Dealflow | February 2, 2021

Suma acquires Mexican business tech venture Bind ERP

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, February 2 — Monterrey, Mexico-based Bind ERP has helped digitize more than 6,000 small businesses in Mexico. London, U.K.-based Suma SaaS Holdings acquired the small business tech platform on undisclosed terms.

Suma itself serves more than 100,000 small businesses in Latin America. It operates in Chile via Nubox, in Argentina via Colppy. The deal provides an exit for the venture firm Ignia, also based in Monterrey, which backed Bind ERP’s Series A round in 2017. 

The acquisition is another exit from Ignia’s portfolio of tech-enabled solutions for Latin America’s emerging middle class, says Ignia’s Fabrice Serfati.

In 2019, the venture firm partially exited its investment in Mexico’s Provive, which acquires abandoned homes, fixes them up, helps families secure financing to buy them (see, “Adobe Capital, IGNIA exit Mexican home rehab startup Provive”)