ALLD3

Allied Tecnologia S.A., traded on B3 under the ticker ALLD3, is a Brazilian company focused on the distribution and retail of consumer electronics, with operations that began in 2001. Founded by the Radomysler family, the company started its activities as Allied Advanced Technologies Ltda., focused on importing and distributing mobile phones and accessories in a market then concentrated in telecom carriers. Over the 2000s, it consolidated relationships with manufacturers and with the main telcos in the country, including an exclusivity agreement for customization and after-sales services for a major carrier, which gave scale and relevance to its operations. The regulatory change introduced by ANATEL with the General Portability Regulation in 2007 profoundly altered the dynamics of mobile phone sales, shifting the focus from carriers to generalist retail, a movement that created room for Allied to position itself as a strategic link between industry, carriers, and retail chains.

Between 2010 and 2014, Allied went through its second growth cycle, driven by the technological migration from mobile phones to smartphones and the expansion of the multi-category retail channel. In 2011, it received an investment from private equity fund One Equity Partners, which helped finance expansion and improve internal controls, management practices, and corporate governance. During this period, it began diversifying its business by managing online stores for telecom carriers, opening the first Samsung-branded physical stores in shopping malls in São Paulo and Rio de Janeiro, and expanding its portfolio to digital cameras, notebooks, and video game consoles. Allied was formally incorporated as a company in 2014, followed by the merger of Allied Advanced Technologies Ltda. in 2016, consolidating the current corporate structure.

From 2015 onward, already under the control of funds managed by Advent International (FIPs Brasil I and II), Allied began a third cycle marked by consolidation as an integrated platform for digital products and services. In 2017, the creation of subsidiary Mobcom Tecnologia strengthened the digital retail channel, while the company expanded the operation of Samsung physical stores and acquired Wooza Tecnologia e Representações, focused on enabling data, voice, and top-up plans in an online environment. During this period, the “store in store” model was implemented in major retailers, increasing the brand’s presence as a partner in managing technology sales. In 2018 and 2019, Allied reinforced its role in Samsung brandshops through the acquisition of Arte Telecom and new points of sale, in addition to creating Soudi Pagamentos, a structure focused on offering financial products and services, such as credit cards to boost sales in brick-and-mortar retail.

In April 2021, Allied listed its shares on B3’s Novo Mercado segment, starting to trade common shares under the code ALLD3 and reinforcing its commitment to more demanding corporate governance practices. In the same year, it acquired BrUsed, specialized in buying and selling used devices, which was later merged, enabling the scaling up of refurbished electronics offerings and structuring a dedicated channel for retail customers. This front evolved into the launch of the Trocafy brand in 2022, focused on the refurbished devices market, with the development of physical (kiosks) and digital channels. In 2023 and 2024, the company further diversified its revenue with international expansion of electronics distribution to Latin American countries, the launch and operation of official HP online stores aimed at end consumers and small and medium-sized businesses, the start of equipment rental operations for Acer, and partnerships with Apple, Itaú, and Nubank in financing and buyback programs for iPhones and other Apple products.

Allied’s business model combines three sales channels—brick-and-mortar retail, digital retail, and distribution—operated as a single operating segment from a management standpoint. In 2024, the company sold approximately 6.2 million products, generating net revenue of R$ 5.5 billion, with the distribution channel accounting for about R$ 4.1 billion and retail (physical and digital) for approximately R$ 1.45 billion. Its operations are centered on purchasing consumer electronics directly from manufacturers and reselling them to a broad base of B2B and B2C customers, with a portfolio that includes smartphones, notebooks, wearables, video games, TVs, and other technology equipment. The company works with more than 30 brands, including Apple, HP, Samsung, Motorola, Microsoft, Lenovo, and Acer, and offers complementary services such as software license sales, device insurance, trade-in, and intermediation of carriers’ plans.

In brick-and-mortar retail, Allied concentrates its activities on Samsung stores and kiosks in shopping malls, as well as points dedicated to Trocafy. As of December 31, 2024, it operated 113 points of sale, 111 of which were Samsung operations (85 stores and 26 kiosks) and 2 Trocafy kiosks in the city of São Paulo, with a majority presence in the Southeast region and some locations in Paraná, Minas Gerais, and Mato Grosso do Sul. According to Samsung’s own management data, Allied is the brand’s largest store partner in Brazil, accounting for about 35% of sales in Samsung operations in the country. Physical stores primarily offer Samsung smartphones, tablets, wearables, and accessories, in addition to bundled services such as insurance and telecom packages. Operations are governed by a partnership agreement that allows the use of the Samsung brand and prohibits operating exclusive physical stores for direct competitors.

The digital retail channel is mainly operated under the Mobcom brand, both through its own e-commerce and as a seller in major marketplaces, as well as the Trocafy platform for refurbished products. In 2024, digital retail accounted for R$ 891.4 million in net revenue, with around 415 thousand products sold and an average annual growth of nearly 30% between 2019 and 2024. Allied operates its own Mobcomstore and Trocafy stores on the VTEX platform and is one of the largest smartphone sellers on marketplaces such as Mercado Livre, Magazine Luiza, Amazon, and Casas Bahia. The company also manages official third-party digital channels, such as HP stores on Mercado Livre and the online store aimed at small and medium-sized businesses, in addition to structural partnerships such as the “iPhone pra Sempre” program in conjunction with Itaú and Apple and operation of the “Shopping Nu” for offering Apple products to Nubank customers. These programs combine sales of new devices, buyback, and resale of refurbished devices, reinforcing the used-product cycle through Trocafy.

In distribution, Allied positions itself as one of the largest consumer electronics distributors in Brazil, serving more than 4,400 customers in 2024, including small and medium retailers, large regional chains, marketplaces with national reach, corporate customers, and the public sector. The operation regularly distributes more than 4,100 SKUs, focusing on manufacturers with limited commercial and logistics structures in the country. The company stands out for offering ready delivery, customized logistics solutions, management of distribution centers for partners, store-by-store service, invoicing for franchisees, and category management services for retailers that lack expertise in electronics. It has four distribution centers, three in Brazil (Jundiaí/SP, Serra/ES, and Extrema/MG) and one in Miami (USA), which allow it to reach about 5,000 municipalities and support both restocking physical stores and direct delivery to end consumers.

From a regulatory standpoint, Allied’s core activity—retail and distribution of consumer electronics—is not considered a sector-regulated activity, although the operation of physical points of sale requires compliance with municipal zoning rules, operating licenses, and authorizations from fire departments. The company also acts as an insurance representative, intermediating coverage contracts for mobile devices on behalf of an insurer authorized by SUSEP, which subjects it to CNSP and SUSEP regulations regarding insurance representation. Additionally, Allied conducts intensive processing of personal data in its physical and digital operations and has therefore developed a privacy and information security governance structure to comply with the General Data Protection Law, including specific committees, appointment of a data protection officer (DPO), internal policies, recurring vulnerability tests, and security monitoring (SOC). In the environmental sphere, the company states that its activities do not generate significant impacts but maintains the required licenses and permits and participates in circular economy initiatives, such as buying, reselling, and refurbishing used devices through Trocafy.

Throughout its history, Allied has evolved from a specialized mobile phone importer into an integrated platform for distribution, brick-and-mortar retail, and digital retail of consumer electronics, with a significant presence in the technology value chain in Brazil and recent expansion into other Latin American markets. The consolidation of this multichannel model, combined with strategic partnerships with global manufacturers and financial institutions, defines the current profile of the company whose ALLD3 shares are traded on B3, with revenue generation diversified across channels and strong exposure to the consumption cycle of technology goods in the country.