Latin American technology transactions are reported individually across company announcements, regional press, advisor releases and gated databases. What is harder to find is a single, source-linked view of who is buying, where counterparties are based and which liquidity routes are actually being used. The L40° LatAm Tech M&A Radar brings that evidence into one public index.
The Radar covers acquisitions, secondaries and public listings involving Latin American software, SaaS, AI and B2B technology companies. It records the target and country, sector, transaction type, counterparty and headquarters, disclosed or credibly reported values, target revenue where public information supports it, and EV / Revenue where a multiple can be supported. Every transaction links to a source, and the full dataset is available as a CSV.
The inclusion rule is simple: money reaches shareholders or ownership changes hands. Primary venture and growth rounds put capital into the company, so they appear as market context rather than transaction rows. The launch set contains 20 qualifying transactions from January 2024 through September 2026.
Key Takeaways
LatAm technology transactions and exits
The table below tracks 20 qualifying transactions from January 2024 through September 2026 involving Latin American software, SaaS, AI and B2B technology companies. The summary statistics are calculated directly from this set; the downloadable CSV contains the same rows and fields.
The counterparty and counterparty HQ fields show which buyers are active and where they are based. For founders, that buyer map is often more useful than a headline deal value on its own.
Values appear only where the parties disclosed them or a credible source reported them. ND means the field was not publicly disclosed and no sufficiently reliable public information supports it. Undisclosed values are never estimated, and derived multiples are marked with “~” with their basis stated in the table notes.
Two pre-2024 corridor transactions sit in a separate archive block below the notes. They are context, and they are excluded from the tracked set and from every statistic on this page.
Summary statistics
Transactions tracked: _20 transactions announced between January 2024 and September 2026, all included at launch.
Counterparty geography: United States 10 of 20, Norway 7, Puerto Rico 2, Canada 1. This includes the two US public-market listings. Among the 18 acquisitions, 16 involve buyers headquartered outside Latin America; the two LatAm acquisitions were made by Puerto Rico-based Evertec.
Country split: Brazil 11, Chile 6, Argentina 1, Mexico 1, Uruguay 1.
Sector concentration: Payments, core banking and credit data 4. Finance, ERP and tax compliance 4. Payroll and HR 3. Conversational and applied AI 2. Identity and security 2. Digital-banking listings 2. Property management, corporate travel and data engineering 1 each.
Disclosure rate: 10 of 20 transactions (50%) carry a disclosed or credibly reported value. Across the 18 acquisitions and majority transactions, 8 (44%). Revenue is public for 3 of 20 (15%).
Liquidity route mix: 18 acquisitions and majority transactions, 2 public listings, 0 individually verifiable company-level secondaries.
LatAm transaction index
Download the full dataset here.
Table notes
Dating. Last updated September 2026. Comprehensive within the stated scope rather than selective. Dates refer to public announcement dates unless otherwise noted. Where a transaction became public only on completion, the completion date is used and the row note says so. Pismo and Brinta are dated on completion. Buró de Crédito is dated on its January 2025 announcement and completed in March 2026.
Values. Values appear where publicly disclosed or, when clearly identified, as reported by credible public sources. ND means the field was not disclosed and no sufficiently reliable public information supports it. ND is not a signal of transaction size or quality. Undisclosed values are never estimated. Values are preserved in the currency in which they were disclosed, with an approximate US dollar equivalent where the source provides one.
Reported values. Conta Azul, Comunidad Feliz and Chattigo carry values that the parties did not disclose. Conta Azul's approximately US$300 million is reported by transaction counsel to the seller and by Bloomberg. Comunidad Feliz's approximately US$70 million is reported by Diario Financiero. Chattigo's approximately US$60 million comes from regional press reports citing sources close to the transaction and is an estimate rather than a party-confirmed figure, which is why no EV / Revenue multiple is published for Chattigo despite a reported ARR figure being available.
