The World Bank’s private investment arm, the International Finance Corporation, has bought a $10m stake in Chilean IT services provider Sociedad Nacional de Procesamiento de Datos SA (Sonda).
The company is privately held with the majority of shares owned by Andres Navarro and his family. Chip manufacturer Intel’s investment arm, Intel Capital, also owns a minority holding in the Santiago-based company which it purchased last year.
The company has annual sales of $300m with offices across Latin America, and 3,700 employees. It has implemented large projects for the Chilean government including its identification cards scheme and Chile’s e-procurement portal.
Sonda plans to use the cash to help continue its expansion throughout the continent. In November 2002 it purchased a Brazilian IT services provider, and it also acquired Pissa, a Mexican IT firm, in February 2004. It plans to invest over $40m on these businesses and further acquisitions over the next two years.