiro, M2M offers a portfolio of intelligent fleet monitoring solutions for bus companies, government, and unions in Brazil, Portugal, Guatemala, and Mexico.
Sonda has not disclosed financial details of the deal, but a few Brazilian news portals say the purchase price could be somewhere between US$11 million and US$15 million.
With offices in Sao Paulo and Fortaleza, M2M is reportedly one of the largest suppliers of fleet monitoring solutions for the public sector companies in Brazil. Its mobility solutions are helping the Brazilian government monitor thousands of buses in dozens of major cities.
The Chilean company, which has purchased nearly half a dozen smaller technology service providers in Brazil since 2005, says the latest acquisition was in line with its broader strategy of bolstering its business verticals, including retail, financial services, transport, and government.
For Sonda, which has more than 8000 employees and 26 delivery centers in the South American country, this is slightly a different type of acquisition. Analysts say Sonda chose M2M for the latter’s deep-pocketed clients rather than technology know-how.
Sonda posted US$1.36 billion in revenue for 2017, a 12% increase from the previous year. Reports say one third of its revenue comes from Brazil, where it also runs innovation centers and data centers.