Siigo, a provider of accounting and administrative software for small and medium sized companies in Colombia, has raised an undisclosed amount of funding. The investor was Accel-KKR.
Bogota, Colombia – September 28, 2017 – Siigo, the leading provider of Accounting and Administrative Software for small and medium-sized companies in Colombia, announced today that it has secured a substantial investment from Accel-KKR, a leading technology focused investment firm.
The investment from Accel-KKR combined with expertise will allow Siigo to accelerate product innovation and further its leadership position in Colombia. It will also provide opportunity to expand operations to the Andean and Central American Regions. Siigo has over 100,000 clients in the Colombian market and has grown significantly over the last decade.
“This investment will allow us to speed up our development of Siigo in the cloud and to continue to lead the market with innovative technology and customer service. Customers recognize the benefits and flexibility of the cloud, and to date, we have more than 3,000 customers that have moved to our cloud solution,” said David Ortiz, CEO, of Siigo.
“We are very excited to receive this investment, as it helps us to fulfill our dream of transforming the lives of accountants and entrepreneurs. The experience that Accel-KKR brings will help us help our customers grow their businesses,” said Ricardo Ortiz, Founder of Siigo.
“The Siigo team has built an outstanding company and a leading platform for small and medium-sized businesses in Colombia. We are excited to partner with them as they continue to grow their business and provide great solutions to their clients,” said Joe Savig, Principal at Accel-KKR.
“Throughout our history, Accel-KKR has sought to partner with the best teams and market-leading companies throughout the world to help accelerate their growth. We are excited to partner with the Siigo team in our first investment in Latin America. We see tremendous opportunity to work with talented Latin American companies, bringing the capital and expertise we have developed over the past 17 years,” said Tom Barnds, Managing Director at Accel-KKR.
Siigo is the leading accounting and administrative software solution in Colombia. They serve over 100,000 clients and more than 15,000 accountants. Their solutions include accounting, payroll, invoicing, inventory management and as well manages the finance, accounting and administrative aspects of small and mi-sized businesses.
Accel-KKR is a technology-focused investment firm with $4.3 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel- KKR also invest across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.