Santiago, Chile, December 21, 2010 –Synapsis Soluciones y Servicios IT Ltda. (“Synapsis”), a leading provider of IT outsourcing services and solutions in Latin America, announced yesterday that Enersis accepted the offer by Riverwood Capital, a private equity firm that invests in high-growth businesses in the global technology and technology-enabled industries, to acquire 100% of the Company.
Following the investment by Riverwood Capital, Synapsis will start an aggressive expansion plan both in terms of service offering and geographic footprint, while maintaining its 23-year tradition of delivering the highest quality of services to customers. The transaction is expected to close in early 2011, and Synapsis current Management team is expected to continue leading the Company. The total investment expected by Riverwood Capital and Synapsis during the next 4 years, including this transaction, is approximately $100 million.
Synapsis was founded in 1988 and has operations in Chile, Colombia, Brazil, Argentina and Peru. Although originally formed as the captive IT services organization of the Endesa Group, Synapsis today provides mission-critical IT services and solutions to more than 320 leading customers across Latin America. These services include IT outsourcing and infrastructure services, SAP implementation/planning/maintenance, technical and commercial systems, smart grid solutions, business applications development and other value-added solutions. To deliver these key services, Synapsis has a highly skilled and multidisciplinary team of IT professionals and operates world class infrastructure and data centers throughout Latin America. Synapsis’ strong customer base includes many of Latin America’s most important organizations in the utilities, oil & gas and government sectors, and a growing number of leading companies from other sectors in the region.
According to Synapsis’ CEO Leonardo Covalschi, “Riverwood Capital shares our vision to create a world-class Latin American IT Services company and we are excited to partner with them to achieve this goal given their global expertise in technology. Synapsis is dedicated to providing our customers with cutting edge technology solutions and world-class quality of service, including an efficient balance between benefit and cost. Following this transaction, Synapsis will become even more competitive in the marketplace due to increased flexibility, as well as increased investments in growth and advanced technologies.”
“Riverwood Capital is delighted to partner with Synapsis, and its entire current management team, to embark on the next stage of growth for the company,” said Francisco Alvarez-Demalde, Founding Partner at Riverwood Capital. “Synapsis offers its clients unmatched technical expertise and an impressive suite of mission-critical solutions. The demand for IT services in Latin America is poised to grow significantly in the coming years. We believe the technical capabilities of Synapsis, combined with its outstanding management team, puts the company in a unique position to accelerate its expansion, both in terms of service offering and geographies. In addition, the fragmented nature of the IT services industry in Latin America provides us the ability to grow both organically and through acquisitions.”