Vista Group Signs Agreement to Take Controlling Stake in Long-Term Latin American Business Partner
[Auckland, NZ and Mexico City, Mexico; August 22, 2017] Vista Group International (NZX & ASX: VGL), the world’s leading software provider to the global film industry delivering software solutions for studios, distributors, exhibitors, and moviegoers internationally,is delighted to announce that it has reached agreement with its long-term Latin American business partner Senda Dirección Tecnológica, SA de CV. (‘Senda’) to take a controlling 60 percent share in Senda. With Senda becoming a full member of the Vista Group family, it will be renamed Vista Latin America and continue to be run by its founders and managers, Armando Mejias and Gustavo Ortega.
Senda is the reseller for Vista Group companies, Vista Entertainment Solutions (‘VES’) and Movio and has been a Vista reseller since 2003. Senda represents VES and Movio in Mexico, Central and South America including Brazil, the fifth largest cinema market in the world. As the reseller in Latin America, Senda is the key conduit to three of the world’s largest cinema circuits: Cinepolis, Cinemex and Cinemark, which between them run 8,500 screens in the region and 13,500 screens worldwide. These three customers are significant to the revenue of both VES and Movio.
Announcing the agreement, Vista Group CEO Murray Holdaway praised the trusted, fruitful relationship that Vista Group has with Senda and said the acquisition of a majority stake was a logical step for both Vista and Senda.
“I’m absolutely delighted that our hugely valuable business partners and long-time colleagues Armando Meijas and Gustavo Ortega have agreed that Senda should join the Vista family. Creating Vista Latin America with Senda opens up tremendous opportunities not only in South America, but also in the USA,” says Mr Holdaway.
VES CEO Kimbal Riley says the acquisition of Senda and formation of Vista Latin America will enable Vista to consolidate revenues and profits and build closer relationships with three of the world’s largest cinema exhibition markets. “With Senda recently taking over responsibility for Brazil on behalf of Vista, our ability to continue our expansion into one of the world’s largest cinema markets will be accelerated,” says Mr Riley.
Movio CEO Will Palmer says: “Central and Latin America are high growth territories for Movio. We have secured Cinepolis and Cinemark in the region, and bringing the incredible Senda team into Vista Group will strengthen our ability to support further expansion.”
Both Armando Mejias and Gustavo Ortego also expressed their delight at the agreement.
”Senda is proud to become part of this important group and we are sure it will result in synergies that will consolidate Vista Group’s presence in Latin America and generate important new value for our customers,” says Armando Mejias.
“Since the beginning of our business relationship in 2003, both companies have shared the same values and vision on business; I think this new relationship will provide great results for Vista Group, Senda and our customers as well as additional opportunities within our region,” says Gustavo Ortega.