Brazil's Nuvini to list on Nasdaq via SPAC deal

Nvni

29/09/2023 16:15

By Peter Frontini
       SAO PAULO, Sept 29 (Reuters) - Nuvini, a Brazilian
holding company for software-as-a-service firms, will list in
New York via a merger with a special purpose acquisition company
(SPAC) created by Mercato Partners  MPRA.O  valuing it at $235
million.
    Nuvini, which holds seven startups providing a wide range of
software services to businesses mainly in Brazil, will start
trading on Nasdaq on Monday under the ticker "NVNI". 
    The deal will inject around $60 million into Nuvini that
will be used to acquire more startups, its CEO Pierre Schurmann
said in an interview. 
    He added that the firm is eyeing 17 potential deals in
Brazil, and is also looking to expand to other countries in
Latin America.
    "Our intention is, by the beginning of the second quarter,
to be actively progressing in these conversations we're having,
especially in Mexico and Colombia," Schurmann, who will also
lead the combined company, said.
    Among the possible targets are SaaS startups from various
segments, he said, excluding fintechs due to their "stretched"
valuations, and health companies due the high level of
regulation in the sector. 

 (Reporting by Peter Frontini)
 ((Peter.Siqueira@thomsonreuters.com; +55 11 56447727;))