Brazilian information technology firm BRQ has acquired local risk-management software provider InfoSolution, thus solidifying its position in the South American country’s expanding IT services market.
Neither company has disclosed the financial details of the deal, but according to BRQ president Benjamin Quadros, InfoSolution will add US$4.4 million to BRQ’s annual revenue, which currently stands at US$214 million.
For BRQ, which is likely to go public sometime next year, this is the second major purchase in the risk-management space after it acquired InstiSys in August last year. BRQ also bought a minority stake in management software vendor WTI earlier this year.
InfoSolution has a large portfolio of risk management solutions, most of which are offered to private financial services firms as well as treasury departments of state governments.
“InfoSolution’s expertise and technological knowhow complements BRQ offerings,” stated Paulo Sergio Domingues, a former executive of InfoSolution, who has now been named the director of BRQ’s risk management services unit.
BRQ’s primary aim, according to analysts, is to access and acquire new clients in Brazil’s lucrative financial services sector. “We are already leaders in application services and now we offer our customers risk management solutions,” Quadros added.
Founded in 1993, BRQ has delivery centers in almost every major Brazilian city and has doubled in size in the last three years. Its employee count has risen to 4,000 in a matter of years. Shortly after the recent FIFA World Cup, the IT firm hired nearly 300 employees in a space of two weeks.