Getronics LATAM, with operations in Mexico, Colombia, and Peru, is an integrated ICT products and services provider for the large enterprise market including workspace management services, connectivity, data centers and consultancy services. OpenGate Capital built this Pan-Latin American group through a roll up strategy: first acquiring Sopho Business Communications from Philips in 2010, then buying the larger Latin American operations of Getronics from KPN in 2012 and finally adding on the Latin American operations of Damovo in 2014.


March 16, 2010

Acquired from



TMT / Services


Mexico City, Mexico

Transaction type

Corporate Carve-Out


December 22, 2016

Sold to

Southern Cross Group

Transaction Highlights

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.

Investment Merits

  • Non-core division of larger, European parents; separated by geography and culture
  • Robust business with complete information, communication and technology (ICT) service
  • Opportunity to shift the business from product-sales-driven culture to more profitable, higher margin sales / services culture
  • Potential to create a powerful, Pan-Latin American IT platform where few others existed


  • Received industry certifications in Mexico and Colombia which increased competitive positioning
  • Diversified vendor base by adding other product offerings
  • Installed new leadership
  • Decreased operating expenses and reduced and/or renegotiated unprofitable contracts
  • Merged Sopho with Getronics Brazil and divested entire Brazil operations in February 2016


  • Shifted revenue base from product sales focus to solution provider
  • Expanded geographical footprint into Peru and accelerated growth in existing locations by enhancing the commercial approach
  • Improved cross-selling product and services opportunities across a Pan-Latin American group
  • Improved both revenue and EBITDA performance across all geographies


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.