Latin America's largest enterprise software company, TOTVS, invested in the latest venture round of GoodData in a move that highlights how cloud big data and analytics will play a big role in the region.
TOTVS' venture arm this week joined in a $22 million series D funding round for GoodData, which provides big data analytics and applications via the cloud.
GoodData already counts Andreessen Horowitz, General Catalyst Partners, Next World Capital and Tenaya Capital as investors.
The investment by TOTVS, which provides ERP, HR, CRM and BI software and resembles SAP in many ways, is strategic on many fronts. TOTVS has distribution in 24 markets in Latin America and will have exclusive access to GoodData's platform in Latin America. For TOTVS, the investment gives the company a cloud and big data play. GoodData gets distribution in one of the fastest growing regions in the world.
In a nutshell, GoodData is a business intelligence player focused on making dashboards and company data more accessible and actionable. The company was hatched in 2007, has garnered $75.5 million in total funding and plans to aggressively hire in Latin America.
Now with TOTVS embedding GoodData in its software the San Francisco-based startup is likely to gain a much larger international footprint. GoodData CEO Roman Stanek said in a blog post:
You may not have heard of TOTVS, but it’s huge. In fact, it’s Latin America’s biggest software house (and sixth largest worldwide) that just so happens to be looking for a way to give its customer base easy access to business intelligence. And that’s what brought GoodData to TOTVS’s attention: TOTVS will embed GoodData’s on-demand business intelligence service in its own software.