27480 - North American Software S.A. de C.V.

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Summary of Proposed Investment

Project Number

27480

Company Name

North American Software, S.A.P.I. de C.V.

Date SPI Disclosed

Sep 16, 2008

Country

Mexico

Industry

Telecommunications and Technology

Projected Board Date

Oct 24, 2008

Status

Completed

Sector

Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)

Department

TMT, Venture Capital & Funds

Environmental Category

C - No Impact

Previous Events

Approved : Jun 10, 2009
Signed : Jun 25, 2009
Invested : Jan 14, 2010

Project Description

North American Software S.A. de C.V. (Nasoft or the company) was founded in 2000 as a private Mexican enterprise, providing business applications consulting services in Mexico, Central America and the United States. Nasoft serves primarily large domestic and international private sector companies, and progressively a growing number of SMEs. Nasoft is a top business partner of leading enterprise software application vendors. The company’s growth strategy is built on offering innovative outsourcing models in order to serve more companies in less affluent markets. The project will help finance Nasoft’s growth and expansion strategy through:

- improving product packaging and promotional material,
- providing general working capital for capacity building, and
- continuing its expansion to selected markets in Mexico and Central America.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	8.0

Development Impact

Nasoft’s services contribute to the adoption of better business processes and accounting reporting compliance for enterprises, especially SMEs. The typical business application consulting services implementation includes a review, and as appropriate, improvement of the client’s accounting practices, internal controls and reporting requirements. Nasoft’s offering makes it possible for SMEs to adopt top enterprise software applications such as SAP and Oracle, and the associated better practices at an affordable and cost effective manner, as SMEs are able to pay for the usage without major investments in expensive licenses and IT infrastructure.

The project will help catalyze the emergence of a strong regional player in the IT services segment with the potential to establish joint ventures with other IT service companies in the region, replicating many of the solutions already in place in Mexico City. Nasoft’s services are being scaled up across and replicated in other cities in Mexico and Central America.

Companies similar to Nasoft contribute to the growth of and innovation in the IT sector. The IT sector is a creator of high quality employment opportunities, due to the highly skilled labor requirements for delivering world-class, competitive products and services. Nasoft offers college graduates an opportunity to apply their talents and knowledge to innovative technical solutions in many sectors (such as retail, banking, and manufacturing), thereby creating a domestic alternative to brain-drain foreign destinations.

Nasoft already has a Central American office in San Jose, Costa Rica, from where regional sales of business applications consulting services are coordinated. The use of proceeds from this project includes penetrating further the Central America market. As data communications infrastructure improves in the region, Nasoft will consider establishing regional hosting centers from where an outsourcing offering will be possible, benefiting SMEs in the region, some potentially located in IDA countries and frontier regions.

SMEs in the Mexican IT sector have limited access to financing as they generally do not have access to venture capital funds and local banks loans require terms and conditions that are not appropriate for the sector, as IT companies cannot provide collateral. The World Bank is currently financing several government initiatives to improve Mexico’s competitiveness through the development of the IT sector, including the financing of very small and early stage IT companies, thereby addressing the bottom of the IT industry pyramid. Through this project, IFC will finance a company that is too large for government programs, but still too small to provide adequate security (e.g. hard assets) for commercial bank financing.

Contacts

For Inquiries About the Project, Contact

Manuel Senderos
Chief Executive Officer
Bosques de Alisos No. 45-B 2do Piso, México City, D.F. 05120 México

Tel: +52-55-5258-5814
Fax: +52-55-5258-1410
msenderos@nasoft.com
www.nasoft.com

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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

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