Toronto-based accounting software company FreshBooks has acquired Facturama, a San Luis Potosi, Mexico-based provider of electronic invoice management solutions for self-employed professionals and small businesses. No financial terms were disclosed. FreshBooks said the deal will expand its global presence. FreshBooks is backed by Accomplice, Georgian Partners, JPMorgan Chase, Oak Investment Partners and other investors.
FreshBooks acquires Mexico-Based E-Invoicing Company Facturama, Further Expanding Its International Presence
Toronto, CANADA, Sept. 23, 2020 (GLOBE NEWSWIRE) — FreshBooks, the #2 small business accounting software in America, with paying customers in 100+ countries, today announced its acquisition of Facturama. Based in San Luis Potosi, Mexico, Facturama helps 19,000+ self-employed professionals, small businesses and startups maintain better control of their finances through electronic invoice management, reporting and other organizational services. The company is one of few software providers in the region that is currently compliant with Mexico’s advanced electronic invoicing and accounting regulations. Supported by FreshBooks, Facturama’s service will allow for greater scaling capabilities in Mexico, where the small business market is significant and growing. The purchase amount has not been disclosed.
Following the acquisition, Facturama’s team, including CEO and Co-founder, Humberto Ramirez López and Co-founder and Chief Operating Officer, Martin Arochi, will be joining FreshBooks. Ramirez will remain CEO of Facturama, in addition to becoming Managing Director of FreshBooks for Mexico, and will lead the expansion into the region. The Facturama team will be based in San Luis Potosi, Mexico at Facturama’s headquarters.
“The Facturama team has built a great business helping Mexico-based small business owners succeed, and I’m excited to welcome the team and 19,000 entrepreneurs to the FreshBooks family,” said Mike McDerment, CEO and Co-founder of FreshBooks. “It’s still more difficult than it should be to run your own business. In Mexico, 65 percent of small businesses do not survive past their second year, and it’s largely because of cash flow management issues. Combining Facturama’s regional expertise with FreshBooks’ online payments and scaling expertise will accelerate our ability to better serve Mexico’s growing small business and startup market.”
There are currently more than 4 million registered small businesses, and millions of microbusinesses in Mexico, and nearly 25% of Mexico’s workforce is self-employed.
“This is great news for small business owners in Mexico, and it’s a great milestone in the Facturama journey because we’ll have many more resources to support our customers and employees,” said Humberto Ramirez López, CEO and Co-founder of Facturama. “We’re incredibly excited about the opportunity to work under FreshBooks’ global brand and deliver our software and services at an entirely new scale.”
Facturama was founded in 2012 by Ramirez and Arochi, and was chosen as one of the 500 Startups portfolio companies in 2013.
“Over the last decade, 500 Startups has backed more than 2,400 companies in 75+ countries, including 170 companies in LATAM” said Santiago Zavala, founder of Mexican.VC and Partner at 500 Startups. “We are always excited when companies we invest in attract interest from international companies, and we can’t wait to see how FreshBooks and the great team at Facturama can grow their footprint in the Mexican market.”
Since 2004, FreshBooks has helped more than 20 million people in 100+ countries to process billions of dollars through its easy-to-use invoicing, accounting, time-tracking, expense management, and online payments features. FreshBooks has customers in 25+ countries across Latin America and the Caribbean, with Mexico currently being the largest. Within the last two years, the company has significantly expanded its global footprint, officially launching in the UK and Ireland, and opening up international offices in the U.S and the Netherlands, as well as a fast-growing development hub in Croatia.
FreshBooks is the #2 small business accounting software in America, with paying customers in 100+ countries. The company has helped more than 20 million people process billions of dollars through its easy-to-use invoicing, time-tracking, expense management, and online payments features. Recognized with 10 Stevie awards for the best customer service in the world, the company’s mantra is to “execute extraordinary experiences everyday.” FreshBooks is headquartered in Toronto, Canada, with offices in Amsterdam, Netherlands, and Raleigh, North Carolina, USA. Learn more at www.FreshBooks.com