M&A advisory services in Brazil

Brazil's technology M&A market is the most active in Latin America, driven by US and European strategic acquirers, a growing cohort of domestic PE sponsors running B2B SaaS and fintech roll-up strategies, and corporate development teams at Nubank, iFood, and Totvs.

Exits including Gympass's Wellhub rebranding pre-IPO, MadeiraMadeira's consolidation path, and a sustained wave of SMB SaaS tuck-ins illustrate the breadth of Brazilian exit opportunities across both bootstrapped and venture-backed profiles.

Our M&A advisory in Brazil covers both bootstrapped and venture-backed founders: we bring a strong network of PE sponsors and strategic acquirers, build the KPI-driven preparation that serious buyers require, and run a lean end-to-end process - from initial positioning through due diligence management to close - calibrated for Brazilian deal complexity.

89

Brazil tech M&A deals in the last 12 months

$181M

Brazil median tech M&A valuation

0.9x

Brazil median tech M&A revenue multiple

$40B

Brazil biggest tech acquisition in the last 12 months

Selling your tech company in Brazil

Brazilian M&A involves significant Central Bank, CVM (for listed targets) and tax-structuring complexity. Most material Brazilian exits involve offshore holding structures; the choice between cross-border and pure-Brazilian deal mechanics materially shapes the post-tax outcome.

Completion accounts dominate

Brazilian private M&A is predominantly completion-accounts based, with detailed working-capital target and adjustment mechanics. Locked-box has limited adoption. Closing-day mechanics typically include estimated-then-adjusted purchase price.

W&I insurance is growing

Warranty & indemnity insurance is becoming more common in Brazilian deals above roughly BRL 100M (~USD 18M). Premiums (2-3% of cover) typically split between buyer and seller. Coverage tailored to Brazilian tax and labour risks.

CADE merger control

CADE (Administrative Council for Economic Defense) reviews transactions where the parties' combined Brazilian turnover exceeds the relevant thresholds (currently BRL 750M for one party and BRL 75M for another, indexed). Most tech deals don't trigger; large strategic deals routinely do.

Capital gains for founders

Brazilian individuals are taxed on share disposal gains at progressive rates (15-22.5% depending on gain size). Specific exemptions can apply (R$35k monthly listed share threshold, certain participation structures). Offshore holding structures materially shape the post-tax exit outcome for Brazilian-resident founders.

Cross-border tax considerations

Most material Brazilian tech exits involve offshore (Delaware/Cayman) holding entities. The Brazilian indirect transfer rules can apply to sales of foreign-held entities deriving substantial value from Brazilian assets. Requires careful pre-sale planning.

Sectoral foreign investment

Specific sectors (financial services, broadcasting, mining, certain critical infrastructure) have foreign ownership caps and approval requirements. Most pure-tech transactions operate without sector-specific approval but worth checking at LOI stage.

Recently acquired tech companies in Brazil

Biggest M&A recently in Brazil was a $40B acquisition of Odata Brasil by BlackRock in October 2025.

