IDB Invest Boosts Nearshoring, Intra-Regional Services Exports with Atento Deal
IDB Invest has provided up to $50 million worth of financing to Atento S.A., the largest Business Process Outsourcing (BPO) company services in Latin America and the Caribbean.
The proceeds will support Atento’s capital expenditure and working capital needs to grow its BPO and Customer Relationship Management (CRM) operations in several countries in Latin America, including Argentina, Brazil, Chile, Colombia, El Salvador, Costa Rica, Guatemala, Mexico, Panama, Peru, and Uruguay, to serve clients across the world.
Atento’s funding needs are required for the initial investment to start new service contract activities such as hiring and training of personnel as well as investments in the call center space and information technology equipment.
This deal will also help Atento to reinforce its investments in next generation services, supported by technologies such as Artificial Intelligence, Data Science, automation, machine Learning and chatbots.
The financing consists of a revolving credit facility for up to $50 million with two tranches: a $43 million committed tranche and a $7million uncommitted tranche.
This project will contribute to promote nearshoring and service export within and from Latin America and the Caribbean to the rest of the world. This deal will benefit the region by increasing exports and reducing the import of digital services.
Also, the move can help closing the digitalization gap in Latin America, bringing state-of-the art solutions, helping clients across many industries to digitalize, increase their efficiency and improve interaction with their clients, as well as their back and middle-office processes automation.
Since Atento has more than 140,000 employees, 95% based in the region, this deal will support formal employment and will create opportunities for young and female workers - 64% of its workforce are females.
In addition, advisory services will be provided to support Atento in the process of applying for EDGE certification, the leading global assessment methodology and business certification standard for gender and intersectional equity. This will reinforce Atento’s solid track record on gender equality, diversity and inclusion in the workplace.
This deal is the first one in the BPO/CRM segment for IDB Invest and shows the commitment with employment generation, digitalization of the Latin America economy, and the promotion of nearshoring and intra-regional services exports.
This deal is expected to contribute to one United Nations Sustainable Development Goals (SDGs): Gender Equality (SDG 5).
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of US$13.1 billion in assets under management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that respond to the needs of its clients in a variety of sectors.
Atento is the largest provider of customer relationship management and business process outsourcing (“CRM BPO”) services in Latin America, and among the top five providers globally. Atento is also a leading provider of nearshoring CRM BPO services to companies that carry out their activities in the United States. Since 1999, the company has developed its business model in 14 countries where it employs approximately 139,800 people. Atento has over 400 clients to whom it offers a wide range of CRM BPO services through multiple channels. Atento’s clients are mostly leading multinational corporations in sectors such as telecommunications, banking and financial services, health, retail and public administrations, among others. Atento’s shares trade under the symbol ATTO on the New York Stock Exchange (NYSE). In 2019, Atento was named one of the World’s 25 Best Multinational Workplaces and one of the Best Multinationals to Work for in Latin America by Great Place to Work®. Also, in 2021 Everest named Atento as a star performer Gartner named the company as a leader in the 2021 Gartner Magic Quadrant. For more information visit www.atento.com