As it continues to grow its global footprint, FreshBooks said it has purchased Mexico-based eInvoicing firm Facturama. The latter company assists small businesses, self-employed individuals and startups have an improved handle on their finances via reporting, digital invoice supervision, and “other organizational services,” according to a Wednesday (Sept. 23) announcement.
“In Mexico, 65 percent of small businesses do not survive past their second year, and it’s largely because of cash flow management issues,” FreshBooks CEO and Co-Founder Mike McDerment said in the announcement. "Combining Facturama's regional expertise with FreshBooks’ online payments and scaling expertise will accelerate our ability to better serve Mexico’s growing small business and startup market."
The workforce of Facturama, with the inclusion of CEO and Co-Founder Humberto Ramirez López in addition to Co-Founder and Chief Operating Officer Martin Arochi, will become a part of FreshBooks after the acquisition.
Ramirez López will still be the company’s CEO, while also taking on the title of managing director of FreshBooks for Mexico.
Ramirez López and Arochi started Facturama in 2012, and the company was selected as a 500 Startups portfolio firm in 2013.
“This is great news for small business owners in Mexico, and it’s a great milestone in the Facturama journey because we'll have many more resources to support our customers and employees,” Ramirez López said in the announcement.
Mexico is home to over 4 million registered small companies and millions of microbusinesses. Almost a quarter of the country’s workforce is self-employed.
Separately, FreshBooks launched its FreshBooks Accounting Professionals Program to link modern accounting practices with small companies, per news in June.
The software company said at the time that the effort was inspired by a Collaborative Accounting approach that has accounting experts and their small company customers working in conjunction as a team and sharing bookkeeping tasks.
The program will connect members with FreshBooks clients seeking analytics, reporting and company strategy coaching from an accounting expert.