TOTVS Ventures has made its first investment outside of Brazil, leading GoodData’s US$22 million Series D round.
As Latin America’s largest enterprise software company, TOTVS is one of the region’s top tech companies and has proven a driving force in innovation. As of late, it appears to have taken interest in foreign markets as well, opening an R&D facility in Silicon Valley last year. In February, it initiated the operations of its investment division – TOTVS Ventures – with an investment in Brazil-based uMov.me.
GoodData: Big Data in the Cloud
With its GoodData investment, TOTVS has commenced what will likely be a series of investments in foreign-based entities.
So why go with GoodData first? Based in San Francisco, GoodData provides a platform and applications for cloud-based big data analytics. Its on-demand business development services help business users, analysts and IT professionals capture and process data through dashboards, reports and custom metrics.
Importantly, GoodData requires no hardware or software for integration. Roman Stanek, CEO of GoodData, explained, “We founded GoodData as a cloud company because cloud has no barriers to scale or new markets.”
Deal Opens Door to LatAm
Through the deal, GoodData will gain access to Latin America’s nine-billion-dollar software market through the TOTVS distribution channel, which reaches 24 regional markets. In turn, TOTVS will reap the benefits of GoodData’s big data platform in Latin America.
“By combining GoodData’s intuitive analytics with our market-leading enterprise software, we are creating the cloud analytics leader in Latin America and giving access to Big Data solutions to our clients in Latin America,” remarked Alexandre Dinkelmann, Executive Vice President of Strategy and Finance at TOTVS. “We see enormous benefit for TOTVS’s customers, who now have access to the most innovative and advanced business intelligence platform.”
TOTVS Ventures will now join previous GoodData investors Andreessen Horowitz, General Catalyst Partners, Next World Capital and Tenaya Capital, all of which participated in this latest round as well. Dinkelmann will also join the company’s board of directors.
GoodData will look to replicate in Latin America what it has accomplished in the United States. In the first quarter of 2013, GoodData tripled revenue and signed contracts with Comcast Cable, Lenovo and Switchfly. It has 20,000 active clients.
This investment round, which brought GoodData’s total funding to US$75.5, will be used to hire new employees, increase R&D and marketing investments, and, of course, take on Latin America.