By Jerónimo Alvarez, Portfolio Director, Vesta Software Group
Five years ago, Vesta’s presence in Latin America was three people and no revenue. As we close 2026 with approximately US$100 million in annual revenue across the region, it’s a great moment to reflect on what that journey has looked like, and what we’ve learned along the way.
Before building Vesta’s LATAM presence, I had the chance to see an acquisition from the inside, as part of the Greycon team when the business joined the group. That experience gave me a perspective I’ve drawn on ever since: an understanding of what it feels like to go through that process as an employee, and what founders and their teams need from a buyer to feel genuinely confident about the decision. It’s informed everything from how we build trust with new prospects to how we support businesses once they’ve joined the group.
Earning trust without a track record
Building trust was the defining challenge of those early days. When we approached founders about joining Vesta, we were asking them to believe in a permanent ownership model with no local examples to point to. The software ecosystem in each LATAM country is relatively small; founders know one another, experiences get shared and reputation travels quickly. In the beginning, we simply didn’t have one in the region.
What we had was a commitment to deliver on what we promised. And over time, that has become our strongest asset. The founders and businesses who joined us early have become our best references. They can speak to what the experience has been like, which means far more than anything we could say ourselves.
The practical realities of operating across a diverse region
Building a regional operation across Latin America brings real complexity. Many privately owned businesses manage their accounting primarily around cash receipts and payments, which works well for them, but requires significant work to transition to IFRS reporting as part of a publicly listed group. That means investment in processes, systems and training, and close collaboration between our regional finance team and each company.
Beyond that, operating across different economies, currencies, tax systems and regulatory frameworks adds another layer entirely. We’ve learned to navigate this by building genuine regional capability rather than trying to manage everything centrally, working closely with local teams and combining consistent operating discipline with a real understanding of each market’s specifics.
What makes LATAM software businesses stand out
Across the region, I see a combination of technical talent, adaptability and deep customer knowledge that is genuinely underappreciated from the outside.
Many businesses here have developed mission-critical solutions supported by long-standing customer relationships and a detailed understanding of local processes and regulations. Working in changing economic environments also develops something harder to quantify: creativity, financial discipline and the ability to solve complex problems with limited resources. Those capabilities become real competitive advantages, particularly when companies expand internationally.
Businesses founded in smaller markets often develop an international outlook earlier than their counterparts elsewhere. Uruguay is a good example of that. When that kind of talent and perspective is combined with the resources and network of a group like Vesta, the potential is considerable.
In terms of where we see the strongest demand, the LATAM software market tends toward businesses that serve multiple verticals rather than narrow ones – the size of individual markets often makes that necessary to achieve scale. The areas we find most compelling are software supporting daily operations: enterprise management, HR and payroll, electronic invoicing, retail and point-of-sale, procurement, and specialised solutions for government and the judicial sector. What matters to us in every case, though, is how deeply a product is embedded in its customers’ operations, and how well a business understands their needs.
Growth that speaks for itself
The numbers from our portfolio over these last five years give a sense of what becomes possible when strong local businesses are given the right support and the space to grow.
- Qwantec’s revenue has grown by approximately 130% since its acquisition in 2022.
- Nodum Uruguay has seen revenue grow by approximately 100% since joining in 2023.
- Nodum Global was created in 2026, bringing together the capabilities and customer relationships of the Uruguayan and Argentine businesses following the acquisition of Nodum Argentina – a milestone that reflects how we’re thinking about long-term growth across the region.
These businesses were already good before they joined Vesta. What joining the group gave them was access to operational support, shared expertise and the kind of long-term stability that lets a leadership team focus on growth rather than uncertainty.
What I’m most proud of
I could point to the revenue figures, the acquisitions, the expansion from Uruguay into Chile, Mexico, Colombia and Argentina. All of that matters. But what I find most rewarding is something less visible in the numbers.
It’s seeing the career opportunities that have emerged for people across our companies. Some Managing Directors have moved into our regional hub to take on broader Group Leader roles, creating space for people within their former businesses to step up into leadership positions that didn’t exist before. Other businesses have grown enough to create entirely new management roles, giving team members opportunities they wouldn’t otherwise have had.
Every one of those career paths opened up because a founder made the decision to join Vesta and become part of something larger. That, more than anything, is what the past five years have meant to me.
Looking ahead
Our ambition for the region is clear: to become the owner of choice for software businesses in Latin America that provide mission-critical solutions and have deep expertise in their markets.
That means continuing to earn the trust of founders, deepening our presence in the markets we’re already in and expanding into new ones. It means supporting our businesses to grow within their home markets and beyond them. And it means continuing to develop the people and teams that make all of it possible.
We’ve built something real in five years. The next five are about building on it.
If you’re a founder of a software business in Latin America and you’d like to understand what joining Vesta could mean for your company and your team, we’d welcome the conversation.
