The Software as a Service (SaaS) ecosystem in Latin America is undergoing a consolidation process: major international corporations are acquiring local companies to strengthen their presence in the region. And Chile has been no exception.

In this process, Visma has established itself as one of the key players. The Norwegian giant began with the acquisition of Laudus (December 2023), continued with the purchase of Rex+ (October 2024), specialized in human management solutions, and in 2025 added Rindegastos and Talana (June 2025), a leader in human resources. These transactions reinforce Visma’s strategy of integrating Latin American developments into its global portfolio.

Another major player is Constellation Software, which has entered Chile through different subsidiaries. On one hand, Aquila Software carried out its first operation in the country in 2022 with the acquisition of Neosoft, a local governance, risk, and compliance (GRC) software company. On the other hand, Vesta Software Group acquired Qwantec in November 2022, a company focused on attendance control and workforce management.

At the same time, Vela Software Group, also part of Constellation Software, has driven acquisitions more closely tied to industry. In April 2024, it acquired Samtech, a Chilean company specialized in asset management for mining and fleets. Later, in June 2025, it incorporated Rastreosat, a telemetry and satellite tracking company, and in July 2025 completed the acquisition of Tracktec. These acquisitions demonstrate the attractiveness of Chilean technology applied to strategic industries such as mining, logistics, and workforce management.

The consolidation process also includes regional moves driven by other investment funds. U.S.-based Accel-KKR, one of the world’s major technology investors, completed the acquisition of Tech-K, a Chilean data analytics company, in 2023, which was later merged with its sister company Teamcore. Later, in June 2025, Accel-KKR backed the Colombian company Siigo in the acquisition of Kame ERP, with operations in Chile and Peru, strengthening its service platform for SMEs in the Andean region.

This set of transactions reflects a clear trend toward consolidation: large corporations are absorbing technology companies to integrate their solutions, expand their geographic reach, and rapidly gain scale. The market is moving from a fragmented ecosystem toward one dominated by global players with increasingly comprehensive portfolios.

The pattern is evident: multinational companies are acquiring Latin American SaaS businesses to expand their catalogs and gain ground in local markets, and Chile has played an active role in this trend. For founders, these transactions create opportunities to scale globally, but they also pose the challenge of continuing to innovate in an increasingly competitive and globalized landscape.

Florencia Concha
Portfolio Manager – Corporate Finance