Tech M&A in Latin America on the Rise

Tech M&A in the Latin America region is on the rise. Following a boom in activity in the region during the COVID years, there were a number of years of decline. However, 2025 has seen a strong rebound. Corum Group tracked 174 tech M&A deals in the region in the first three quarters of 2025, on pace to significantly exceed 2024’s full year total of 181 deals. M&A disclosed deal value during this period was $1.9 billion compared to 2024's full year total of $3.5 billion. However, the actual value is likely higher because only 12% of the transactions in the first nine months of 2025 announced deal values, as buyers continued to keep their M&A strategies private. 

There are a number of factors driving the tech M&A rebound in the region. Here are some of them.

Digitization

Latin America is experiencing a growing demand for digital services, and that demand is driving tech M&A in sectors such as fintech, telecommunications, e-commerce, and consumer technology.

Digitization in Brazil, South America’s largest economy, is being fueled by significant tech investment, a large user base, and growing startup ecosystems. Those forces are impelling a spurt in tech M&A activity. Almost two thirds of the tech M&A acquisitions in Latin America in the first three quarters of 2025 were of Brazilian tech companies, while more than a third of the buyers were based in Brazil. 

A notable example of buyer interest in Brazilian tech companies is Norwegian software company Visma's acquisition of Conta Azul, a Brazilian provider of a cloud ERP financial management system tailored for small businesses and accounting offices. The deal, which is estimated at more than $300 million, expands Visma's footprint into Brazil.

Other Latin America countries such as Mexico, Colombia, Chile, and Argentina are also experiencing rapid digitization. 

• Mexico has the second-largest number of internet users in the region and is a major hub for digital content consumption, especially in areas such as music streaming and gaming. Government policies to encourage startups are also contributing to rapid digitization in the country.
• Colombia is recognized as a growing tech hub, partly due to government policies that encourage entrepreneurs and startups.
• Chile is noted for its high digital inclusion and is considered one of the most digitally mature countries in Latin America, with strengths in areas such as AI infrastructure, and digital governance.
• Argentina is also one of the leading countries in digital technology development and has a large connected population. 

Rapid digitization has stimulated a growing tech M&A market in those countries. Some examples of the variety of tech M&A deals in those markets in 2025 include:

• U.S. broadcast company Fox purchased Caliente TV, a Mexican sports broadcasting platform provider.
• U.S. tech giant Amazon acquired Rappi, a Columbian provider of an on-demand delivery and financial services platform that operates across Latin America.
• Visma bought Rindegastos, a Chilean company that delivers smart expense management solutions for Latin American businesses.
• Visma acquired Lara AI, an Argentina-based company that provides an AI-powered employee experience platform that acts as a virtual HR assistant.

Political stability 

Buyers of tech companies in Latin America focus on stable political contexts to mitigate risk. The most politically stable countries in Latin America are generally seen as Uruguay, Chile, and Costa Rica, which consistently rank high in stability due to strong democratic institutions and reliable rule of law. These countries create opportunities for strategic investors by providing a more predictable environment for long-term tech M&A deals compared to more volatile neighbors.

Some examples of tech M&A deals in these countries that took place in 2025 include:

• Nortal, a global digital transformation company with a presence across Europe, North America, and the Gulf region, acquired Nearsure, a Uruguayan technology company that specializes in enterprise SaaS, low-code platforms, and AI-driven solutions.
• Redarbor, a Spanish-based operator of major job boards in Latin America, acquired Genomawork, a Chilean HR tech company that specializes in AI-driven recruitment technology.
• Cretex Medical, a U.S.-based medical device manufacturer, signed an agreement to acquire Atemisa Precision, a high-quality machining company based in Costa Rica. The transaction is expected to be complete by the end of 2025   

In addition, some Latin American countries, such as Bolivia and Ecuador, have shown signs of improving political climate in 2025, which indicate promise for future growth in tech M&A in those countries.

Regional consolidation

Tech companies in Latin America are increasingly looking to consolidate as a way to pursue inorganic growth. Consolidation is being driven by strategic needs, including the demand for AI capabilities, digital infrastructure, and cybersecurity solutions. Latin American companies are pursuing M&A deals locally and within the region to acquire those capabilities.

The primary tech sectors in Latin America experiencing significant consolidating M&A activity are fintech and insurtech, AI, data and IT services, as well as SaaS-based services. Here are some recent examples:

• Fintech: Grupo Financiero Banorte (GFNorte), one of Mexico's largest banks, acquired the Mexican business of RappiCard, a financial services company that provides credit cards with cashback rewards. The deal is designed to strengthen GFNorte's digital banking and credit card services.
• AI and data: Involves, a Brazilian trade marketing technology company, acquired Chilean data intelligence startup Datamind, a provider of AI-powered data analytics to customers in the retail sector. Involves will integrate Datamind’s data science expertise into its platform, automating data analysis and improving decision-making tools for brands and retailers.
• IT services and SaaS-based services: Nuvini Group, a Brazil-based acquirer of B2B SaaS companies, purchased MK Solutions, a Brazilian SaaS company that provides ERP software for internet service providers. MK Solutions offers financial management, inventory, and operational tools for ISPs, aligning with Nuvini's focus on vertical SaaS solutions and enhancing its portfolio.

The future

The future outlook for tech M&A in Latin America is promising. Factors such as rapid digitalization, improving political stability, and strategic consolidation, are fostering high investor confidence in the region. In addition, Private Equity firms, which are sitting on trillions of dollars of dry powder to deploy, are expected to drive more tech M&A deal activity in Latin America in the coming years. 

Looking forward, tech sectors that are expected to lead in M&A activity include AI, fintech, data, and IT services. Software companies in the region that are focused on AI will be especially attractive to buyers.

In terms of where tech M&A deals will take place in the region, Brazil is expected to remain the leader in activity and value, while Mexico and Chile will continue to be attractive investment destinations. Colombia, Peru, and Argentina are also expected to contribute to regional growth, especially through localized opportunities.