Colombia-based accounting and administrative software provider Siigo has secured an undisclosed investment from Accel-KKR, which is its first investment in Latin America.
Siigo is an accounting and administrative software solution which helps companies with accounting, payroll, invoicing, inventory management and finance management. Through the platform users can choose an invoice model to help speed up billing processes, streamline payment collections via automated reminders and one-click payments.
Alongside this, the technology can manage all income and expenses of the company via all bank accounts linked to the businesses.
The platform has more than 100,000 clients within Colombia and serve over 15,000 accountants, having grown significantly over the past 10 years.
The backing from Accel-KKR will help the company to accelerate the growth of the company’s product innovation and push its position in the Colombian market. The capital will also aid with Siigo’s operation expansion plans for the Andean and Central American Regions.
David Ortiz CEO Siigo said, “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.”
Other company’s in Accel-KKR’s portfolio include end-to-end spend management platform Jaggaer, payroll and HR software company Infinisource and bill payment platform Paymentus.
This year has already seen a higher number of investments into the infrastructure & enterprise software companies than last year, with H1 2017 seeing $2.5bn invested.
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