MIAMI —- Revelo, the largest platform for US companies to hire remote software developers within their time zones, has announced that it has acquired Mexico-based Listopro, the largest marketplace for hiring tech talent from Mexico. Revelo serves US-based enterprises and startups and boasts a network of 250,000 vetted tech professionals from 13 Latin American countries covering all US time zones. The acquisition of Listopro adds another 50,000 vetted tech professionals to the network, making it 300,000 strong, the largest to hire talent in US time zones.
Despite the recent downturn in the tech industry, the demand for developers and software engineers has continued to grow. Miami-based Revelo has grown 5.5X in ARR within the last 1 year, and by almost 2X in just the first 5 months of 2022. Research conducted by Revelo as recently as May 2022 shows 81% of tech teams are hiring remotely and state that talent shortage is their biggest barrier to hiring, ahead of affordability. The acquisition of Listopro enhances Revelo’s ability to address the insatiable demand for talent as companies grapple to find quality developers.
Revelo not only helps source and hire the developers, but also manages payroll, benefits, taxes and local compliance, giving clients a seamless option to look beyond geographical boundaries for the best talent. To date, including series B in Oct 2021, Revelo has raised $33.7M from investors such as Social Capital, FJLabs, Valor Capital Group and the World Bank’s IFC (International Finance Corporation). Revelo’s clients range from tech giants such as Dell, Intuit, Accenture and Citibank to innovative startups such as Kickstarter and Carta.
According to research firm IDC, The United States is the largest tech market in the world, representing 33% of the total, or approximately $1.8 trillion for 2022. According to a survey from Gartner, Inc. IT executives see the talent shortage as the most significant adoption barrier to 64% of emerging technologies. With remote work having become the norm through the pandemic and demand for quality talent increasing despite the recent tech industry downturn, there is tremendous appetite for hiring remote talent outside the US. 53% of tech professionals surveyed by Revelo were somewhat or very open to hiring remotely outside the US.
“In a world where remote work has become the norm, Latin America’s size and time-zone alignment with the US makes it a highly sought-after hunting ground for quality developers,” said co-founder Lucas Mendes. Revelo has made over 7,000 software engineer placements from the region. Listopro founded in 2018, has 60 employees, and has been growing at 100% year-over-year since it started. It is backed by investors including Magma Partners, Seedstars, Parallel18 Ventures and angel investors that include and the founders of Mexican startups, Merama and Kocomo.
Lachlan de Crespigny, co-founder of Revelo said, “We have grown annual recurring revenue by 5.5X within the last year and haven’t seen a decline in demand for talent even through the recent period of uncertainty and downturn in the US tech industry. We’ve almost doubled our annual recurring revenue in the first 5 months of 2022. There is no question that the demand for software engineers in the United States will keep growing. Having exclusive access to high quality tech talent pools is a massive competitive advantage. In the long term, whoever excels in the supply side will win. Moreover, any company not looking beyond geographical boundaries for remote talent over the next five years will be left behind.”
“Our mission at Listopro was always that of providing top talent in Latin America a better way to get matched with amazing job opportunities. By joining forces with Revelo, we are taking a huge step forward in this mission. Thousands of Listopro developers will now be able to get matched with remote opportunities in the US. This will create better liquidity, more successful matches and will help us scale. Moreover, Listopro and Revelo each have their unique secret sauces for user acquisition and operations, which together will help us build the biggest remote talent platform to hire from Latin America,” said Listopro co-founder and CEO Giuseppe Belpiede.
The deal terms were not disclosed. The Listopro acquisition is not the first M&A move that Revelo has made. Earlier this year, the company acquired CeroUno – a Mexican upskilling and mentorship platform for developers – and CTO Talks – a content network focused on software developers in Brazil. CeroUno and CTO Talks together further bolster Revelo’s talent network. Jorge Téllez, CeroUno’s founder said, “CeroUno’s experience in helping senior software developers stay up-to-date on the latest skills and tech stacks will help tech companies gain access to the best talent in the region with skills and expertise most in-demand. By joining forces with Revelo, CeroUno’s programs can be made available to developers across Latin America and Revelo will provide a path for the developers to work on the best opportunities, no matter where they live.”