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Contxto – Covid-19 pushed e-commerce platform developer, VTEX, to speed up some of its plans. The Brazilian company recently announced it will launch a software development office in Mexico City in November of this year.
This is the third hub it’s opening outside of its native Brazil, having teams already in Argentina and Colombia.
Since everyone knows developers don’t come cheap, to finance this new office, VTEX is riding on investment. Namely, the one it closed through SoftBank in November of last year.
But, that’s not all that’s on VTEX’s agenda. Especially given the growth it’s experienced since the pandemic outbreak.
The company doesn’t discard making its IPO filing by 2023 or 2024. It’s something that’s been a long time coming for a tech company. I mean, it does have more than 20 years of operations under its belt.
Or perhaps it’s just preferred the “slow and steady wins the race” approach?
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Next stop VTEX IPO?
The e-commerce platform has been quite busy throughout the year. It closed a few acquisitions to improve its logistics operations and customization using artificial intelligence.
For VTEX, these maneuvers were a matter of offering a more integral experience for online shoppers.
But as it eyes larger markets (like the United States), faces pressure from its customers, and plans for a more e-commerce-driven future, an IPO is turning into the most feasible alternative.
“During these past couple of months, the entire company was brought forward by three to five years,” says Santiago Naranjo, General Manager of VTEX in Latin America.
“All its goals, undertakings, and plans all the things we had mapped for the medium term, we’re accelerating it all and there will soon be good news on our end,” assures the Executive.
E-commerce growth in Mexico
According to the Mexican Sales Association (AMVO), the number of unique daily visitors to e-commerce sites in Mexico grew by 53 percent from January to July of this year.
Yet almost 30 percent of small and medium-sized enterprises in Mexico don’t have their own website.
It’s within these circumstances that VTEX sees an opportunity to grow within the region’s second-largest market.
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