See all M&A deals in Brazil
LogoHQDescriptionBuyer
Oct-25
Odata Brasil
Odata Brasil is a São Paulo-headquartered operator of hyperscale data centers offering colocation, cloud connectivity, and interconnection services across Brazil. Facilities in Campinas, Rio de Janeiro, and Fortaleza provide up to 30 MW capacity with Tier III uptime. Launched in 2017 through a partnership with Digital Realty, Odata serves telecoms, banks, and tech firms with direct access to IX.br and international cables.
BlackRockMGX
$40B
-
Jul-25
Linx
Linx is a São Paulo-headquartered software provider for the Brazilian retail sector, offering enterprise resource planning systems, point-of-sale terminals, and payment processing solutions. Its Linx ERP platform manages inventory, sales, and CRM for chains in fashion, pharmacies, fuel stations, and supermarkets. The company delivers cloud-based e-commerce integrations, electronic fund transfers, and promotional engines across Latin America through subsidiaries. Linx supports over a dozen verticals including auto dealerships and food services, with connectivity to major payment acquirers like Cielo and Rede.
TOTVS
$600M
-
Nov-25
Banco Master
Banco Master is a digitally native bank in Brazil providing credit lines, foreign exchange hedging, and investment platforms. It targets SMEs with working capital loans and corporates with FX solutions. The bank offers CDBs, LCIs, and fund access via app. Launched in 2020, it emphasizes API integrations for fintech partnerships.
Fictor
$560M
-
Dec-25
Petz
Petz is Brazil's leading pet retailer with over 230 stores across 22 states and an e-commerce platform generating 2 billion reais in annual revenue. São Paulo-headquartered since 2002, it sells foods, accessories, and pharmaceuticals from brands like Royal Canin and Hill's, while operating 14 Vet Love clinics. The company expanded via acquisitions like Petz Supermercados in 2014 and holds 15% market share in a sector exceeding 40 billion reais.
Grupo Petz Cobasi
$530M
0.9x
Jul-25
Casas Bahia
Casas Bahia is a major Brazilian retailer specializing in appliances, electronics, furniture, and housewares. It operates over 650 physical stores across 18 states and the Federal District, plus a robust e-commerce site. São Paulo-headquartered since 1952, it belongs to Via group and targets middle-class consumers with financing options.
Mapa Capital
$320M
0.1x
Nov-25
Latitude.sh
Latitude.sh is a bare-metal cloud provider enabling developers to deploy physical servers in data centers across Europe, Asia, and North America via API and dashboard. Amsterdam-headquartered Latitude.sh supports instant provisioning of customizable servers for high-performance computing needs. The platform caters to workloads requiring low-latency and dedicated hardware without virtualization overhead.
Megaport
$300M
8.4x
Aug-25
ContaAzul
ContaAzul is a cloud-based financial management platform designed for small businesses in Brazil. Founded in 2012 and headquartered in Joinville, it centralizes accounting, bank reconciliations, inventory control, electronic invoicing, and accountant collaborations. The system connects to over 50 banks and fiscal authorities, aiding more than 1 million entrepreneurs with educational resources and automated workflows for daily financial operations.
Visma
$300M
-
Aug-25
Tecnobank
Tecnobank is a Brazilian IT provider enabling digital transformation in vehicle financing through contract registration services. Accredited as a registrar, it streamlines secure operations between financial institutions and transit agencies. São Paulo-based, the platform digitizes management, endorsements, and regulatory filings for automotive finance sectors.
Evertec
$197M
-
Feb-26
meutudo.
Meutudo is a São Paulo-headquartered fintech app comparing personal loans and credit lines from Brazilian banks like Itaú and Nubank. It matches users to offers based on Serasa credit scores, enabling instant pre-approvals and disbursements within 24 hours. The platform covers installment loans up to R$50,000 and revolving credit, with tools for debt consolidation. Launched in 2021, Meutudo serves 1 million monthly active users across mobile and web interfaces.
Fundo Invest Imobiliario
$193M
-
Feb-26
meutudo.
Meutudo is a São Paulo-headquartered fintech app comparing personal loans and credit lines from Brazilian banks like Itaú and Nubank. It matches users to offers based on Serasa credit scores, enabling instant pre-approvals and disbursements within 24 hours. The platform covers installment loans up to R$50,000 and revolving credit, with tools for debt consolidation. Launched in 2021, Meutudo serves 1 million monthly active users across mobile and web interfaces.
-
$193M
-
Nov-25
VOLL
VOLL is a corporate travel management platform that integrates pricing from travel agencies, ride-hailing services, and meal delivery apps into a single interface. Travel managers use its tools to track expenses, enforce budgets, and set usage restrictions for business trips. The New York-based company serves enterprise clients with real-time analytics and policy compliance features.
Warburg Pincus
$190M
1.2x
Feb-26
Dimensa Tecnologia
-
Evertec Brasil Informática
$181M
-
Dec-25
Paytime
Paytime is a Brazilian fintech offering banking, physical, and online payment services.
Bemobi
$110M
-
Sep-25
StartSe
StartSe is a São Paulo-based ecosystem platform uniting 120,000 entrepreneurs, investors, and corporations in Brazil. It facilitates matchmaking for deals in fintech, agritech, and edtech through virtual summits and corporate challenge programs. Hosting 500+ events yearly including Startup Weekend Brazil, StartSe accelerates 200 ventures via its Rise accelerator with Globant backing. Operational since 2012, the network spans 20 cities with tools for pitch submissions and mentor matching.
Alun
$83M
-
Jun-25
Agger Sistemas
Agger Sistemas is a software developer serving Brazil's insurance market from São Paulo. It builds policy administration systems, claims management platforms, and broker portals using low-code architecture for life, health, and property insurers. The company integrates with SUSEP regulations and provides mobile apps for policyholders. Agger Sistemas supports digital transformation with API gateways and analytics for premium calculations and risk modeling.
Dimensa Tecnologia
$44M
4.4x