Multiple notes. Comunidad Feliz: ~6.1x, derived from a reported headline consideration of approximately US$70 million against reported revenue of approximately US$11.5 million. Both figures are press-reported rather than disclosed by the parties, and the consideration includes a deferred balance contingent on future performance. Buró de Crédito: ~5.6x, derived from the MXN 16.8 billion enterprise value stated at announcement, approximately US$818 million at the announcement-date rate, against the approximately US$145 million of 2024 revenue disclosed at announcement. Cash consideration at completion was approximately US$662 million, which is a different measure from enterprise value.
Structure notes. Rindegastos and Comunidad Feliz were sales of 100% with 60% and 55% respectively transferred at closing and the balance payable on deferred, performance-contingent terms. Tecnobank is a 75% majority purchase with options over the remainder. Buró de Crédito is a carve-out of a consumer credit business taking TransUnion from approximately 26% to approximately 94%. Dimensa is a carve-out of a joint venture formed from TOTVS assets with B3 participation. Brinta's value excludes US$8.0 million of restricted stock granted to the sellers that vests over four years and is conditioned on continued employment. For the two public listings, the value shown is primary proceeds raised rather than a transaction value.
Scope notes. MacSolution and Rox Partner are technology-services businesses rather than software products. Both remain in scope because the acquisition rationale is technical capability in identity, data and AI rather than labor supply. Evertec is headquartered in San Juan, Puerto Rico, and is classified within Latin America in the geography split used on this page.
Advised transactions. Transactions marked “L40° advised” reflect disclosed L40° advisory engagements.
Archive: pre-2024 corridor precedent
Context only. These two transactions predate the index window and are excluded from the tracked set and from every statistic on this page.
What the LatAm transaction set shows
1. Software holding companies and strategic acquirers dominate the tracked set
Visma, the Norwegian business-software group, accounts for 7 of the 20 transactions across Chile, Brazil and Argentina. The other acquisition counterparties include Visa, Vertex, TransUnion, Evertec, Navan, JumpCloud, Capacity, Dexian and Runtime Enterprises. No private-equity firm acquired a company directly in the launch set.
2. Acquisition activity is concentrated in B2B infrastructure and vertical software
Payments, core banking and credit data account for four transactions: Pismo, Tecnobank, Dimensa and Buró de Crédito. Finance, ERP and tax compliance account for four more: Conta Azul, MaisMei, Brinta and Rindegastos. Payroll and HR software account for three, while identity and security account for two. Consumer technology appears more prominently in regional funding than in this acquisition set.
3. International buyers dominate the acquisition set
Sixteen of the 18 acquisitions involve buyers headquartered outside Latin America: 8 in the United States, 7 in Norway and 1 in Canada. The two LatAm acquisitions were made by Evertec, headquartered in Puerto Rico. Both public listings were also in US markets. The current set does not imply that regional acquirers are inactive; it shows that the verified transactions in this index are overwhelmingly cross-border. For founders, the buyer map should be built internationally from the outset.
4. Disclosure remains the binding constraint on Latin American transaction benchmarks
Ten of the 20 tracked transactions carry a disclosed or credibly reported value, and only eight of the 18 acquisitions and majority transactions do. Three carry a public revenue figure. Only two support a derived EV / Revenue multiple: Comunidad Feliz at ~6.1x and Buró de Crédito at ~5.6x. Two data points are not a benchmark, and this page does not present them as one. The broader valuation context sits in the L40° SaaS multiples guide.
Secondaries and shareholder liquidity in Latin America
Secondaries have become a meaningful route to shareholder liquidity in Latin America. Secondary and financial-buyer transactions reached a record 28% of Latin American private-capital exit value in the first half of 2025, against US$6.2 billion of total regional exit value (LAVCA).
One driver is fund age. Many of the first institutional private-equity and venture funds raised in the region between 2010 and 2015 are reaching the end of their contractual lives, increasing the use of secondaries and continuation vehicles to return capital while portfolio companies remain private.
Market infrastructure is expanding as well. In May 2026, BBVA Spark and Nasdaq Private Market signed a referral agreement giving late-stage companies in Mexico, Colombia and Argentina access to structured tender offers and private secondary transactions.
