As a result of the partnership between the largest technology company in Brazil and the largest bank in Latin America, TOTVS TECHFIN, with the approval of the transaction without restrictions by the regulatory bodies and compliance with the other conditions precedent, it is now able to operate
TOTVS, the largest technology company in Brazil, and Itaú Unibanco, the largest bank in Latin America, announce, after the final approval of the Central Bank and conclusion of the other conditions precedent, the closing of the transaction disclosed to the market in April 2022 for constitution of the TOTVS TECHFIN joint venture. The company is already able to operate and will act in the expansion and distribution of financial services integrated to TOTVS' management systems, based on data intelligence and aimed at business customers and their entire chain of suppliers, customers and employees.
On this date, Itaú Unibanco becomes a partner in the operation with a 50% interest in the joint venture's share capital. In addition to contributing to TOTVS TECHFIN's share capital and acquiring certain shares in the company, the bank will provide funding, credit and risk expertise, and access to solutions to accelerate the joint venture's growth. The agreement creates a company that encompasses cutting-edge technology and data science to develop differentiated financial services and partners with complementary experiences in offering solutions to corporate clients.
“By combining TOTVS's expertise in management systems with Itaú's financial expertise, the JV will offer a unique experience in using the B2B market, combining financial services integrated with management software and contextualized offers for the right customer at the right time, benefiting small and medium-sized companies and the entire production chain in the country”, comments Eduardo Neubern, CEO of TOTVS TECHFIN.
“With TOTVS TECHFIN, we will bring the company's corporate clients a robust and innovative offer, which will integrate a business management platform with financial solutions, supporting decision-making and agile contracting of the most appropriate solutions. This initiative is in line with our strategy of associating with partners that allow the development of disruptive solutions in favor of customers, with contextualized and innovative offers that go beyond the services traditionally offered by a bank”, says Flávio Souza, president of Itaú BBA.
“Our partnership with the largest bank in Latin America represents a big step towards expanding and simplifying our customers' access to personalized financial services that are fully integrated with our ERPs. The closing of the transaction marks the beginning of a unique operation for the development and distribution of financial services, allowing us to reach the level we have always aimed for with even greater possibilities for expansion”, adds Dennis Herszkowicz, president of TOTVS.
Supplier, which operates in the supply of B2B financial products and which is also part of the scope of the transaction, is a subsidiary of TOTVS TECHFIN and will contribute to the development and growth of the joint venture.
The agreement was approved, without restrictions, by the General Superintendence of the Administrative Council for Economic Defense (CADE) on October 14, 2022 and Central Bank authorizations were obtained on September 21, 2022 and June 22, 2023.
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