Argentinean information technology (IT) firm, Baufest has expanded to Europe through the acquisition of Madrid-based mobile app maker, Vanadis.

The acquisition is seen as a bold bid by Baufest to gain wider access to deep-pocketed clients in the Spanish-speaking market. This is Baufest’s second major acquisition in recent years after its 2019 purchase of TransSolutions, a US-based IT firm specialised in developing software for the logistics and transportation industry.

The Argentine company has reportedly spent US$2 million on the acquisition, which analysts say can play a crucial role for the firm to upskill its staff in Latin America.

That is so because Vanadis runs a technology institute, Escuela de Tecnologías Aplicadas (ESTEC), in the Spanish town of Linares (Jaen), where it provides skill training to IT workers.

Vanadis has employed barely 30 people but counts Santander, Renault, Pepsico, and Air Europa among its clients. Nearshore Americas reports that Baufest executives have stated that they will increase Vanadis’ European workforce fivefold in a short period of time.

Baufest makes around US$30 million in annual earnings and is one of the five software development companies in Argentina with the fastest-growing revenue.

In addition to Argentina, it runs delivery centres in several Latin American and US cities, including Santiago, Mexico City, Lima, Seattle, and Boston.

With more than 800 employees, Baufest claims to have carried out over 700 IT projects in the past 25 years.