Brazilian software firm Semantix to list in U.S. via $1 bln SPAC deal

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Nov 17 (Businesshala) – Brazil’s Semantics said on Wednesday it would go public in the United States by merging with a blank-check firm in a deal valued at about $1 billion in data software company.

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Founded in 2010, Semantix runs a fully integrated data software platform and has over 300 customers in 15 countries spanning sectors such as retail, healthcare, financial services and telecommunications.

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AT&T Inc., Mercedes-Benz and Samsung are among the companies that use Semantics’ services, according to its website.

The merger with Alpha Capital is expected to generate $324 million in Semantics proceeds, including $94 million from private investments in public equity (PIPE) and approximately $230 million from a Special Purpose Acquisition Company (SPAC) IPO.

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Innovabra Ventures, a unit of Brazil’s second-largest lender Banco Bradesco S.A., and investment firms Cressera and FJ Labs were among the investors in PIPE.

SPAC is a publicly listed shell company that raises funds with the intention of merging with a private company within two years of its shares being floated. Private firm becomes public through merger.

Semantics will be listed on Nasdaq after the deal closes, which is expected by the second quarter of 2022. (Reporting by Manyata Saini, Additional reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)

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