RIO DE JANEIRO, April 10, 2012 /PRNewswire/ -- Ideiasnet, a Brazilian venture capital company that invests in fast growing tech businesses, has sold its stake in Softcorp, a software distribution company. With over 20 years of market experience, Softcorp is one of Microsoft's main partners for systems and solutions development in Brazil. The company value paid was R$ 15 million ( US$ 8.25 million).
"Softcorp and Techresult have complementary and synergistic offerings. We believe this operation will allow us to expand our service coverage and offer complete IT solutions for our clients," said Techresult CEO, Marcelo D'Avila de Pauli.
According to Softcorp CEO, Ricardo Giudice "The mission ahead of us is to maintain last years' growth while bringing Techresult's experience and expertise to our portfolio on a larger scale. At the same time we will be generating more opportunities for our network of hardware and software partners."
"This acquisition creates a crystal clear direction for Softcorps's ongoing growth and profitability. The managers and employees are now part of an enterprise that will benefit from a product portfolio and service offering which is more diverse and competitive and which benefits from increased economies of scale" said Sami Haddad, Ideiasnet CEO.
With this operation, the new management team leaded by Sami Haddad (CEO), Everson Lopes (Managing Director) and Alexandra de Haan (Chief Financial Officer) furthers its commitment to strengthening the company's financial results. Key to this strategy is an increased dynamism in the management of the portfolio with an emphasis on investing in fast growing Internet and technology companies while being attentive to liquidity opportunities. "The sale of Softcorp is aligned with the strategic goals proposed by management in 2011 which continue to be implemented leading to positive financial results for the company," said the CEO.
Record results - 2011
In the wake of investments by Liberty Media and EBX Group, Ideiasnet produced a net revenue of R$ 1.4 billion (US$ 763 million) in 2011 , 31.2% higher than 2010 and the highest ever in the company history, with EBITDA of R$ 54.8 million (US$ 29.9 million), an increase of 133.8% compared to 2010. The EBITDA margin grew 78.2% year over year.
Net income before divestment (R$ 3.1 million // US$ 1.7 million), was also the best result in Ideiasnet's history. This result was a turnaround from last year's loss of R$ 12.3 million (US$ 7 million). Net income after divestment was R$ 12.8 million (US$ 7 million), a strong turnaround compared to the loss of R$ 2.9 million (US$ 1.5 million) in 2010.
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