August 2025 top M&A deals in Brazil market

In July’s largest M&A deal, Brazil’s top enterprise software company, TOTVS, announced a BRL 3.05bn (USD 546.8mn) acquisition of retail tech specialist Linx — its biggest transaction ever. The move boosts TOTVS’ position in business management solutions, especially in retail sectors like fashion, fuel, and pharmacies. Linx, with over 2,800 employees, was previously acquired by fintech firm StoneCo in 2020. Now, TOTVS is doubling down on its strategy to dominate Latin America’s software market, serving 70,000+ customers and enhancing its end-to-end enterprise offerings.