Linx Acquisition, Valuation, Funding & Investors

Linx was acquired by TOTVS for $600M in July 2025, a 2.9x multiple on $204M of revenue.

See full Linx profile

Linx acquisition price

$600M

Acquired by TOTVS · Jul 2025

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

Linx Overview

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

BrazilSão Paulo

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.

Linx acquisition details
AcquirerDateTypePriceEV/Revenue
22 Jul 2025Strategic M&A$600M2.9x

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
Linx valuation by funding round
DateStageValuationRevenue Multiple
Jul 2011Undisclosed stage$415M4.4x
Jan 2009Strategic 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

Linx revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2011$94M$415M4.4xUndisclosed 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

Linx funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2011Undisclosed stageGeneral Atlantic (lead)-$415MGeneral 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 2009Strategic investmentThe Brazilian Development Bank(BNDES)$21M$99MLinx 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

Investors in Linx by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions 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

Mercadapp
Neemo
PinPag
Millennium Network
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 CountryBrazilBrazilBrazilBrazil
HQ City
Fortaleza
São Paulo
São Caetano do Sul
-
Deal Date13 Nov 20203 Feb 202030 Jan 202028 Jun 2019
Valuation$1M$3M$23M$29M
EV/Revenue
EV/EBITDA

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Linx Competitors

Linx competitors include listed companies like Huitongda Network and PAR Technology, and private ones like Khatabook, Scanntech, Shoplazza and Meiwei Buyongdeng.

Public and private companies comparable to Linx
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
KhatabookIndiaBangalorePrivate$9M-$600M66.7x
ScanntechUruguayMontevideoPrivate$109M-$600M5.5x
ShoplazzaChinaChinaPrivate--$600M-
Meiwei BuyongdengChinaShanghaiPrivate--$628M-
Huitongda NetworkChinaChinaPublicly listed$7.8B$113M$479M0.0x
PAR TechnologyUnited StatesUnited StatesPublicly listed$456M($27M)$850M2.3x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Huitongda Network$7.8B$113M0.0x0.0x0.1x0.1x
Smaregi$84M$24M4.3x4.0x15.4x13.3x
PAR Technology$456M($27M)2.6x2.3x(44.5x)23.3x
Pro-Ship$53M$20M5.2x4.4x13.4x12.1x
Eagle Eye$63M$11M2.7x2.6x15.0x12.1x
Shiprocket$215M($7M)4.0x-(122.5x)-
Vectron Systems$41M$4M3.3x-32.8x-
GrocerIQ$7M($2M)18.4x-(79.6x)-

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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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