LINX

Linx S.A. was a Brazilian enterprise software company focused on the retail sector. Established in São Paulo in 1985, it began as Microserv Comércio & Consultoria Ltda., a microcomputing consultancy founded by Nércio Fernandes and partners. Its early customers included small businesses in São Paulo’s Brás and Bom Retiro districts, important centers of apparel and commercial activity. The company developed MicroMalhas, a software package for fashion retailers, and renamed the product Linx in 1990. Linx ERP subsequently became the company’s central management platform and was adapted for several retail verticals. Over the following decades, Linx expanded from retail back-office systems into a broad technology portfolio. Its offerings included enterprise resource planning, point-of-sale software, inventory and supply-chain management, e-commerce, omnichannel commerce, customer loyalty, loss prevention, workforce and payroll administration, and payment services. The company also developed or acquired specialized products for fashion, pharmacies, supermarkets, fuel stations, convenience stores, restaurants, and other segments. This vertical-market strategy helped Linx become one of the most prominent retail software providers in Brazil and a major Latin American retail-management software house. The business grew both organically and through acquisitions. Linx created a logistics division in 2000 and reorganized its operating businesses under a holding structure in 2004, initially called LMI S.A. and later renamed Linx S.A. BNDESPar investment in 2009 supported further expansion, while a strategic investment and partnership with General Atlantic followed in 2011. A long series of acquisitions added regional software companies, digital-commerce capabilities, customer-engagement tools, pharmacy systems, fuel-station software, and payment technology. The company also formed a joint venture with Cielo in 2014 to combine business-management and payment services for small businesses, although that venture was dissolved in 2015. Linx entered Brazil’s Novo Mercado in 2013, strengthening its public-market profile and governance positioning. In 2015, for its thirtieth anniversary, it introduced a refreshed visual identity and the positioning line “Software that Drives Retail.” By then, the company was presenting itself not merely as a provider of traditional retail ERP, but as a technology partner connecting store operations, digital channels, customer relationships, and payments. Payment technology became increasingly important in the late 2010s. Linx acquired PinPag in 2020 and incorporated it into Linx Pay Hub, its payments-focused fintech operation. It also expanded in online delivery, human-resources software, and supermarket e-commerce through acquisitions including Neemo, Humanus, and Mercadapp. In August 2020, StoneCo announced an agreement to combine its operations with Linx in a transaction reported at approximately US$1.1 billion; the takeover led to Linx leaving the public market after completion in 2021. Linx therefore operated as part of StoneCo for several years rather than as an independent listed company. In July 2025, TOTVS announced completion of its acquisition of Linx for approximately R$3.05 billion, transferring the business to another major Brazilian enterprise-technology group. The transaction marked a further change in ownership and consolidated Linx’s retail-specialist capabilities within TOTVS. Because the company’s ownership and corporate status changed over time, Linx is best understood as a former independent public company and a retail software brand or business now associated with TOTVS.

Linx was founded in São Paulo in 1985 by Nércio Fernandes, who left civil-engineering studies at the age of 22 to pursue a business in microcomputing. The original company, Microserv Comércio & Consultoria Ltda., served small businesses in São Paulo’s Brás and Bom Retiro districts. These commercial areas helped shape the company’s early specialization in retail technology. A fashion-retail application called MicroMalhas was created during the company’s early development. In 1990, that software was renamed Linx and later evolved into Linx ERP, the group’s principal enterprise-management product. The company expanded its operating scope during the 2000s. Linx Logística, a unit focused on internal logistics, was established in 2000. Alongside Linx Sistemas and Linx Telecom, it formed part of a more complex group structure that required a holding company. LMI S.A. was created in 2004 and was later renamed Linx S.A., providing a corporate framework for the company’s different software and services businesses. Linx pursued an acquisition-led expansion strategy. BNDESPar invested in the company in 2009, helping finance acquisitions and broader market development. That year also saw the creation of Linx Prevenção de Perdas, a business focused on reducing operational losses for customers across multiple retail verticals. Linx moved to a larger ten-story office building in São Paulo in 2011 and entered into a partnership with, and received investment from, General Atlantic. The company joined the Novo Mercado segment of Brazil’s Bovespa in 2013, adopting the segment’s higher transparency and governance standards. Its reported gross operating revenue reached R$331.3 million in 2014, representing a 27.9 percent increase over the prior year. For its thirtieth anniversary in 2015, Linx introduced a new brand identity and the “Software that Drives Retail” positioning, developed with FutureBrand. Acquisitions broadened Linx’s capabilities and market coverage. The company bought software providers serving retail, fashion, pharmacies, fuel stations, convenience stores, and other sectors. It acquired digital engagement and commerce businesses such as Chaordic, NEEMU, Shopback, and Percycle, while its purchase of Argentinian Group Synthesis in 2017 represented an international expansion. In 2018, acquisitions including ITEC Brazil and Único Sistemas added pharmacy-management, automation, multichannel, and customer-loyalty capabilities. Payments became a central strategic area near the end of the company’s independent period. Linx acquired PinPag in 2020 and integrated it into Linx Pay Hub. In the same year, it acquired or announced the acquisition of businesses connected with delivery, human-capital management, and supermarket e-commerce, including Neemo, Humanus, and Mercadapp. StoneCo announced a transaction to combine its operations with Linx in August 2020. The transaction, reported at approximately US$1.1 billion and also described in Brazilian currency in public reporting, was completed in 2021 and resulted in Linx’s delisting. Linx remained associated with StoneCo until TOTVS announced completion of its acquisition in July 2025. TOTVS paid approximately R$3.05 billion according to reporting cited for the transaction. The purchase placed Linx’s retail software assets and expertise within TOTVS, another major Brazilian enterprise-technology group. Linx’s trajectory consequently spans three distinct phases: an independent retail software company, a StoneCo-owned business, and a retail technology operation under TOTVS.

