Kony Solutions in Sau Paulo: Kony’s MADP Solution Bought by Top 10 Brazilian Bank

Kony Solutions has announced that it has closed a deal with Brazil-based Banco Itau Unibanco, one of the world’s top 10 financial companies for the KonyOne Platform. Banco Itau Unibanco will use the leading solution provider’s platform to build, deploy and manage apps for retail banking, investment banking, private equity, asset management and insurance, as well as internal apps for its own employees. Kony also announced that it is opening an office in Sao Paulo, Brazil. This is Kony Solution’s first office in Brazil and South America, and Kony’s second in Latin America, with its large office in Mexico.

RCR Wireless News has the full scoop and some analysis on the state of the app development business in Latin America.

According to RCR, “the massive adoption of mobile solutions is still being held back by the high cost of terminals and wireless telecom services in Latin America.” Additionally:

Low smartphone penetration is one factor that slows down mobile app adoption. Another is the average smartphone connection speed. According to a Cisco survey, the average smartphone connection was 1,036 kbps in 2011, up 51% from 687 kbps in 2010. Cisco forecasts that it will grow three-fold from 2011 to 2016, reaching 2,947 kbps in 2016.

There are also differences in the Latin American market that business will need to overcome to gain traction. For instance:

“In Latin America, there are more feature phones than smartphones, so our platform has to address feature phone specifications,” said Carlos Falconi, Kony’s vice president for Latin American sales.

For the full scoop by RCR, click here.