L40° served as the exclusive sell-side M&A advisor to Elipse.ai, the Chilean artificial intelligence company specializing in conversational AI agents for voice, telephony and WhatsApp, on its acquisition by an affiliate of Runtime Enterprises Inc., a Canadian holding company focused on software and technology-enabled services.
Founded in Chile, Elipse.ai serves more than 100 enterprise clients across seven countries and manages more than 20 million appointments annually. Its technology is used by healthcare institutions serving approximately 25% of Chile’s Fonasa beneficiary population, alongside customers across other service industries.
The multi-million-dollar transaction marks a new stage of international growth for Elipse.ai. The company will continue operating under its existing brand and management team, while Runtime provides long-term backing to support further expansion and investment in its AI capabilities. Specific financial terms of the transaction remain confidential. Case study available upon request.
Transaction at a glance
L40° served as the exclusive M&A advisor to Elipse.ai in its acquisition by an affiliate of Runtime Enterprises.
About the transaction
Elipse.ai has built an AI-powered communications platform combining generative AI voice agents, enterprise telephony, WhatsApp and messaging to automate inbound and outbound conversations.
Its technology supports workflows including appointment scheduling and confirmations, contact campaigns and automated call handling, with a particularly strong presence across healthcare organizations in Latin America.
The company currently operates in Chile, Peru, Colombia, Mexico, Argentina, Venezuela and Spain. Together with Runtime, Elipse.ai is targeting more than US$10 million in annual recurring revenue during 2027.
Runtime acquires and holds software and technology-enabled services businesses with a long-term ownership model. Under the transaction, Elipse.ai will maintain its identity and existing leadership while gaining additional resources to accelerate its international expansion and continued investment in artificial intelligence.
For Runtime, the acquisition adds an established AI communications platform with enterprise adoption and an existing international footprint.
Advisor Insights: What the Elipse.ai Deal Says About Cross-Border Tech M&A in Latin America
Reflecting on the transaction, Manuel Amor, Partner at L40° and lead advisor on the deal, highlights four lessons for software founders considering a cross-border exit.
The process also reflects a broader shift L40° is seeing in the market: more software holding companies are looking at Latin America, including both regional acquirers and international groups. But the underwriting bar for LatAm assets remains high. International buyers tend to scrutinize customer concentration, revenue retention and the ability to scale across multiple countries, making a company's positioning and buyer universe particularly important.
- Inbound interest should not be mistaken for a credible exit path. Founders often enter a process with one or more strategic buyers already showing interest, but that interest does not always translate into a competitive offer, or any offer at all. In Elipse.ai’s case, one strategic buyer identified through the process showed strong initial interest but ultimately stepped away as market conditions changed and it chose to pursue its own solution. The takeaway is that early interest is only one signal: buyer thesis, valuation appetite, available capital and timing all need to align. A competitive process ensures founders are not relying on a single party that may never become executable.
- Taking a LatAm software company to a global buyer universe can materially change the outcome. The Elipse.ai process generated three final LOIs, including two from Latin American buyers, but the transaction ultimately closed with an international acquirer. Regional and international buyers do not necessarily underwrite the same asset in the same way. Building a targeted cross-border buyer universe created competitive tension, strengthened shareholder optionality and allowed the company to evaluate both price and structure rather than relying on a single regional reference point.
- Cap-table alignment is part of transaction structuring, not an administrative detail. Founders, venture investors and minority shareholders can have very different definitions of a successful exit, particularly around valuation, cash at closing, earnouts and post-closing commitments. The Elipse.ai process required those different priorities to be reconciled within the transaction structure. For founders, the takeaway is to surface those differences early: a deal has to work for the shareholders behind the company as well as for the buyer acquiring it.
- Multi-country growth creates cross-border diligence issues that should be addressed before a sale. Software companies expanding across Latin America often establish local entities for commercial reasons. As that footprint grows, parent-company ownership, intercompany relationships and transfer-pricing documentation become increasingly important in M&A diligence. The Elipse.ai process reinforced the value of getting that structure organized early: issues that are straightforward to resolve before a transaction can become delays (or negotiating points for the buyer) once diligence is underway.
Advisor’s Perspective
About Elipse.ai
Elipse.ai develops artificial intelligence solutions that automate conversations across voice, telephony, WhatsApp and messaging for healthcare and service organizations in Latin America.
The company serves more than 100 enterprise clients, operates across seven countries and manages more than 20 million appointments annually.
About Runtime Enterprises
Runtime Enterprises is a Canadian holding company focused on acquiring and holding software and technology-enabled services businesses for the long term. Its model allows portfolio companies to retain their identity, management and operational independence while providing support for continued growth.
About L40°
L40° is a cross-border M&A advisory firm focused on software, technology and artificial intelligence companies. The firm advises founders and shareholders throughout sell-side strategic transactions, from positioning and buyer outreach through negotiation, due diligence and closing.
The Elipse.ai transaction further demonstrates L40°’s work advising technology companies on cross-border acquisitions involving international buyers, with particular relevance across artificial intelligence, healthcare technology and Latin America.
Considering a strategic transaction? Contact L40° to discuss how we can support your company through a cross-border M&A process.
