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- Linx
Linx Acquisition, Valuation, Funding & Investors
Linx was acquired by TOTVS for $600M in July 2025, a 2.9x multiple on $204M of revenue.
Linx revenue at acquisition
$204M
Last twelve months · Jul 2025
Linx revenue multiple at acquisition
2.9x
EV/Revenue · Jul 2025
Cumulative funding Linx raised
$21M
across 2 funding rounds
About Linx
Linx is a Brazilian software company founded in 1985 by Nercio Fernandes and headquartered in Sao Paulo, which supplies management and point-of-sale software to retailers. Its products cover store systems, ERP, e-commerce, omnichannel and loyalty tools for fashion, supermarket, pharmacy, fuel retail and food service customers in Brazil and other Latin American countries. At its peak it held an estimated 45.6 percent of the Brazilian retail management software market. Linx listed on the Novo Mercado of B3 in 2013 and on the New York Stock Exchange in 2019, and made about thirty-six acquisitions of smaller software companies. StoneCo bought the group in 2020 for about BRL 6.7 billion, and TOTVS bought its software business from StoneCo in 2025 for BRL 3.05 billion.
Founded
1985
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$94M (Jul 2011)
Valuation
$415M (Jul 2011)
Linx Acquisition
Linx was acquired by TOTVS for $600M on 22 July 2025.
The acquisition price implies a 2.9x revenue multiple on $204M of revenue.
Before the acquisition Linx had raised $21M across 2 funding rounds.
TOTVS agreed on 22 July 2025 to acquire Linx, the Brazilian retail software business, from StoneCo for BRL 3.05 billion in cash. Linx was sold without its cash balance: StoneCo kept the estimated BRL 360 million of net cash and the cash generated until closing, so the transaction was expected to bring StoneCo BRL 3.41 billion in total. The enterprise value represented a multiple of 2.7 times revenue according to press coverage, and the closing needed approval from the Brazilian antitrust authority CADE. StoneCo had bought Linx in 2020 for about BRL 6.7 billion after a contest in which TOTVS also made a proposal, so the 2025 price was less than half of what StoneCo paid. Linx supplies management and point-of-sale software to retailers, with revenue of about BRL 1.14 billion in 2024 inside StoneCo's software segment. Payments and financial services stayed with StoneCo. The purchase makes TOTVS, the largest listed business software company in Brazil, a much larger supplier to the retail sector.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 22 Jul 2025 | Strategic M&A | $600M | 2.9x |
Sources: neofeed.com.br, latinlawyer.com, latinfinance.com
Linx Valuation
Linx is currently valued at $415M, based on its undisclosed-stage round in July 2011. Read the announcement ↗
The round was led by General Atlantic.
Linx's valuation has grown 4.2x from $99M at its strategic investment round in January 2009 to $415M in July 2011, across 2 priced rounds.
Linx valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2011 | Undisclosed stage | $415M | 4.4x |
| Jan 2009 | Strategic investment | $99M | - |
Linx Revenue
Linx's latest recorded revenue is $94M, as of its undisclosed-stage round in July 2011. At a $415M valuation, that implies a 4.4x revenue multiple.
Linx revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2011 | $94M | $415M | 4.4x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Linx Funding History
Linx has raised a total of $21M across 2 funding rounds.
Linx's first fundraising round was a $21M strategic investment round in January 2009. The most recent completed round was a undisclosed-stage round in July 2011.
Linx funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2011 | Undisclosed stage | General Atlantic (lead) | - | $415M | General Atlantic, the global growth equity firm, invested in Linx on 26 July 2011 in a partnership announced by the company as its second round of private equity funding after BNDESPar. Press coverage in 2013 reported that General Atlantic bought 20.4 percent of the share capital for BRL 130 million, while the chief executive did not disclose the amount at the time of the announcement. Linx said the proceeds would fund geographic expansion and research and development, and BNDESPar exercised its pre-emptive right in the capital increase. Linx, founded in 1985, supplies software for retail with more than 5,000 customers and about 52,000 points of sale across Brazil, Latin America and Europe. It closed 2010 with revenue of BRL 144 million and expected about BRL 200 million for 2011; net revenue for 2011 was BRL 197.4 million. The investment preceded the company's listing on the Novo Mercado in 2013. |
| Jan 2009 | Strategic investment | The Brazilian Development Bank(BNDES) | $21M | $99M | Linx received its first private equity investment in 2009, when BNDESPar, the equity arm of the Brazilian development bank BNDES, bought 21.7 percent of its share capital for BRL 50 million. The investment came a year after Linx bought Quadrant Informatica in 2008 and was tied to the aim of using Linx as the vehicle to consolidate the Brazilian retail software sector through acquisitions. BNDESPar kept its stake in the group over the following years and approved exercising its pre-emptive right in a later capital increase in 2011. Linx, founded in 1985, develops software for retailers, with more than 5,000 customers and about 52,000 points of sale in Brazil, Latin America and Europe by 2011. The funds supported a series of acquisitions of smaller software companies between 2008 and 2013, which broadened the product range from point-of-sale systems to ERP, e-commerce and loyalty tools. |
Who has invested in Linx?
2 investors have backed Linx across its funding rounds, including General Atlantic and The Brazilian Development Bank(BNDES).
Lead investors include General Atlantic.