1. 2025TOTVS acquisition completed

   TOTVS announced completion of its purchase of Linx, moving the retail software business into the TOTVS group.

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2. 2021StoneCo acquisition completed

   StoneCo completed its acquisition of Linx, ending the company’s independent listed status.

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3. 2020PinPag acquired

   Linx acquired fintech PinPag and integrated its capabilities into Linx Pay Hub.

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4. 2017First international acquisition

   Linx acquired Argentina-based Group Synthesis, expanding its presence beyond Brazil.

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5. 2015Brand repositioning

   For its thirtieth anniversary, Linx launched a refreshed brand and the “Software that Drives Retail” positioning.

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6. 2013Novo Mercado listing

   Linx joined Brazil’s Novo Mercado segment, which applies enhanced governance and disclosure standards.

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7. 2011General Atlantic partnership

   Linx moved to a larger São Paulo facility and entered a partnership with investment from General Atlantic.

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8. 2009BNDESPar investment and loss-prevention expansion

   BNDESPar invested in Linx, and the company created Linx Prevenção de Perdas to address operational losses in customer businesses.

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9. 2004Holding structure created

   LMI S.A. was established to organize the group’s operating businesses and was later renamed Linx S.A.

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10. 2000Linx Logística established

    The company created a division dedicated to internal logistics solutions.

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11. 1990MicroMalhas renamed Linx

    The company renamed its fashion-retail software Linx, a name that later became associated with the wider group and its ERP platform.

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12. 1985Company founded as Microserv

    Nércio Fernandes and partners founded Microserv Comércio & Consultoria Ltda. in São Paulo, beginning the business that later became Linx.

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An end-to-end technology provider for retailers, combining operational management, point of sale, digital commerce, customer engagement, and payments.

• Linx ERPRetail enterprise resource planning1990

  Linx ERP grew from the company’s early fashion-retail software into its flagship management platform. It was designed to support retail operations across different verticals, linking administrative processes with areas such as inventory, purchasing, sales, and store management.

• Linx POSPoint-of-sale software

  Linx POS provided software for checkout and store sales operations, serving as an operational component of the company’s broader retail-management portfolio. It was positioned alongside ERP and commerce tools to connect physical-store transactions with back-office processes.

• Linx Pay HubPayments and fintech2020

  Linx Pay Hub was the company’s payments-focused fintech operation. It incorporated PinPag after Linx acquired that business in 2020 and formed part of Linx’s strategy to connect retail-management software with payment services.

• Linx e-commerce and omnichannel solutionsE-commerce and omnichannel retail

  Linx expanded beyond store systems into online sales, multichannel management, customer engagement, and commerce integration. Acquisitions such as NEEMU, Chaordic, Shopback, and Único added capabilities for digital retail, customer retention, loyalty, and coordinated physical and online experiences.

• Linx LogísticaRetail logistics software2000

  Created in 2000, Linx Logística focused on internal logistics and supported the company’s broader effort to provide operational systems for retailers rather than only checkout or accounting applications.

• Linx Prevenção de PerdasLoss-prevention software2009

  Established in 2009, this business area addressed losses related to materials, opportunities, time, and capital across customer market segments. It extended Linx’s portfolio into operational-control and retail-efficiency use cases.

• 2015Software that Drives Retail

  Brazil

  Linx introduced a new brand identity and positioning for its thirtieth anniversary, presenting the company as software infrastructure that powers retail operations. FutureBrand was responsible for the work.

  Outcome. The positioning marked a broader brand narrative around retail enablement rather than a single software product.

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• 2025TOTVS completes acquisitionM&A

  TOTVS sought to acquire Linx’s retail technology business and integrate it into its enterprise-software group.

  What changed. TOTVS completed the purchase of Linx for approximately R$3.05 billion according to cited reporting.

  Aftermath. Linx became part of TOTVS, ending the StoneCo ownership phase.

  Purchase price. Approximately R$3.05 billion (2025 completion announcement)

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• 2020Acquire PinPag and expand paymentsM&A

  Payments had become strategically important as Linx sought to connect its retail software with transaction services.

  What changed. Linx acquired fintech PinPag and integrated it into Linx Pay Hub.

  Aftermath. The acquisition strengthened Linx’s payments-focused product strategy before the StoneCo transaction.

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• 2020Agree to combination with StoneCoM&A

  StoneCo pursued Linx as a way to combine payment processing with retail-management software and related services.

  What changed. Linx agreed to combine its operations with StoneCo in a transaction publicly reported at approximately US$1.1 billion.

  Aftermath. The transaction was completed in 2021 and Linx ceased to be an independent listed company.

  Reported transaction value. Approximately US$1.1 billion (2020 announcement)

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• 2014Create a management-and-payments joint venture with CieloStrategy

  Linx sought to combine retail-management software with payment capabilities for Brazilian small businesses.

  What changed. The company entered a joint venture with Cielo to offer an integrated management and payment platform.

  Aftermath. The joint venture was dissolved in November 2015.

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• 2025TOTVS completes purchase of Linx

  TOTVS announced completion of its purchase of Linx for approximately R$3.05 billion, creating a new ownership structure for the retail software business.

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• 2021StoneCo completes acquisition of Linx

  The StoneCo transaction was completed, ending Linx’s period as an independent listed company.

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• 2020StoneCo announces combination with Linx

  StoneCo announced an agreement to combine its business with Linx in a transaction reported at approximately US$1.1 billion. The deal led to Linx becoming part of StoneCo and subsequently leaving the public market.

  M&A
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1. Linx S.A.
2. Linx official website