(Reuters) – Brazilian software company TOTVS said on Tuesday its board approved the creation of a joint venture with Itau Unibanco to be called TOTVS Techfin, aiming to operate a digital platform of financial services for small and medium companies.
In a securities filing, the company added that Itau Unibanco undertook to pay TOTVS up to 860 million reais ($184.02 million) for the joint venture’s shares.
($1 = 4.6735 reais)
(Reporting by Carolina Pulice and Peter Frontini; Editing by Chris Reese)
