By Narayan Ammachchi
TOTVS Ventures, the investment arm of Latin American enterprise software company TOTVS will invest $ 22 million in San Francisco-based cloud analytics firm GoodData
This is TOTVS’ first venture capital investment outside Brazil. Other investors in GoodData include Andreessen Horowitz, General Catalyst Partners, Next World Capital and Tenaya Capital.
The venture will grant TOTVS exclusive access to GoodData’s platform in Latin America. In return, GoodData will gain access to the $9 billion Latin America software market, where TOTVS is one of the significant players.
“By combining GoodData’s intuitive analytics with our market-leading enterprise software, we are creating the cloud analytics leader in Latin America and giving access to Big Data solutions to our clients in Latin America,” said Alexandre Dinkelmann, executive vice president of strategy and finance at TOTVS.
GoodData is a business intelligence service provider, and the Big Data it analyzes helps companies quicken their business decisions about expansion and customer services.
According to recent reports, GoodData garnered US$75.5 million in total funding, and the company talking about plans to expand operations in Latin America.
“We founded GoodData as a cloud company because cloud has no barriers to scale or new markets,” said Roman Stanek, founder and CEO of GoodData. “We’re now taking GoodData to the next step: leveraging TOTVS’s dominant position in the region to extend our U.S. leadership to the $9 billion Latin America software market.”
Founded in 2007, GoodData has 20,000 active clients and 51 partners, which embed its on-demand business intelligence platform into their services.
“The funding will enable GoodData to hire employees, expand into new markets in Latin America, and increase investments in R&D and marketing,” TOTVS stated in a press release.
TOTVS’s Alexandre Dinkelmann will join GoodData’s board of directors.