Bogota, Colombia, June 5, 2012
—IFC, a member of the World Bank Group, will provide $8.5 million in financing to Delaware Group to fund the firm’s expansion of information-technology services in Latin America.
The firm, which provides IT services to organizations is expanding its operations and expects to increase its high-skilled workforce from approximately 300 staff currently in Colombia and Peru to more than 500 across the region.
IFC’s financing consists of a $2.5 million equity investment and $6 million loan to support Delaware’s expansion program in Latin America. AXIS, an investment fund owned by the Spanish Instituto de Credito Oficial, co-invested alongside IFC.
“IFC’s investment, a sophisticated investor with a successful track record supporting the technology sector in emerging markets, will allow us to establish a strong base and continue expanding our business to new market segments in Latin America,” said Luis Garma, Executive President of Delaware Group.
Delaware focuses on delivering innovative business solutions and improvements to process large volumes of data for sectors such as telecommunications, utilities, financial services, and retail. For the public sector, Delaware provides automated e-government solutions to traffic violation and Web-based citizen services. Delaware is currently focused on expanding its work in Brazil, Colombia, Mexico, and Peru.
Horacio Rivera-Piza, IFC Global Practice Leader for IT Services, said, “IT services are an increasingly important component of spurring economic development, and a key part of our strategy in Latin America. Delaware is transferring important technical knowledge across the region and creating high-skilled jobs that will promote innovation and economic growth.”
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
Delaware is a Spanish multinational specializing in the development of services and business solutions through the use of information technologies. The main sectors in which Delaware develops its activity are telecommunications, financial, banking and insurance, public administration, energy, distribution and Retail, infrastructure, pharmacist and health. Founded in the year 2000 and headquartered in Madrid, Delaware has a team of more than 800 people developing projects for different clients in Europe, Africa, United States, Latin America and Caribbean. Delaware has the participation of two institutional shareholders: the International Finance Corporation (IFC), Member of the World Bank Group, headquartered in Washington D.C., and AXIS, Manager of venture capital belonging to the Institute of official credit of Spain (ICO) with headquarters in Madrid. For more information, visit:
Company venture capital focused on minority capital investments in expansion amounting to 1.5 to 15 million Euros to support companies’ growth. It manages a Fund of 422 million Euros for this type of investment and another 500 million Euros for infrastructure funding. It is 100% owned by the ICO, and has 25 years’ operating in the venture capital market; throughout its history it has invested in more than 130 companies for a total of more than 250 million Euros.