Company-level disclosure remains limited. Secondary terms in Latin America are often undisclosed, and many cases are reported as shareholder liquidity inside a growth round without a separate transaction value. No individually verifiable company-level Latin American software secondary met the index's inclusion standard at launch, so none is recorded. The index will add them when sufficiently supported public data becomes available.
Public listings from Latin America
The United States listing window reopened for Latin American technology in early 2026, but only for a narrow group of large companies. Brazil's PicPay raised US$434 million on Nasdaq in January at approximately a US$2.5 billion valuation. Agibank followed on the NYSE in February, raising US$240 million after materially reducing the size of its offering.
Both are large fintech platforms. For a Latin American software company between $5M and $100M ARR, an acquisition is generally a more accessible liquidity route than a public listing, and it can be run on the company's own timetable instead of a market window.
Capital formation: where growth capital is going in Latin America
Latin American technology companies raised US$1.36 billion in the second quarter of 2026, up 47% year over year, after US$1.03 billion in the first quarter (Crunchbase). Late-stage and growth rounds accounted for US$991 million of the second-quarter total.
In Q2 2026, Mexico led regional funding with US$944 million, compared with US$350 million in Brazil. The largest rounds included Clip at US$500 million, Plata at US$405 million and Kavak at US$300 million.
These rounds are useful context, but they are not liquidity events. They show where scaled companies and investor attention are building; primary capital does not provide shareholder liquidity and therefore does not enter the transaction table.
How the LatAm Tech M&A Radar is built
Scope. The index covers acquisitions, majority acquisitions, carve-outs, take-privates, secondaries, tender offers, continuation transactions, IPOs and direct listings involving Latin American software, SaaS, AI and B2B technology companies, from January 2024 onward. A target is Latin American by headquarters or by founding. Counterparty geography is recorded as a fact and is never a filter.
Exclusions. Primary venture and growth rounds, debt and credit facilities, joint ventures, consumer businesses with no B2B software core, pure IT-services staffing, and minority investments that transfer neither control nor shareholder proceeds.
Sources. Primary first: company, acquirer, investor and exchange announcements, regulatory filings, and transaction counsel or advisor releases. Then credible institutional data and financial and technology press. Every row links to the strongest available source for that transaction.
Values. Disclosed values are shown as disclosed. Values reported by credible sources but not confirmed by the parties are labelled as reported. ND means not disclosed. Undisclosed values are never estimated. Multiples are source-disclosed or derived by L40° and marked with “~”, with assumptions stated in the table notes.
Cadence and disclosure. The Radar is refreshed every two to three months. The global L40° Tech M&A Deal Radar, which covers technology transactions worldwide, is updated monthly and remains the reference for global queries. Transactions advised by L40° are identified only where L40° has elected to disclose its role.
What this means for LatAm founders and investors
For founders, the index is more useful as a buyer map than as a valuation benchmark. Similar-looking transactions can have very different economics because the buyer thesis, transaction perimeter and consideration structure differ. Several tracked deals also include deferred or performance-contingent payments. The practical use is to identify counterparties with a clear strategic rationale and test that interest through a competitive process.
For investors, M&A and secondaries address different liquidity objectives. A full or strategic sale can create a company-level exit and realize returns across the shareholder base. A secondary can return capital while the company remains private. The relevant route depends on whether the objective is partial shareholder liquidity or a full change of control, as well as fund timing and company readiness.
L40° advises Latin American software and AI companies on cross-border sell-side processes. Its disclosed regional advisory work includes Elipse.ai's sale to Runtime Enterprises; the senior team's prior-firm transaction track record also includes Cabify's acquisition of Brazil-based Easy Taxi. Miami connects the region to US buyers, while Madrid provides a bridge to European buyers.
Founders, CEOs and investors evaluating a sale of a LatAm software or AI company can talk to an L40° advisor about buyer mapping, timing and cross-border execution.
Recommended Reads
- How to Sell a LatAm SaaS or AI Company to US and European Buyers
- Tech M&A Deal Radar: Technology M&A Deals in 2026
- L40° Advises Elipse.ai on Its Acquisition by Runtime Enterprises
- Cross-Border M&A in 2026: Insights for Sellers
