Torc seeks to buy Latin American talent network peers
Apr 10, 2023
Torc, a Boston-based network that connects remote software developers with jobs, is seeking to acquire Latin American peers with highly skilled developer communities. The cloud-native company, which is majority owned by Recognize Partners, is also interested in Latin American targets with good customer lists.
April 10, 2023
— Torc, a Boston-based network that connects remote software developers with jobs, is seeking to acquire Latin American peers with highly skilled developer communities, said CEO and co-founder Michael Morris.
The cloud-native company, majority owned by Recognize Partners, is targeting Latin American firms valued at under USD 12 million with established customer lists. New York City-based Recognize Partners would fund any acquisition, Morris added. He did not say whether any talks are currently underway.
Morris noted a “boom” in Latin America’s software-talent market. Torc already operates in Brazil, Colombia and Argentina and is open to opportunities throughout the region.
Last month, Torc announced its first acquisition of Codealike—a Buenos Aires–based maker of a coding-performance measurement app—which Torc now offers free to its developer network.
Torc is also eyeing targets in other geographies that offer innovative technology tools, especially around matching algorithms. Key markets include the U.S., Canada, India, Poland, Ukraine and Romania.
Morris co-founded Torc alongside Frank D’Souza, former CEO and chairman of Cognizant Technology Solutions [NASDAQ: CTSH]. Prior to Torc, Morris co-founded Topcoder, acquired by Wipro [NYSE: WIT] in 2016. Recognize Partners has been Torc’s majority owner since September 2021, with Asymmetric Capital Partners also on the cap table. Competitors include Braintrust, Accenture [NYSE: ACN] and Robert Half [NYSE: RHI].
Torc has around 40 employees, is not yet profitable, and declined to disclose revenue. The company uses in-house counsel and recently moved its banking from Silicon Valley Bank to JPMorgan Chase.
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