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U.S. fund chooses Uruguay for its first investment in Latin America
The Recognize group merged the Uruguayan companies Moove It and December Labs in the Qubika project, which will expand throughout Latin America and incorporate 3,000 jobs.
The leading companies in the ICT sector in Uruguay, Moove It and December Labs, announced their merger with the support of the investment group Recognize, based in New York, United States.
Recognize’s investment was the group’s first incursion into Latin America. The new project will operate under the name Qubika and plans to expand in the continent by hiring 3,000 new jobs over three to five years, a third of which will be in Uruguay.
Qubika, which will work for various industries focusing on the Healthcare and Fintech segments, will have its headquarters in Austin, Texas, and other offices in Latin America and the United States. The founding partners of Moove It and December Labs, along with Frank D’Souza and Charles Phillips, founders of Recognize, will be part of the new board of directors of Qubika, which with this merger, will become one of the largest software development companies in Uruguay.
“Moove It and December Labs have distinguished themselves as providers of competitive, high-quality services and the lowest turnover rates we have seen in the industry. We are excited to bring these teams together to create the leading provider of the next generation of digital transformation for enterprises in the United States,” announced Charles Phillips.
Qubika will be led by Ariel Ludueña, current CEO of Moove-IT, as CEO of the company, while Martín Palatnik, CEO of December Labs, will assume the presidency. The board will also include the local investment fund Tokai Ventures partner and the Uruguay-China Chamber of Commerce president, Gabriel Rozman, who played an essential role in the negotiation.
The investment, export, and country image promotion agency, Uruguay XXI, accompanied and supported the process by providing relevant information to the investment fund for decision-making.
Recognize’s investment in Qubika stands out for being the fund’s first in Latin America.