IFCM3 Infracommerce

Infracommerce CXaaS S.A. is a Brazilian company in the digital commerce sector, with common shares traded on B3 under the ticker IFCM3. Although the current holding company was incorporated in September 2020, the business dates back to 2012, with the creation of Infracommerce Negócios e Soluções em Internet Ltda. in São Paulo. From the outset, the company was structured as a white-label e-commerce solutions provider, offering technology, operational and data infrastructure so that brands and manufacturers can operate digital channels under their own identity. Over time, the group underwent a process of organic and inorganic expansion, incorporating companies specialized in digital marketing, marketplaces, logistics, full commerce, data and artificial intelligence, consolidating an integrated ecosystem focused on e-commerce in Latin America.

Infracommerce’s business model is based on a white-label digital ecosystem, called the White-Label Digital Ecosystem, which combines proprietary technology, strategic consulting services, e-commerce and logistics operation, payments and data analytics. The company positions its offering as Customer Experience as a Service (CXaaS), operating the entire digital journey for brands that serve end consumers (B2C and D2C), corporate clients (B2B) and hybrid models (B2B2C). This approach seeks to modularly integrate different digital verticals – infra.digital, infra.shop, infra.data, infra.pay and infra.log – which can be contracted in combination or independently, according to each client’s level of digital maturity and the complexity of the commercial operation.

Infracommerce organizes its operations into two major geographic fronts: the Brazil segment and the Latam segment, which groups the other operations in Latin America. In 2024, the Latam segment accounted for 60% of consolidated net revenue, while Brazil represented 40%, highlighting the growing relevance of business outside its home country. Operationally, the company does not have any manufacturing process, as it operates mainly with software, IT services, fulfillment and orchestration of sales channels. The physical infrastructure is concentrated in distribution centers and logistics warehouses, starting with the unit in Embu das Artes, in São Paulo, and later expanded with the warehouse in Brasília and with other structures added through acquisitions such as Pier8, Infralog and Infracommerce Armazéns Gerais.

Infracommerce’s operations are structured in modules and specific solutions that cover different stages of digital commerce. The infra.shop vertical is responsible for the implementation and evolution of leading e-commerce platforms such as VTEX, Adobe Commerce, Shopify and Salesforce, in addition to integration with clients’ enterprise resource planning (ERP) systems. The infra.digital vertical focuses on growth, performance and digital marketing services, including paid media, SEO, conversion rate optimization (CRO), AI-based personalization and omnichannel activations. Infra.log covers fulfillment and freight management with a control tower, multiple distribution centers and integration with carriers through its proprietary transportation management system (TMS). Infra.pay offers payment solutions, bank reconciliation, anti-fraud and billing management, while infra.data and Infra.Hub consolidate the data layer, artificial intelligence and continuous evolution of the Digital Commerce Omnichannel Suite (DCOS), an integration hub that orchestrates physical and digital channels, including models such as store pick-up, ship-from-store, click & collect and in-store digital point of sale.

The company has specialized in operating the digital ecosystem of large brands in Latin America, including official stores (D2C), integrated physical channels, and regional and international marketplaces. More than 250 brands use its solutions, including consumer goods, fashion, sports, electronics, food, hygiene and cosmetics companies. The client base includes names such as Motorola, Nivea, Reckitt, Mondelez, Coca-Cola, Estée Lauder, Montblanc, Topper, Carters, Goodyear, Hypera Farma, Emporio Armani, Levi’s, Vans, The North Face, Timberland, H&M and Nike, among others. Infracommerce’s revenue is relatively concentrated in a few large contracts: in 2024, 39% of net revenue was derived from its two largest clients, a percentage that had been 37% in 2023. Even so, no other individual client exceeded 10% of consolidated revenue, and the portfolio is distributed between the Brazil and Latam segments.

Infracommerce’s growth strategy has combined internal technology development with acquisitions that expanded its geographic scope and technical capabilities. The acquisition of the agency Underdogs in 2012 formed the basis of the full commerce offering, while the acquisition of Olook in 2014 served as a laboratory for marketplace and B2B operations. The investment in New Retail, initiated in 2017 and later increased to a controlling stake, marked the structured entry into Argentina and Colombia, operating under the Brandlive brand. From 2020 onward, the group accelerated expansion with the acquisition of Pier8 (fulfillment and logistics for fashion, food and personal care), Summa (technology and implementation of e-commerce software), Tatix (technology and management of digital businesses focused on omnichannel), Synapcom (full commerce and brand digitalization), Tevec/Infradata (machine learning and big data applied to demand, pricing and campaigns) and Ecomsur, which added operations in Chile, Peru, Mexico, Colombia and Panama. These acquisitions consolidated the company’s presence in nine countries and strengthened its offering of comprehensive full commerce solutions in the region.

From a commercial standpoint, Infracommerce uses a consultative approach centered on clients’ digitalization journeys. The sales process is structured in evolution waves, in which the brand’s level of digital maturity defines the type of solution suggested, from the initial e-commerce setup to advanced omnichannel operation, with intensive use of data and artificial intelligence. The company operates with in-house marketing and sales teams, supported by a Customer Success team segmented between B2C and B2B fronts. This team monitors the performance of operations, proposes growth activations, evaluates indicators such as NPS and CSAT, and disseminates best practices among larger clients (Tier 1). The use of CRM (HubSpot) allows the recording of commercial interactions and guides cross-selling strategies among the infra.shop, infra.digital, infra.log, infra.pay and infra.hub modules, increasing the level of ecosystem penetration in each account served.

Infracommerce’s logistics and warehousing operations are subject to a set of municipal, state and federal regulations, especially regarding property licensing, zoning and sanitary surveillance. The company depends on use and operating permits issued by city halls, as well as authorizations from the Fire Department and specific health licenses for activities related to products subject to ANVISA oversight, such as cosmetics, personal hygiene items, perfumery, sanitizing products, food and other consumer goods handled in its distribution centers. Obtaining and periodically renewing Authorizações de Funcionamento (AFE – Operating Permits) and health licenses is a condition for regular operation, and legislation provides for sanctions such as fines, suspension of activities, closure of establishments and prohibition from contracting with the government in case of non-compliance. The company is also subject to environmental rules and to requirements from professional councils, such as the Regional Pharmacy Council, when applicable to the storage and distribution activities of certain products.

In addition to operational and regulatory aspects, Infracommerce was included, in 2022, in B3’s governance and people management indexes, such as IGPTW and IGC, indicating adherence to differentiated corporate practices. In the same period, it received the Women on Board seal, linked to the presence of women on boards of directors, signaling a diversity agenda within governance bodies. The company has also been recognized with industry awards related to technology, e-commerce solutions and people management, in countries such as Brazil and Chile, reinforcing its visibility in the Latin American digital commerce ecosystem. As an issuer listed on B3’s Novo Mercado segment since 2021, Infracommerce is subject to high standards of transparency, free float and governance practices, which shape how it reports results, manages risks and structures its relationship with shareholders and the capital markets.

In this context, Infracommerce, through its IFCM3 shares traded on B3, presents itself as a digital commerce technology and services platform with a strong regional presence, leveraged by proprietary software, logistics capabilities, payment solutions and intensive use of data and artificial intelligence to support the digital operations of brands and manufacturers in Latin America.