Who is buying tech companies in Brazil?

Visma, Arcadea Group and Deal Technologies are the most active acquirers in Brazil.

See all acquirers in Brazil
LogoHQDescriptionKey acquisitions
Visma
Visma is an Oslo-headquartered SaaS group delivering accounting, HR, and administration software across Northern Europe and beyond. Organized into Software SMB, Software Government & Large Accounts, and Business Process Outsourcing divisions, it powers operations for 1.7 million customers in 13 countries with products like Visma.net ERP and eAccounting. The company maintains a presence in Norway, Sweden, Finland, Denmark, and expanding markets.
DootaxPag UtilMaisMei+1
4
Arcadea Group
Arcadea Group is a New York-based investment firm focused on founder-led software companies. It deploys permanent capital for long-term partnerships in enterprise SaaS, fintech, and infrastructure sectors.
Sofis TecnologiaWellness Management InnovationIntuitive Care+1
4
Deal Technologies
Deal Technologies is a São Paulo-based firm delivering customized software engineering, systems integration, and digital product development. Founded in 2001, it applies agile methodologies for operational transformations in retail, finance, and manufacturing sectors in Brazil. The company's DealMakers team focuses on scalable architectures aligned with client cultures.
SysvisionO2B Operation To Business
4
Fundo Invest Imobiliario
Fundo Invest Imobiliario Nossa Senhora Lourdes, formerly Fundo de Investimento Imobiliario Hospital Nossa Senhora de Lourdes is a real estate investment fund. It is engaged in the acquisition of real estate development of Maternity Hospital & Our Lady of Lourdes for commercial operation through rental or leasing.
meutudo.JustaORAMA
3
NTT DATA Business Solutions UK
-
SPRO IT SolutionsAoop Cloud SolutionsCONEXOS-ERP
3
Celcoin
Celcoin is a São Paulo-headquartered fintech providing banking-as-a-service infrastructure for payments, credit, and deposits. Its API platform enables bill payments, PIX transfers, and digital accounts for e-commerce and utilities. Celcoin manages regulatory compliance with Brazil's Central Bank for non-banks. The company processes transactions for 100 partners including retailers and agribusiness firms.
Via CapitalCobransaasRegulatório Mais+1
3
Bolt Software
Bolt Software invests in businesses to accelerate growth while maintaining profitability and company culture through long-term commitments.
Dealer Digital Solucoes DigitaisDealerSitesFollowize
3
Senior
Senior is a Blumenau, Brazil-headquartered software provider founded on May 2, 1988, delivering ERP systems like Senior X, logistics management, and HCM solutions to over 5,000 SMB clients. The company offers security access controls and business consulting services across São Paulo, Rio de Janeiro, and international markets in Latin America.
HypnoboxGAtecJobConvo
3
B3 Bolsa do Brasil
B3 SA - Brasil Bolsa Balcao is a financial market exchange. Its services consist of trading, clearing, and other post-trade services. The company's activities are carried out through its trading systems and clearinghouses and include transactions with securities, interbank foreign exchange, and securities under custody in the special system for settlement and custody. The company's segment involves: Listed; OTC; Infrastructure for Financing; and Technology, Data and Services. It derives maximum revenue from Listed Segment.
Central Registry CRDCShipayNeurotech
2
Retail Payment Ecosystem
Retail Payment Ecosystem offers integrated financial services including card issuance, processing, and banking for retailers. Singapore-headquartered, it provides white-label solutions, digital wallets, and payment gateways to merchants in Asia-Pacific. The firm supports contactless payments, loyalty programs, and fraud detection across multiple currencies.
klok techElevaty
2

Public tech companies in Brazil

Nubank is Brazil's largest publicly listed tech company, with a market cap of $64B.

