M&A Season: Semantix, Totvs, and Frete.com Go Shopping for Brazilian Startups

The companies have bought startups Zetta, Feedz, and Rotas Brasil, from the health, HR, and transport sectors

Brazilian companies are buying smaller startups to consolidate their operations.
September 05, 2022 | 08:09 AM

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Bloomberg Línea — Already listed or late-stage tech companies in Brazil are buying up smaller startups.

Days after merging with SPAC Alpha Capital to be listed on Nasdaq, Brazilian data company Semantix (STIX) announced the acquisition of Brazilian healthcare startup Zetta Health Analytics. Totvs (TOTS3), also listed on the Brazilian stock exchange, announced the purchase of HR Tech Feedz, specialized in subscription-based solutions for engagement, performance, and organizational climate. Frete.com announced the buyout of Rotas Brasil.

For Semantix, bringing in a healthcare platform adds its data solutions to serve the pharmaceutical industry, insurers, hospitals, large employers, and health insurance brokers. Zetta has more than 640 direct and indirect clients, and assists in reducing their costs through technology intelligence. Founded in 2019, the health tech has already processed more than R$ 42.1 billion (nearly $8.4 billion) in claims from health insurers and cross-references data from more than 764 different bases.

Brazil-based software company Totvs explains that with the acquisition of Feedz, the company expands its portfolio of solutions for human resources and accelerates its strategy of building an ecosystem of B2B technologies. The transaction for the shares which represent 60% of Feedz’s capital was R$66 million (about $13.2 million). Additionally, the agreement provides for the payment of a complementary purchase price, subject to the fulfillment of certain conditions.


Founded in 2018 in Santa Catarina, Feedz said it reaches 1,000 clients and 150,000 users in Brazil with its performance management tool and goals and objectives reporting.

Frete.com, a unicorn formerly called CargoX, recently disclosed it would invest R$300 million in mergers and acquisitions. The company bought transport software provider InterSite and has now disclosed its second M&A deal: the purchase of Rotas Brasil.

Rotas Brasil is a routing and toll pricing platform. The service, which caters to all 73 toll concessionaires in Brazil, will be integrated with the Fretebras platform, a Frete.com brand.


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