OpenGate Capital leveraged the initial 2010 acquisition of Sopho Business Communications in Brazil from Philips to get a toehold into the Latin American market. Following that, OpenGate’s business development team began identifying add-on opportunities. Through direct dialogue with KPN, OpenGate ultimately acquired Getronics LATAM as well as Damovo in proprietary transactions.
Philips, KPN, and Damovo all sold their Latin American operations due to their non-core nature both from a strategic and a geographic point of view. OpenGate was a reliable partner, due to having a direct dialogue with these European sellers and due to the established familiarity with Latin America and IT services.
After six and a half years, and significant operational improvements, OpenGate sold Getronics LATAM through a competitive sales process to Southern Cross Group, a financial acquirer with deep roots in the Latin American market.