See all public companies in Brazil
LogoDescriptionSectors
Nubank
Nu Holdings Ltd provides digital banking services. It offers several financial services such as Credit cards, Personal accounts, Investments, Personal Loans, Insurance, Mobile payments, Business Accounts, and Rewards. The company earns the majority of its revenue in Brazil.
$13.16
+9.6%
$64B
$62B
3.4x
WEG SA
Weg SA produces and sells electric motors, generators, control systems, and other industrial devices world-wide. The company has three reportable segments: industry, energy, and foreign (outside of Brazil). The industry segment manufactures various motors, drives, controls, and equipment for industrial automation. Energy segment products consist of electricity generators, alternators, wind turbines, hydraulic and thermal steam turbines (biomass), substations, transformers, measuring instruments, control panels, and systems integration services. The foreign segment consists of operations carried out through subsidiaries located in different countries.
$8.50
+4.2%
$36B
$35B
4.3x
Embraer
Embraer SA based in Sao Paulo, Brazil, manufacturer of jets. Its focus is to achieve customer satisfaction with and services addressing the commercial airline, executive jets, and defense and security markets. It has developed a customer-centric technology-driven portfolio of commercial aviation products and services that allows it to build long-term relationships with clients in the commercial aviation, executive jets, and defense and security markets. It operates through the various segments namely Commercial Aviation, Defense and Security, Executive Aviation, Service and Support, and Other Segments. The company generates maximum revenue from the Commercial Aviation segment.
$14.04
+12.3%
$10.0B
$11B
1.4x
XP Investimentos
XP Inc is a Cayman Island-based technology-driven financial services platform. It is a provider of low-fee financial products and services in Brazil. The company evaluates its business through a single segment such as monitoring operations, making decisions on fund allocation, and evaluating the performance. It generates revenue through the Brokerage commission.
$17.92
-7.4%
$9.3B
$16B
4.2x
TOTVS
Totvs SA is a provider of information technology solutions to small and medium enterprises in the education, government, healthcare, and retail end markets. The Company's business purpose is to provide business solutions for companies of all sizes, through the development and sale of management software, productivity platforms, collaboration, and data intelligence, digital marketing, as well as the provision of implementation, consulting, advisory, maintenance services, e-commerce, and mobility. The Company operates in three reportable segments, which include the TOTVS Management segment, the RD Station segment, and the TOTVS Techfin segment. The majority of its revenues is generated from the TOTVS Management segment.
$6.41
-21.2%
$3.7B
$4.4B
3.5x
Banco Inter
Inter & Co Inc operates as a digital bank. The company's segment includes Banking & Spending; Investments; Insurance Brokerage; and Inter Shop. It generates maximum revenue from the Banking & Spending segment which comprises a wide range of banking products and services, such as checking accounts, cards, deposits, loans and advances, and other services, which are available to the clients by means of Inter’s mobile application.
$6.40
-10.0%
$2.8B
$5.5B
3.0x
StoneCo
StoneCo Ltd is a provider of financial technology solutions. It serves MSMBs solutions, at fair prices, and provides the customer experience to help them manage their businesses and sell more. Its Stone Business Model combines end-to-end, cloud-based technology platforms; differentiated hyper-local and integrated distribution approaches; and white-glove, on-demand customer service. It has two segments Financial Services segment, which includes payments solutions, digital banking, credit, insurance solutions as well as the registry business. In the Software segment solution includes POS/ERP, TEF and QR Code gateways, reconciliation, CRM, OMS, e-commerce platform, engagement tool, ads solution, and marketplace hub. It generates the majority of its revenue from the Financial Services segment.
$11.10
-18.7%
$2.7B
$3.6B
1.3x
PagSeguro
