Totvs Adds Developer

Brazil’s Totvs has agreed to buy W&D Participacoes, a holdco for two retail-focused software developers, it says, for up to BRL95m ($47m). The acquisitive IT provider is to pay BRL80m, and will make an additional payment of up to BRL15m that is dependent on the target’s results this year. The deal remains to be approved by Totvs’ shareholders. W&D owns the PC Sistemas and PC Informatica brands. Totvs did not use an external advisor for the deal, which is to be funded with its own cash, according to a company official.