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Brazilian big data and analytics company Semantix went public in the United States under the ticker STIX after merging with Alpha Capital, a publicly traded company created to acquire or merge with an existing company (also known as SPAC). Semantix raised $230 million with the deal.

Announced at the end of 2021, the transaction has now been cleared by the Securities and Exchange Commission (SEC). The deal includes non-redemption commitments by Alpha Capital’s shareholders and a private placement (PIPE) of $100 million. The business values Semantix at $1 billion, assuming no redemptions by Alpha Capital’s shareholders.

According to Semantix, the company will use the money to strengthen its product portfolio, attract talent and expand its operations internationally. The roadmap includes the creation of an R&D lab in the United States – in Brazil, the company already has one. Semantix already has customers in 15 countries.

“We are happy to reach this important milestone in our journey to become a public company,” said Leonardo Santos, Semantix’s founder and CEO, in a statement. The company has around 300 customers in its portfolio – including Vivo, Bradesco, and Samsung – with a  fully integrated data software platform that helps clients structure and analyze data.

The private placement deal has participation from Innova Capital, Bradesco, Crescera, and FJ Labs. In addition, Innova has also committed not to redeem its $23 million in shares in the SPAC.

What’s behind the merger

Last year, when announcing the plan to merge with Alpha Capital as a way to enter Nasdaq, Semantix’s CEO said he preferred this alternative because he was more interested in having partners who could “guide them in how to play this game than in money”.

On Alpha’s side, among the members of the SPAC is Alec Oxenford, who founded the unicorns OLX and letgo, and Rafael Steinhauser, former CEO of Qualcomm in Latin America, as well as Fabrice Grinda, from FJ Labs and Verônica Serra, founding partner at Innova Capital.

In terms of expected growth, Semantix estimates a revenue of $73 million in 2022, with 84% of recurring revenue and a revenue retention rate – an important index for SaaS companies – of 153%.

(translation by Gabriela Del Carmen)

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