TOTVS will invest US$1.6 million (R$3.2 million) in exchange for a 20% share in the company. It has also committed to future investments through 2017, depending upon uMov.me’s development.
uMov.me is a provider of mobile solutions for corporations. Its cloud-based mobile technology platform helps companies big and small to create applications facilitating management of logistics, sales, inventory, customer satisfaction and more. Founded in 2011, uMov.me has already helped to build over 4,000 apps for companies like Claro, Allis and Stemac. Last year, it surpassed 1.6 million field operations.
With the TOTVS deal, uMov.me will not only enjoy an increased budget but also a good amount of support from TOTVS, Latin America’s leading software corporation. The company will help uMov.me to accelerate growth as a partner, user and distributor of mobile technology.
“The investment complements our mobile offer,” remarked Alexandre Dinkelmann, CFO and Executive Vice President at TOTVS, “The solutions currently offered will continue, and we will encourage others. Initially, applications for workflow approval, delivery control, stock inventory and surveys for sectors like retail, distribution, logistics, services and manufacturing.”
TOTVS is becoming an increasingly diversified player in the technology market. The company boasts more than 24,000 active clients in 23 countries and brought in more than US$180 million in revenues in the third quarter of 2012 alone.
In October of last year, TOTVS opened an R&D facility in Silicon Valley, stepping into new territory in terms of geography and area of business. The uMov.me deal marks its first action as an investor.