Vesta Software expands its development in Latin America using Uruguay as a HUB

“Vesta’s story in Uruguay deserves to be told,” said Carolina Gutiérrez, Vesta Software’s Latin America leader, as she began her intervention in a panel during the presentation of a new report on investment funds, mergers and acquisitions organized by Uruguay XXI.

The group, which is part of Constellation - an organization that has acquired some 1,500 companies worldwide - has been investing in Uruguay since 2020 and has already acquired eight companies, including Infocorp, GeneXus Consulting, K2B, Datalogic, Uruware, GSoft, and Nodum. In total, Vesta has invested some US$ 70 million in Uruguay.

This journey began with the company’s CEO, British Richard Clancy, visiting the country to learn about the local operation of Greycon, one of the companies he had acquired. “He realized that there was a lot of talent and investment opportunities here,” said Gutiérrez.

In an interview with the Uruguayan newspaper El País, Clancy said: “We see that Uruguayan companies are more innovative and seek more technology and more solutions for their clients than companies we have in the United Kingdom or the United States. But the most important thing I found here is the desire to learn, more than any other country I’ve been to.”

Vesta has chosen Uruguay as the platform to expand into the rest of Latin America. For Gutiérrez, the processes in the country have been “quite friendly” and have allowed them to have 600 employees so far, in addition to the eight companies in their portfolio.

“Uruguay is the gateway to Latin America. We have established here a hub of talent and services for companies in the rest of Latin America and the countries we are expanding,” she said.

Uruguay’s choice to occupy this place of relevance in its regional expansion plans as a center of operations was, according to Gutiérrez, the result of the combination of company maturity and talent.

“Our pipeline has companies from Uruguay, which means that the commitment to the country is still firm, but we have noticed more competition in acquiring companies. The portfolio managers are also based in Uruguay, and we continue to hire people both for the shared services area and mergers and acquisitions,” she commented.

Regarding the results of the companies acquired in Uruguay, Gutiérrez indicated that they have companies that were acquired three years ago and that have now almost doubled their turnover. Vesta is confident in its work model, which it considers to be proven, and intends to continue growing from Uruguay to the rest of Latin America in the coming years.

Uruguay is an attractive investment destination due to its economic stability, legal security, and favorable business environment. The tax incentives it offers and a first-class infrastructure reinforce its position as an ideal platform for foreign investment. Additionally, the country provides a climate of predictability that allows investors to confidently plan for the long term.