The American investment fund Recognize chose Uruguay to disembark at Latin America, with the acquisition of two national technology companies: move it and December Labs. Both companies will be merged under the name Quibka following the formal announcement that will take place today.
The investment and venture capital firm based in NY bet on its expansion in the country and in the region through the purchase of the two Uruguayan technology companieswhich will allow the US company to enter new Latin American countries alongside local firms.
For its part, the software engineering company Moove It, in addition to having a presence in the cities of Austin and San Francisco (United States), It’s in Cali, Colombia; while the company that provides organization solutions also through software development, December Labs, has offices in houston and in San Francisco.
When Qubika merges and becomes, the main headquarters of the technology will be two: the offices that are located in Austin, Texas (United States) and those of Montevideo (Uruguay).
An investment for further development
“Our merger comes at a critical time when customers are increasingly looking for reliable and innovative technology partners to drive effective digital transformation,” said Moove It CEO, Ariel Luduena as part of the Recognize investment, the first firm to raise $1.3 billion for its first investment fund.
On your side, for Martin Palatnik, CEO of December Labs, the merger with his compatriot is an opportunity to “offer our clients new and innovative solutions.” Meanwhile, the co-founder and managing partner of Recognize, charles phillips, considered that the two Uruguayan companies “have distinguished themselves as competitive service providers and with the lowest turnover rates we have seen in the industry.”
“We are excited to bring these two teams together for create the leading provider of the next generation of digital transformation for companies in the United States”, added the businessman.
Qubika’s board of directors will consist of both Moove It and December Labs partners, along with Phillips and Frank D’Souza, another of the co-founders of the US fund.
The objective is hire 1,000 professionals linked to technology in the next year, and 3,000 in the next five. Likewise, the companies that are protagonists of the merger together with Recognize hope to promote technology in Uruguay and reach more countries in America.
Source: Ambito
