TOTVS Strengths, Domain Expertise, and Key Differentiators
TOTVS is a prominent enterprise software provider in Brazil with a broad presence across industries such as retail, manufacturing, financial services, healthcare, and education. The company offers a wide range of solutions, including ERP, HR, CRM, and financial software, designed for businesses of various sizes. TOTVS has expanded its capabilities through ongoing investments in technology and a steady stream of acquisitions, allowing it to grow its product portfolio and market share. Strategic partnerships, such as joint ventures with B3 and Itaú Unibanco, have supported its entry into financial technology. With a diverse customer base and regional focus, TOTVS maintains a strong position in the Latin American enterprise software market.
TOTVS Recent Developments
In November 2024, TOTVS appointed Mauro Wulkan as the new CEO of TOTVS Techfin, its joint venture with Itaú Unibanco. Wulkan, who co-founded and led Supplier, a financial technology company acquired by TOTVS in 2019, brings extensive experience in fintech leadership. He succeeds Eduardo Neubern, who had served as CEO since August 2023. This leadership change is part of a strategic integration of Supplier's operations into TOTVS Techfin, aiming to enhance the development of "ERP Banking" solutions—integrated financial services within enterprise resource planning systems.
TOTVS Mergers and acquisitions (M&A) Activities
TOTVS has pursued an extensive growth strategy through acquisitions and divestitures, targeting companies across various sectors including retail management, point-of-sale systems, insurance brokerage, HR technology, enterprise management, and marketing automation. Notable acquisitions include Linx, VarejOnline, RD Station, Quiver, Ahgora, IP São Paulo, TRS, Exact Sales, Lexos, and others, aimed at strengthening its software offerings and market presence. The company also formed joint ventures with major financial institutions like Itaú Unibanco and B3, while selectively divesting non-core assets such as its stake in RJ Participações.
TOTVS Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying TOTVS applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of TOTVS and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified TOTVS ERP, TOTVS HR, TOTVS CRM customers.
TOTVS Overview
Ownership: - BVMF:TOTS3
Number of Employees: 12000
Functional Market: Workforce Analytics, Time and Attendance, Core HR, Payroll, Benefits Administration, Recruiting, Performance Management,
Key Verticals: Banking and Financial Services, Communication, Construction and Real Estate, CPG, Distribution, Education, Government, Healthcare, Insurance, Leisure and Hospitality, Life Sciences, Manufacturing, Media, Oil Gas Chemicals, Professional Services, Retail, Transportation, Utility,
TOTVS Key Cloud and HCM Applications
TOTVS ERP, TOTVS HR, TOTVS CRM
TOTVS HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2023 | 2024 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
TOTVS Revenue Breakdown by Type:
TOTVS HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2024 HCM Revenues, By HR Segment, $M | |
TOTVS HCM Applications Revenues By Verticals, $M:
TOTVS Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2024 Total Revenues, $M | 2024 HCM Applications Revenues, $M |
|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
TOTVS Direct vs Indirect sales
| Type | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
TOTVS Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified TOTVS Customers
No. of TOTVS Customers: 70000
No. of TOTVS HCM Applications Customers: x
No. of TOTVS Cloud HCM Customers: x
No. of TOTVS Cloud HCM Subscribers: x
TOTVS serves a diverse customer base of over 70,000 companies across more than 12 industry sectors, including manufacturing, retail, healthcare, agribusiness, and financial services. Its clients range from small and medium-sized enterprises to large corporations, primarily in Brazil and Latin America. Notable customers include Grupo Petrópolis, Drogaria Araujo, and Grupo Boticário. A significant and growing portion of TOTVS's clients—over 80%—now use its cloud-based applications, reflecting the company’s successful transition toward a SaaS-driven model. This broad and evolving customer base underscores TOTVS’s strong market presence and ability to provide scalable, industry-specific enterprise solutions.
TOTVS Market Opportunities, M&A and Geo Expansions
As of early 2025, TOTVS has shown strong financial performance with a 43.7% year-over-year increase in adjusted net profit and a 19.3% rise in revenue, driven largely by growing cloud subscription services that now account for 34% of its revenue growth. The company expanded its retail sector presence by acquiring VarejOnline, a retail management solutions provider, in November 2024. Additionally, TOTVS strengthened its leadership team with the appointment of Mauro Wulkan as CEO of TOTVS Techfin, a joint venture with Itaú Unibanco focused on integrating financial services with ERP solutions through data-driven credit modeling. These developments highlight TOTVS’s focus on cloud growth, strategic acquisitions, and innovation to enhance its position in the enterprise software market.
TOTVS Risks and Challenges
TOTVS faces several risks related to its recent strategic changes and ongoing market conditions. The company’s pursuit of the Linx acquisition could significantly expand its market reach but also poses integration challenges, such as aligning corporate cultures, merging systems, and managing increased operational complexity. The exclusivity agreement with StoneCo may limit negotiation flexibility and attract regulatory scrutiny. Beyond acquisition-related risks, TOTVS must navigate competitive pressures from both global and local software providers, especially in cloud and AI technologies. Economic volatility in its key markets and the need for continuous investment in innovation also present challenges. Additionally, regulatory changes and data security concerns in the software and fintech sectors require ongoing attention to compliance and risk management.
TOTVS Ecosystem, Partners, Resellers and SI
TOTVS’s ecosystem combines a broad geographic presence and strong partner network with a flexible, integrated software platform. Operating across Latin America, Portugal, and the US, it leverages value-added resellers, system integrators, and distribution partners to deliver and customize solutions. Its modular software covers ERP, CRM, HR, and financial management, designed for seamless integration with third-party applications and supported by APIs for further customization. The cloud-based T-Cloud platform adds scalability and accessibility, enabling TOTVS to provide comprehensive, adaptable enterprise solutions across multiple industries and regions.
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
https://www.appsruntheworld.com/FAQ
