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Launched in Mexico in mid-2022 by Diego Gavito and Ignacio Rivero, Vuelo Capital has been supported by institutional investors such as Cerralvo Capital, Alza Capital Partners, Vonzeo Capital, WSC & Company, Istria Capital, Kinderhook Partners, Spectra Investments, and Ambit Partners. After more than two years of extensive search, they have successfully acquired a majority stake in Time Tracker, a leading provider of time & attendance and evidence tracking software for supermarkets in Mexico. The structure includes a mix of equity and seller’s finance, no bank financing was required.
Founded in 2004 by Hector Anaya and Hector Piña, Time Tracker pioneered biometric technology to manage the time and attendance of field staff in supermarkets. The company’s solutions help customers manage internal and external workforces, improve operational oversight, and ensure workforce compliance through data collection, aggregation, accurate reporting, and real-time insights.
This partnership will fuel Time Tracker’s ability to take its solution to the next level, furthering its mission to help organizations streamline workforce management, reduce operational inefficiencies, and improve labor compliance.
Diego mentioned to us, “The company was selected for acquisition based on its consistent double-digit annual growth spanning over a decade, robust recurring revenue, SaaS business model that delivers significant economies of scale, presence in a niche market with minimal competition, and a well-designed structure that strongly aligns incentives with the sellers.“
Vuelo Capital’s managing partners will now lead Time Tracker, focusing on enhancing and scaling the company’s offerings while broadening its reach across the retail industry in Mexico and internationally. They commented: “With a solid track record, strong strategic partnerships, and an impressive growth trajectory, Time Tracker is the leading national player in its field. We are excited to work alongside its talented team to take the company to new heights.”
Legal: Ritch Mueller / QoE: Alvarez & Marsal / Tech DD: Ars Machina Ingenieros