Linx Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Linx
Linx has acquired 16 companies to date.
Last acquisition by Linx was on November 13th 2020. Linx acquired Mercadapp for $1M.
Latest Acquisitions by Linx
| Description | Mercadapp is a mobile application headquartered in São Paulo, Brazil, that facilitates grocery purchases from partner supermarkets through swipe-based interactions to build shopping carts. Shoppers search for products, customize flavor and fragrance mixes, schedule deliveries, input personal details, and select payment methods within the app. Launched to streamline supermarket shopping in major Brazilian cities, it integrates with stores like Pão de Açúcar and Extra, offering real-time inventory and promotions for over 10,000 stock-keeping units. | Neemo is a São Paulo-based creator of custom applications, enterprise software, and digital delivery platforms for Brazilian businesses. Specializing in fintech, logistics, and e-commerce solutions, Neemo builds mobile apps and APIs integrated with payment gateways like PagSeguro. Founded in 2001, the company collaborates with retailers and banks across Latin America. | PinPag is a São Paulo-based fintech delivering installment payment processing for retail merchants in Brazil, leading among driving schools and delivery dispatchers. It integrates with POS terminals for split payments over three to twelve months, handling risk assessment, collections, and fraud prevention. Merchants access dashboards tracking approval rates and receivables across segments like automotive and education services. | Millennium Network is a Brazilian software company founded in 1993 that offers enterprise resource planning software for e-commerce operations as a service. It serves about one thousand clients, among them Amaro, Riachuelo, Johnson & Johnson, Mormaii, Marabraz, BRF and Infracommerce. The company expected gross revenue of about BRL 31 million for 2019. Linx agreed to buy it in June 2019 for BRL 65 million paid at closing plus up to BRL 44.6 million tied to financial and operational targets until 2022, a maximum of BRL 109.6 million, to extend its e-commerce management offer. | |
| HQ Country | |||||
| HQ City | Fortaleza | São Paulo | São Caetano do Sul | - | |
| Deal Date | 13 Nov 2020 | 3 Feb 2020 | 30 Jan 2020 | 28 Jun 2019 | |
| Valuation | $1M | $3M | $23M | $29M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Linx acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Linx Competitors
Linx competitors include listed companies like Huitongda Network and PAR Technology, and private ones like Khatabook, Scanntech, Shoplazza and Meiwei Buyongdeng.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $9M | - | $600M | 66.7x | ||
| Private | $109M | - | $600M | 5.5x | ||
| Private | - | - | $600M | - | ||
| Private | - | - | $628M | - | ||
| Publicly listed | $7.8B | $113M | $479M | 0.0x | ||
| Publicly listed | $456M | ($27M) | $850M | 2.3x |
Linx Public Comps
Linx is no longer listed, but its public comps include Huitongda Network, Smaregi, PAR Technology, Pro-Ship, Eagle Eye, Shiprocket, Vectron Systems, GrocerIQ, Kinjiro and CYBERLINKS.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $7.8B | $113M | 0.0x | 0.0x | 0.1x | 0.1x | |||
| $84M | $24M | 4.3x | 4.0x | 15.4x | 13.3x | |||
| $456M | ($27M) | 2.6x | 2.3x | (44.5x) | 23.3x | |||
| $53M | $20M | 5.2x | 4.4x | 13.4x | 12.1x | |||
| $63M | $11M | 2.7x | 2.6x | 15.0x | 12.1x | |||
| $215M | ($7M) | 4.0x | - | (122.5x) | - | |||
| $41M | $4M | 3.3x | - | 32.8x | - | |||
| $7M | ($2M) | 18.4x | - | (79.6x) | - | |||
This data is available for Pro users. Sign up to see all Linx competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Linx
| When was Linx founded? | Linx was founded in 1985. |
| Where is Linx headquartered? | Linx is headquartered in São Paulo, Brazil. |
| Is Linx publicly listed? | No, Linx was acquired by TOTVS in July 2025. |
| Who acquired Linx? | Linx was acquired by TOTVS in July 2025. |
| How much was Linx acquired for? | Linx was acquired for $600M in July 2025, a 2.9x revenue multiple. |
| What is Linx's valuation? | Linx was last valued at $415M in its undisclosed-stage round in July 2011. |
| How much funding has Linx raised? | Linx has raised $21M across 2 funding rounds. |
| What was Linx's last funding round? | Linx's last funding round was a undisclosed-stage round in July 2011, led by General Atlantic. |
| Who are Linx's investors? | Linx's investors include The Brazilian Development Bank(BNDES) and General Atlantic. |
| What is Linx's revenue? | Linx's latest recorded revenue is $94M (July 2011). |
| What is Linx's revenue multiple? | Linx's latest valuation implies a 4.4x revenue multiple ($415M valuation on $94M of revenue). |
| Which companies are comparable to Linx? | Companies comparable to Linx include Khatabook, Scanntech, Shoplazza, Meiwei Buyongdeng, Huitongda Network and PAR Technology. |
| How many companies has Linx acquired? | Linx has acquired 16 companies, including Mercadapp, Neemo, PinPag, Millennium Network and Hiper. |
| What was the largest acquisition by Linx? | The $29M acquisition of Millennium Network in June 2019 is the largest acquisition Linx has made to date. |
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