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Last year, we had the pleasure of publishing Gabriel Ronacher’s journey to transform the insurance market in Brazil. He shared how he launched Arco Capital and successfully acquired Agger, a leading SaaS company in the insurance rating sector, with the support of 18 investors, including Simon Webster, AIJ Global, Rafael Ruiz, and Brazilian entities such as Kviv Ventures, KYR Capital, and TMB3.
By the end of its first year under his leadership (2021), Agger had achieved $3M in revenue and $1M in EBITDA, with a team of 45 employees. Over the following four years, Gabriel transformed the company: he improved corporate governance, established financial, marketing, and HR departments, led a rebranding, launched new product lines and services, acquired its competitor Infocap, and significantly increased its initial market share.
The result in 2025: Agger now has approximately 150 employees and reached a gross annualized recurring revenue of around $10.8M (R$60M) in Q1, reflecting a compound annual growth rate of 38% from 2020 to 2024.
This remarkable growth attracted the interest of Dimensa, a subsidiary of Totvs, which has acquired Agger, the insurance software platform, for $46.8M (R$260M), delivering exceptional returns (MOIC>x6) for Arco Capital’s investors.
In a market that has seen a few less successful exits in recent years, this acquisition stands out as a significant success for the Brazilian SF and entrepreneurial ecosystem.
In its market announcement, Totvs stated: “For Dimensa, the transaction represents a strategic move aligned with our organic growth strategy, combined with expansion through M&A.” The acquisition is expected to generate strategic synergies with Quiver, another insurance-focused company acquired by Dimensa last year. “Together, they will strengthen Dimensa’s presence in the insurance segment and benefit from the complementarity of customer profiles and functionalities, further enhancing our technology offering for financial institutions.”
M&A: RGS Partners / Legal: Lobo & de Rizzo Advogados / Massoli Advogados / DD: Grant Thornton