PagSeguro Digital Ltd is a Brazilian-based company that acts as a provider of financial technology solutions focused on Micro-Merchants, Small Companies and Medium-Sized Companies (SMEs), in Brazil. The company provides a range of solutions and tools such as cash-in and cash-out options and provides access to working capital to help to manage its cash flow. It delivers an end-to-end digital ecosystem to address day-to-day financial needs, including receiving and spending funds and managing and growing businesses for clients. The company also offers the Free PagSeguro Digital Account delivering Cash-In Solutions, Online and In-Person Payment Tools, Online Payment Tools; and Web Check Outs offer tokenization, handling of shipping information, and others.
$9.32
+4.6%
$2.6B
$10B
2.6x
Establishment Labs
Establishment Labs Holdings Inc is a medical technology company engaged in offering medical devices and aesthetic products. It is involved in the designing, manufacturing, and marketing of silicone-filled breast and body-shaping implants. The company markets its products under Motiva implants Brand. It distributes its products to medical distributors; and physicians, hospitals, and clinics in the form of direct sales. Its geographical segments are Europe, Latin America, Asia-Pacific/Middle East, and Others.
$71.23
+106.9%
$2.1B
$2.3B
9.8x
PicPay
PicS NV is a digital payments company. The company operates a peer-to-peer (P2P) transfer platform that enables individuals to send money via mobile devices. It provides digital wallets, instant payments (Pix), P2P transfers, credit cards, loans, investments, insurance, and SMB payment solutions. The company has four reportable segments: Consumer Banking, Small and Medium-Sized Businesses, Audiences and Ecosystem Integration, and Institutional. The majority of the company's revenue is derived from the Consumer Banking segment, which generates revenue from various transaction activities occurring in the digital wallet, such as Pix, peer-to-peer (P2P) transfers, and bill payments.
$11.16
-
$1.4B
$1.6B
0.7x
Afya
Afya Ltd is a medical education group based in Brazil. Its education portfolio has several courses in addition to Medicine, such as Management, Dentistry, Law, Engineering, Nursing, Psychology, and Accounting Sciences, among others. It has three segments; Undergrad provides educational services through undergraduate courses related to medical school, undergraduate health science and other ex-health undergraduate programs, Continuing Education provides medical education, specialization and graduate courses in medicine, delivered through digital and in-person content; and Medical practice solution provides clinical decision, clinical management and doctor-patient relationships for physicians and provide access, demand and efficiency for the healthcare players.
$14.18
-22.2%
$1.3B
$1.6B
2.2x
Agibank
AGI Inc is a technology-powered provider of specialized financial services in Brazil. It empowers clients to access their social security benefits, severance fund benefits, and public or private sector payrolls through secured lending solutions and complementary banking, credit and insurance products tailored as per client needs. The company has one operating segment related to the banking business. The Bank provides a standardized set of financial products and services exclusively to individuals, mainly focused on credit, including digital accounts, cards, payroll and personal loans, and insurance offered through partners.
$7.17
-
$1.1B
$1.5B
-
Intelbras
Intelbras SA is engaged in offering solutions in security, networks, communication, and energy. The company has three business segments; Security Segment comprised business lines related to electronic security, such as analog video surveillance equipment (CCTV), IP video surveillance (CCTV IP), alarms and sensors against invasion, alarms and sensors against fire, and access control; Information and Communication Technology Segment comprised of business lines related to voice, image, and data communication, as well as for network infrastructure, and Energy Segment comprised of business lines related to the supply of energy for electric and electronic equipment and consumers in general.
$2.93
+3.5%
$958M
$891M
1.0x
Vtex
Vtex provides a software-as-a-service digital commerce platform for enterprise brands and retailers. Its platform enables customers to execute their commerce plan, including building online stores, integrating and managing orders across channels, and creating marketplaces to sell products from third-party vendors. It generates maximum revenues from Brazil followed by Latin America and the rest of the world.
$3.73
-41.8%
$636M
$445M
1.8x
Bemobi
Bemobi Mobile Tech SA, formerly Bemobi Tech SA is a mobile media and entertainment company. It provides OTT media subscription services and distribution platforms.
$4.99
+36.0%
$424M
$363M
2.4x

