FreeBalance Enters Brazilian Market

Ottawa (10 September 2020) – FreeBalance today announced that it has won a multi-year contract, financed by the Inter-American Development Bank, to provide both Public Financial Management (PFM) solutions and advisory services to the State of Pará, Brazil. The project will help the State of Pará accelerate reforms and provide a much-needed modernization of legacy systems.

Brazil has systemically been converging its accounting practices with international standards over the last few years and changed the budgetary, financial, property and management procedures of the Administration to private sector standards.

FreeBalance, the world’s leading business-to-government (B2G) firm, will deploy its Financial Core Accountability Suite, allowing the Department of Finance of the State of Pará to achieve secure financial management, monitoring the application of public resources, with a detailed, integrated and transparent view of the actions in the various agencies. At the recent signing ceremony, the Secretary of Finance, René de Oliveira referred to the project as a “milestone” for the State of Pará.

Manuel Schiappa Pietra, President and CEO of FreeBalance, said: “The State of Pará is our fifth implementation in Central and South America and an important entrée into Brazil – a valuable new market for the company with tremendous growth potential. In line with our purpose to create smart prosperity, we actively seek to work in markets where we can make a significant impact on the wellbeing of citizens by helping enlightened leaders to achieve good governance and sustainable growth.”

As with all FreeBalance implementations, using local talent and providing knowledge transfer to local teams is an integral part of the project.