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General information | 12 Months Ended
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Dec. 31, 2022
Text Block [Abstract] |
General information |
1 | General information
VTEX (“VTEX” or the “Company”) and its subsidiaries, or collectively referred to as the “Group”, provide a software-as-a-service digital commerce platform for enterprise brands and retailers. VTEX’s services enable our customers to execute their commerce strategy, including building online stores, integrating and managing orders across channels, and creating marketplaces to sell products from third-party vendors. The platform is also designed to be the operating system for the commerce ecosystem, enabling enterprise brands and retailers to orchestrate their network of consumers, business partners, suppliers, and fulfillment providers in one place with a complete Commerce, Marketplace, and OMS solution. VTEX assists global companies build, manage and deliver native and advanced business-to-business (B2B), business-to-consumer (B2C), and Marketplace commerce experiences with competitive time-to-market. The Company’s shares, under the symbol “VTEX”, are listed on the New York Stock Exchange (“NYSE”). The following entities are part of the Group and are being consolidated in these financial statements:
Company |  | Place of business/ country of incorporation |  | Relationship |  | Principal business activity |  | % of Ownership as of December 31, |
| 2022 |  |  | 2021 |  |  | 2020 |
VTEX (“VTEX”) |  | Cayman |  | Holding |  | Technology Services |  |  |  |  |  |  |  |  |  |  |  |
VTEX Informática S.A. (“VTEX ARG”) (i) |  | Argentina |  | Subsidiary |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | 96.54 |
VTEX Brasil Tecnologia para Ecommerce LTDA. (“VTEX Brazil”) |  | Brazil |  | Subsidiary |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | 100 |
VTEX Day Eventos Ltda. (“VTEX DAY”) |  | Brazil |  | Subsidiary |  | Production of events |  |  | 100 |  |  |  | 100 |  |  |  | 100 |
Loja Integrada Tecnologia para Softwares S.A. (“Loja Integrada”) |  | Brazil |  | Subsidiary |  | Technology Services |  |  | 99.58 |  |  |  | 99.87 |  |  |  | 100 |
VTEX Intermediação de Cobrança Ltda. (“VTEX STORE”) (ii) |  | Brazil |  | Subsidiary |  | Technology Services |  |  | — |  |  |  | — |  |  |  | 99.99 |
Dlieve Tecnologia S.A. (“Dlieve”) (iii) |  | Brazil |  | Subsidiary |  | Technology Services |  |  | — |  |  |  | — |  |  |  | 100 |
Ciashop Soluções para Comércio Eletrônico S.A. (“Ciashop”) (iv) |  | Brazil |  | Subsidiary |  | Technology Services |  |  | — |  |  |  | — |  |  |  | 100 |
Suiteshare Tecnologia da Informação S.A (“Suiteshare”) (v) |  | Brazil |  | Subsidiary |  | Technology Services |  |  | — |  |  |  | 100 |  |  |  | — |
Company |  | Place of business/ country of incorporation |  | Relationship |  | Principal business activity |  | % of Ownership as of December 31, |
| 2022 |  |  | 2021 |  |  | 2020 |
VTEX Chile SPA (“VTEX CHI”) |  | Chile |  | Subsidiary |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | 100 |
VTEX Colombia Tecnologia para Ecommerce S.A.S. (“VTEX COL”) |  | Colombia |  | Subsidiary |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | 100 |
VTEX Commerce Cloud Solutions LLC (“VTEX USA”) |  | USA |  | Subsidiary |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | 100 |
VTEX Ecommerce Platform Limited (“VTEX UK”) |  | UK |  | Subsidiary |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | 100 |
EICOM Limited (“EICOM”) (vi) |  | UK |  | Subsidiary |  | Technology Services |  |  | — |  |  |  | — |  |  |  | 100 |
Soluciones Cloud En Ecommerce S. De R.L. De C.V. (“VTEX MEX”) (vii) |  | Mexico |  | Subsidiary |  | Technology Services |  |  | 100 |  |  |  | 99.99 |  |  |  | 99.95 |
EI Education S.A.P.I de C.V. (“Escuela de Internet or “Escuela”) |  | Mexico |  | Subsidiary |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | 100 |
Peru Tecnologia para ECOMMERCE S.A.C. (“VTEX PERU”) (viii) |  | Peru |  | Subsidiary |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | — |
VTEX Platform España, S.L. (“VTEX ESP”) (ix) |  | Spain |  | Subsidiary |  | Technology Services |  |  | 100 |  |  |  | — |  |  |  | — |
VTEX Ecommerce Platform Limited—Sede Secondaria (“VTEX ITA”) (viii) |  | Italy |  | Branch |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | — |
VTEX Ecommerce Platform Limited London—Sucursala Bucuresti (“VTEX ROM”) (viii) |  | Romania |  | Branch |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | — |
VTEX Ecommerce Platform Limited – Sucursal em Portugal (“VTEX PORT”) ( viii) |  | Portugal |  | Branch |  | Technology Services |  |  | 100 |  |  |  | 100 |  |  |  | — |
(i) | In January 2021, the Group acquired the non-controlling interest of VTEX ARG. Refer to note 19.2(d) for additional details.
(ii) | VTEX STORE was liquidated in February 2021.
(iii) | Dlieve was merged into VTEX Brazil in April 2021.
(iv) | Ciashop was merged into VTEX Brazil in December 2021.
(v) | Suiteshare was acquired in April 2021, refer to note 3.2 for additional details. In March 2022 it was merged into VTEX Brazil.
(vi) | EICOM was constituted in 2020 and merged into VTEX UK in 2021.
(vii) | In May 2021, the Group acquired the non-controlling interest of VTEX MEX. Refer to note 19.2(d) for additional details.
(viii) | VTEX PERU, VTEX ITA, VTEX ROM and VTEX PORT were created in 2021 to fulfill the Group’s operational needs.
(ix) | VTEX ESP was created in March/ 2022 to fulfill the Group’s operational needs.
The Group also holds VT Comercio, a joint venture (“JV”) established in July 2019 with a participation of 50%.
1.1 | Initial Public Offering “IPO”
On July 21, 2021, the Company completed its IPO, offering 21,850,000 of its Class A common shares, of which 13,876,702 new shares offered by the Group and other 5,123,298 shares offered by the selling shareholders, and the entire exercise of the underwriter’s option to purchase 2,850,000 newly issued shares. The initial offering price was US$ 19.00 per Class A common share, resulting in gross proceeds of US$ 317,809. The Company received net proceeds of US$ 296,318 after deducting US$ 19,863 in underwriting discounts and commissions and US$ 1,628 of other offering expenses. The Group also recognized in the Profit and loss the amount of US$ 1,253 related to shares offered by the selling shareholders and other expenses not directly related to the IPO. The shares offered and sold in the IPO were registered under the Securities Act of 1933, as amended, pursuant to the Company’s Registration Statement on Form F-1 (Registration No. 333-257400), which was declared effective by the Securities and Exchange Commission on July 21, 2021. The common shares began trading on the New York Stock Exchange (“NYSE”) on July 21, 2021, under the symbol “VTEX.”

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