FacePhi now has a physical foothold in Latin America. The company has opened a new subsidiary in Montevideo, Uruguay, to establish a local presence as it continues to expand its (already extensive) business in the region.
The new subsidiary will operate as FacePhi LATAM, under the direction of CRO Jorge Sanz. Most of the office’s staff are already on the ground in Uruguay, where they have been working to provide FacePhi’s Latin American clients with technical support services since mid-2020.
The opening of the new office will simply turn that into a more permanent arrangement. FacePhi LATAM will continue to provide technical support, and will also conduct commercial outreach to help grow the company’s business on the South American continent. In that regard, the office will offer advice to prospective clients, and help craft identity programs that meet the particular needs of each organization.
FacePhi LATAM will ultimately be responsible for all of the company’s current and future projects in Latin America. The subsidiary’s territory includes Argentina, Paraguay, Chile, and Bolivia in addition to Uruguay, with FacePhi indicating that Uruguay will serve as a gateway to a market of more than 400 million people that accounts for 68 percent of Latin America’s GDP. The company also suggested that Uruguay has a favorable regulatory environment that should be appealing to international partners and potential foreign investors.
“This operation represents a key step for us, through which the company’s consolidation in the Latin American market will be further enhanced,” said FacePhi President and CEO Javier Mira. “This is a continent in which we are leaders, and where we already have a strong implementation of our technology.”
FacePhi LATAM is FacePhi’s second international subsidiary. The company is currently targeting the Asian market through its FacePhi APAC subsidiary in Seoul, which was founded in 2019. FacePhi itself is headquartered in Spain, where it has been listed as a Strategic Company.
March 1, 2022 – by Eric Weiss