31089 - DelawareGroup

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Proposed Investment

Project Number

31089

Company Name

DELAWARE CONSULTORIA SL

Date SPI Disclosed

Oct 21, 2011

Country

Latin America and the Caribbean Region

Industry

Telecommunications and Technology

Projected Board Date

Nov 21, 2011

Status

Completed

Sector

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

Department

Regional Industry INF LAC & EUR

Environmental Category

C - No Impact

Previous Events

Approved : Jan 17, 2012
Signed : Mar 23, 2012
Invested : Apr 24, 2012

Project Description

Delaware Consultoria S.L. (“Delaware” or the “Company”) is undergoing a $20 million 3-year plan that will increase its presence in Latin America and the Caribbean. These funds will be used in working capital needs required to expand the Company’s existing operations centers in Colombia and Peru, the rollout of new operation centers in Brazil and Mexico and possibly other countries in Latin America (“Delaware Group” or the “Project”).

Delaware is looking for institutional partners like IFC to participate in opportunities from an increased IT market demand, which after the global economic crisis, is rebounding. The Company has invested for over two years in qualified human capital and now needs the financial resources to execute its future strategy.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	7.06
Equity	2.35

Development Impact

Quality Employment: The Company''s expansion will increase the availability of direct and indirect jobs in those countries where it plans to expand. Vocational and engineering students typically intern and land their "first job" at IT services companies, supplementing their income and tuition expenses. The industry increasingly employs more women and handicapped persons as IT fully jobs recognize their professional capabilities.

Development of IT Sector in Latam: This project will promote the development of the IT services sector in Latam while fostering competition in those markets where the Company plans to expand. An investment in Delaware would also support and enhance the competitiveness of the region''s as an attractive destination for outsourcing and offshoring.

Technology Transfer: Delaware implements useful training programs for its employees in various technologies. This project will enable the replication of these training programs to other countries. This technology transfer will increase the professional standards and technical knowledge throughout the region.

Export/Economic Growth: Offshoring/Nearshoring generates significant export revenues. IT outsourcing helps organizations become more efficient and creates employment, which in turn contributes to economic growth.

Demonstration Effect: IFC''s involvement will continue reinforcing LAC''s position as an ideal destination for IT Services companies. IFC''s investment will also help to increase IT sector competition and improve service quality.

Knowledge Sharing: Delaware will benefit from IFCs investment knowledge from similar companies throughout the world.

Balance Sheet Strengthening: IFC''s financial resources will help Delaware to strengthen its balance sheet so it can focus all of their efforts in their LAC expansion and consolidation.

Access to Finance: Debt financing is limited due to the Company''s limited hard assets to post as collateral and traditional lenders limited understanding of the sector. Although the Company will have additional equity support from the co-investor, without IFC''s investment, Delaware will have difficulties in achieving its expansion plan.

Corporate Governance: Delaware has reached a point where it needs to start formalizing its management decisions. IFC could help in providing guidance to the Company with regards to best practices in Corporate Governance, and also how to set up and empower a board of directors.

The Delaware Group has implemented environmental and social policies and procedures that generally comply with IFC Performance Standards. The company will be required to develop and implement Group-wide procedures to IFC''s satisfaction for managing any employee grievances, and for screening the ages of potential hires. Otherwise, low level of environmental and social risk is associated with this project, as it will expand information services in leased office spaces. As a result, the project is classified as Category C according to IFC''s environmental and social review procedure.

Contacts

For Inquiries About the Project, Contact

Mr. Luis GarmaExecutive PresidentEdificio N.S. del Pilar Norias, 92 - 28221 Majadahonda. Madrid. SPAIN
t:+34 916 587 200 (GMT+1)f: +34 916 533 106
s: luis.garma
HYPERLINK "http://www.grupodelaware.com" \t "_blank" www.grupodelaware.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

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.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Development Impact

Similar Projects

Contacts

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Board Approved IFC Investment

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Expected Development Contribution

Environmental and Social Issues - Category

Press-Release

Related ESRS/ERS

Similar Projects

Contacts

Disclaimer