Relay Investments Announces Acquisition of Polysistemas Corp S.A.C.

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Colca Capital, a Relay Investments-backed, Lima-based investment firm focused on the lower-middle market in the Andean region, announced it has completed the acquisition of 100% of Polysistemas Corp S.A.C.

Colca Capital, a Relay Investments-backed, Lima-based investment firm focused on the lower-middle market in the Andean region, announced it has completed the acquisition of 100% of Polysistemas Corp S.A.C. (“Polysistemas”), a leading records and information management (“RIM”) company based in Lima, Peru.

Founded in 1972 by Alfredo Zelasco, Polysistemas serves as a one-stop shop for its diverse enterprise clients seeking integrated, physical and digital RIM solutions. The Company provides a wide range of services including physical and cloud-based record storage, BPO, data capture, proprietary digital signature SaaS, and document management software development and support. The Company’s clients include some of the largest banks, pension funds, utilities, industrial companies, and educational institutions in Peru and Bolivia. “With more enterprise businesses seeking to outsource the professional fulfillment of their record management needs, Polysistemas stands to benefit from strong tailwinds in the Andean region” said Diego Febrero, Managing Partner of Colca Capital. “It has been a great privilege to build and grow Polysistemas for so many years, together with my family, and we could not be more excited to support Colca Capital as they lead the Company to the next level. They bring a wealth of expertise and experience to the table and we appreciate their professionalism throughout the transaction process,” said Alfredo Zelasco.

Polysistemas has recently launched cutting-edge digital transformation products, including digital signature, facial identification, digital mailroom, electronic contract workflows, and several e-learning services (such as online exam proctoring, fraud detection, and survey administration). “The Company's years of operating experience made its suite of services an invaluable resource throughout the digital transformation process of its many enterprise clients, and we look forward to investing the necessary resources to accelerate its operational leverage in the region as a one-stop RIM platform,” said Julio Ramírez, Managing Partner of Colca Capital.

Financial terms of the transaction were not disclosed. Colca Capital’s acquisition was financed through a combination of debt and equity, provided by a diverse group of US-based and international investors led by Relay Investments, a leading institutional investor in the international lower middle market. “Through our partnership with Colca Capital, Polysistemas will continue to offer its clients comprehensive and tailored solutions to ride the coming wave of digital transformation.” said Sandro Mina, Managing Director of Relay Investments. “The Principals at Relay Investments have decades of experience investing in family businesses across the globe, including the RIM industry in particular, and we are thrilled to partner with them in this acquisition,” said Nicolás Lulli, Managing Partner of Colca Capital. Following the acquisition, Nicolás Lulli will serve as the new Chief Executive Officer of Polysistemas.

Deloitte served as financial advisor and Garrigues served as legal counsel to Colca Capital in connection with the transaction. CMS Grau served as legal counsel to the sellers of Polysistemas Corp.

About Relay Investments
Relay Investments is a global private equity fund with a focus on investing in established lower-middle market companies through the search fund model. Having raised almost $100mm across two funds, Relay Investments has made nearly 200 search fund and operating company investments in over 25 countries. Founded in 2013 by Sandro Mina and Martin Steber, and headquartered in Boston, Massachusetts, Relay Investments has extensive experience in the Latin American market, having participated in acquisitions, recapitalizations, and other investments in Mexico, the Dominican Republic, Brazil, Colombia, Chile, Argentina, and Peru. For additional information, please visit https://www.relayinvestments.com/.

About Colca Capital
Based in Lima, Peru, Colca Capital was founded in 2019 by Diego Febrero, Nicolás Lulli, and Julio Ramírez to acquire and operate mid-sized businesses in the Andean region with $3-10mm in EBITDA, focusing primarily on B2B service industries with recurring revenue and blue-chip customers. The private investment firm is backed by Relay Investments and a group of experienced institutional investors from across the globe. Colca Capital seeks to create enduring value for all stakeholders with its long-term investment horizon and deeply operational strategy. For more information, please visit http://colcacapital.com/.

About Polysistemas
Based in Lima, Peru, Polysistemas’ mission is to provide innovative and holistic solutions to its clients’ record management needs. Founded in 1972, Polysistemas is a Peruvian RIM player with decades of experience as the leading one-stop shop in the Andean region. For many years, the Company has provided safe and reliable physical record storage with a focus on customer service, including additional services such as imaging, record retrieval and validation, data capture, and digital hosting. Polysistemas has recently launched a new suite of digital transformation products and services tailored to the document management needs of its clients, including its much-anticipated Polysign product as one of the first end-to-end digital signature solutions in Peru. To learn more, please visit https://www.polysistemas.com/.

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Thomas Webster