IT Firm AgileThought Agrees to Deal With Mexico-Focused SPAC

Information technology services company AgileThought Inc. has reached a deal to go public through a merger with a blank-check company focused on finding a Mexico-related target.

AgileThought, combined with the special purpose acquisition company, LIV Capital Acquisition Corp., will have a market value of about $491 million after the deal, according to a Monday statement. The transaction includes a $43 million private placement.

Irving, Texas-based AgileThought is backed by Nexxus Capital, one of Mexico’s biggest private equity firms, as well as Credit Suisse Asset Management Mexico, according to data provider PitchBook.

AgileThought’s Chief Executive Officer Manuel Senderos said in an interview that companies partner with AgileThought to build technology platforms. He added that its clients include large corporates such as U.S.-based financial services companies and retailers. About 67% of its revenue comes from the U.S., while the remaining is from Latin America, he added.

The company, which calls itself a digital transformation and consulting firm, has been providing services in the U.S. and Latin America for more than 20 years, according to its website.

AgileThought has completed 11 acquisitions in the past six years, both to build additional product offerings as well as to acquire talent, said Senderos. The company had also been approached as a target, he said.

“We believe there is a lot of value to be created still as a standalone company, just because of the opportunity that’s out there in the market,” he said. “We believe that is best done by a company of our size, that’s still very nimble and very agile, and we don’t want to lose that being acquired by a large enterprise.”

While all of AgileThought’s employees are based in the Americas, it’s still seeing the impact of the Covid-19 surge in India, where a lot of its competitors operate.

The LIV SPAC raised about $80.5 million including so-called greenshoe shares in a U.S. initial public offering in 2019. Its shares traded down in New York Monday, falling 0.45% at 10:22 a.m. to $9.97 -- below the $10 listing price.

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