Why Flow Partners as your M&A advisor

We operate across four fundamental principles that over the years enabled us to successfully advise many Brazilian companies.

Access to relevant buyers

We have extensive network and direct access to world's most prominent financial and strategic buyers, cultivated through years of successful M&A track record across bulge bracket investment banking.

No corporate red tape

We run lean deal processes, without BS, unnecessary time-wasting efforts and corporate inefficiencies. Our approach values candor, transparency and high-impact work to make sure great deals get done.

Thorough preparation

KPI-driven storytelling is more art than science. We have unmatched understanding of digital businesses and are experts in building sharp equity stories that present your business in a clear, concise manner.

Optimize value, not valuation

Valuation is only one side of the medal. We help creating attractive and efficient transaction structures that bridge incentive gaps between sellers, buyers and management teams.

Selected case studies

We've closed sell-side and buy-side transactions across European, US and emerging-market tech.

Our M&A track record spans strategic exits to corporate acquirers, PE buyouts, and cross-border deals where regulatory and structuring complexity actually matters.

Client logo

We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.

Client
Client
Client
Client
Client
Client

Recently completed M&A advisory projects

Selected M&A transactions and prior deal experience.

Bumble logo

M&A

Bumble logo

$3bn acquisition by Blackstone. Family of online dating brands (Badoo, Bumble, Chappy, Lumen).

10bis logo

M&A

10bis logo

€135m acquisition by Takeaway. Leading B2B online food delivery platform in Israel.

PromoFarma logo

M&A

PromoFarma logo

€80m acquisition by Zur Rose. Online e-commerce platform for pharmacy, beauty and wellness.

Bright Data logo

M&A

Bright Data logo

$200m acquisition by EMK. World's largest data collection and transformation platform.

Aroundhome logo

M&A

Aroundhome logo

Acquisition by ProSiebenSat.1 / General Atlantic. Online marketplace for household products and services.

Parship Elite Group logo

M&A

Parship Elite Group logo

€300m acquisition by Oakley Capital. Leading European online matchmaking platform.

Drushim logo

M&A

Drushim logo

Acquisition by Axel Springer. Leading Israeli online classifieds platform (jobs vertical).

Fotolia logo

M&A

Fotolia logo

$800m acquisition by Adobe. Marketplace for royalty-free images, graphics and HD videos.

Trovit logo

M&A

Trovit logo

€80m acquisition by Lifull. Spanish vertical search engine for real estate, cars and jobs.

Facile.it logo

M&A

Facile.it logo

Acquisition by Oakley Capital. Italy's largest online car insurance, gas and electricity brokerage.

mytaxi logo

Strategic Advisory

mytaxi logo

Strategic advisory. Cashless mobile taxi app connecting passengers to nearby taxis.

ASKfm logo

M&A

ASKfm logo

Acquisition by IAC. Digital social media platform for Q&A.

Yad2 logo

M&A

Yad2 logo

$228m acquisition by Axel Springer. Israel's leading classifieds and advertising portal.

Grupfoni logo

M&A

Grupfoni logo

Acquisition by Quant. Turkish membership-based daily deals site.

C More logo

M&A

C More logo

€320m acquisition by Bonnier. Pay television company across the Nordic region.

Sky Deutschland logo

Minority Acquisition

Sky Deutschland logo

€290m minority acquisition by News Corp. German direct broadcast satellite Pay TV (DACH).

SBS logo

M&A

SBS logo

€3.2bn acquisition by ProSiebenSat.1. European media group (TV, radio, print).

ProSiebenSat.1 logo

M&A

ProSiebenSat.1 logo

€3.1bn acquisition by KKR and Permira. German mass media and digital company.

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Unlike traditional M&A advisors, we truly understand tech businesses and the unique challenges they face. Our investment banking background combined with deep sector expertise allows us to build compelling equity stories and navigate complex transactions.

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