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Mahindra Satyam have purchased a 51 per cent stake in the privately held, Sao Paulo-headquartered company that has over 150 active clients.
Antonio Rossi, chairman & CEO of Complex, highlighted the rising clout and growing co-operation of the BRICS.
“The BRICS countries have the potential to achieve a leadership position in the global economy and we believe that Mahindra Satyam and Complex will contribute significantly to this strategic vision,” Rossi said in a statement released by the company.
Complex IT one of the largest SAP consulting providers in Brazil and boasts annual revenues in excess of $8 million.
The acquisition will help Mahindra Satyam make inroads into the rapidly expanding enterprise solutions market within Brazil.
“This combination of Complex and Mahindra Satyam strengthens our commitment to the Brazilian market, “ said Arvind Malhotra, global head of Latin America & strategic accounts at Mahindra Satyam.
Brazil is the second fastest growing geography globally for SAP AG.
Software revenues for SAP AG grew 20 per cent in the last year.
Brazilian companies currently spend an estimated $70 billion on IT annually.
Brazil hosted the Earth summit last year and will host a World Cup and an Olympics in the next four years, expected to give a boost to Latin America’s biggest economy.