Neogrid Participações S.A

What it is

Neogrid sells software that lets manufacturers, distributors and retailers in Brazil — and increasingly abroad — share real-time data on stock levels, orders, prices and promotions across the supply chain. It connects industries, distributors and retailers through artificial intelligence, big data and automation, helping clients optimise processes and reduce waste.

Its analytical data network currently serves more than 37,000 industries, 5,000 distributors and 230 large retail chains in Brazil and abroad. Clients include Ambev, Nestlé, Coca-Cola’s Solar franchise and the pharmacy chain Panvel, according to case studies on the company’s own site.

Who owns it

The founding Abuhab family — through the investment funds Yafo and Izmir, plus David and Isaac Abuhab directly — together held 55.38% of the capital; David and Isaac are sons of founder Miguel Abuhab, who also built Datasul, sold to Totvs in 2008. Grupo Hindiana, the investment holding of Alfredo Villela Filho — a member of one of the controlling families of Itaú and a vice-president of Itaúsa — moved in December 2025 to acquire control.

On 30 May 2026, Grupo Hindiana announced the formal completion of the acquisition; the process had begun in December 2025 with a public tender offer intended to take Neogrid private. After pressure from minority holders, the final buyout price was set at R$30.89 (US$6)per share, up from the initial R$29.00.

(US$6)The stock is now being delisted from B3.

Who runs it

The board elected Nicolás Simone — previously the company’s head of products and technology — as CEO in May 2025. Simone brings senior leadership experience from McDonald’s, Petrobras, Grupo Boticário, Itaú Unibanco and AB InBev.

Augusto Vilela, formerly head of investor relations and treasury, stepped up alongside him as CFO.

Miguel Abuhab, founder and chairman of the board, remains close to the business — now holding the title of executive chairman and leading the Innovation Committee.

The money, in plain words

Neogrid earns nearly 60 cents of gross profit from every real of sales — a gross margin of 59.1% (our calculation, FY2025) — which is characteristic of a software business where the cost of writing code is mostly a one-time outlay. The problem is that selling, administration and investment costs consume all of that, leaving the company at a net loss: it lost about 3.7 cents on every real of revenue over the trailing twelve months — a net margin of –3.7% (our calculation).

Revenue has been essentially flat for three years: R$268 (US$52)M in 2023, R$274 (US$53)M in 2024 and R$271 (US$53)M in 2025 (all our calculations from structured data), a compound growth rate close to zero. The balance sheet is clean — net cash of R$65.5M (~$12.7M USD, our calculation), meaning the company holds more cash than debt — so the losses are not an immediate survival risk, but they are the central question the new owners must answer.

What it is doing now

With 27 years in supply-chain solutions and retail execution, Neogrid is pressing ahead with a transformation agenda guided by artificial intelligence, data and automation, aiming to deepen integration between manufacturers, retailers and distributors. Joining the Hindiana ecosystem also opens the door to new business with the group’s other portfolio companies, which already operate across different parts of the supply and consumption chain.

The company raised R$485 (US$94)M in its IPO in December 2020 — nearly twice its market value at the time of the buyout offer, a five-year arc that explains why the new owners could take it private at a price minority holders viewed as a discount. The leadership transition to Simone and Vilela, completed in late May 2025, is the management layer on top of the ownership change.

What to watch

• Path to profit: three consecutive years without meaningful net income is the core tension; watch whether private ownership — free from quarterly reporting pressure — allows the operating loss to shrink in FY2026.
• Revenue growth: flat sales at roughly R$270M (~$52M USD) for three years suggest the company has not yet converted its large data network into pricing power; acceleration here is the bull case.
• AI integration: Hindiana has stated that Neogrid’s edge in supply-chain management will be further strengthened through increasing application of artificial intelligence to processes and data — a promise that will take time to show up in the numbers.
• Delisting opacity: once the delisting is complete, remaining minority holders will face reduced liquidity and less regulatory transparency, as the company will no longer be obliged to publish periodic financial disclosures.

This is news, not investment advice.