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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Financial Instruments [Abstract]  
Schedule of Categories of Financial Assets
As of December 31, 2022
FVTPLFVTOCIAmortized cost
Financial assets
Cash and cash equivalents — — 292,457 
Investments
Mutual funds47,009 — — 
Contribution to funds— — 1,513 
Bills issued by the Treasury Department of the U.S. ("T-Bills")— 1,399 — 
Trade receivables— — 425,422 
Other assets— — 25,854 
Other receivables— — 12,122 
Other financial assets
Convertible notes6,684 — — 
Foreign exchange forward contracts552 2,957 — 
Equity instruments— 27,892 — 
Interest rate SWAP3,416 — — 
Others— — 6 
As of December 31, 2022
FVTPLFVTOCIAmortized cost
Financial liabilities
Trade payables— — 90,564 
Borrowings— — 3,699 
Other financial liabilities
Foreign exchange forward contracts2,004 1,571 — 
Other financial liabilities related to business combinations59,686 — 65,005 
Put option on minority interest of Walmeric— — 9,386 
Equity forward contract— 3,886 — 
Lease liabilities— — 135,138 
Other liabilities — — 808 
As of December 31, 2021
FVTPLFVTOCIAmortized cost
Financial assets
Cash and cash equivalents — — 427,804 
Investments
Mutual funds27,585 — — 
Commercial Papers— 4,996 — 
Contribution to funds— — 1,027 
Trade receivables— — 300,109 
Other assets— — 16,438 
Other receivables— — 5,901 
Other financial assets
Convertible notes3,875 — — 
Foreign exchange forward contracts608 150 — 
Equity instruments— 22,088 — 
Interest rate SWAP534 — — 
Others— — 35 
Financial liabilities
Trade payables— — 61,643 
Borrowings— — 12,240 
Other financial liabilities
Foreign exchange forward contracts1,392 106 — 
Other financial liabilities related to business combinations58,180 — 49,184 
Put option on minority interest of Walmeric— 15,423 
Lease liabilities— — 134,485 
Other liabilities — — 955 
As of December 31, 2022 and 2021, the foreign exchange forward contracts that were recognized as financial assets and liabilities at fair value through profit or loss were as follows:
CurrencyForeign currencyNotional foreignFair value assets /
Settlement datefrom contractsrate from contractscurrency rate(liabilities)
January 31, 2023Argentinian Peso191.95192.57 17 
January 31, 2023Mexican Peso19.8719.59 71 
January 31, 2023Colombian Peso4,847.494,834.53 21 
January 31, 2023Colombian Peso4,858.434,834.53 38 
January 31, 2023Colombian Peso4,856.254,834.53 35 
February 28, 2023Indian Rupee83.0582.98 7 
February 28, 2023Pound Sterling1.211.21 33 
February 28, 2023Chilean Peso856.55861.90 76 
April 28, 2023Danish Krone6.936.89 58 
April 28, 2023Australian Dollar0.670.68 196 
Fair value as of December 31, 2022552
January 31, 2022Mexican Peso21.9620.65 255 
February 28, 2022Indian Rupee75.5375.52 76 
February 28, 2022Colombian peso4,037.004,005.31 119 
March 31, 2022Colombian peso4,053.1 4,021.61 119 
March 31, 2022Colombian peso4,040.5 4,021.55 39 
Fair value as of December 31, 2021608
CurrencyForeign currencyNotional foreignFair value assets /
Settlement datefrom contractsrate from contractscurrency rate(liabilities)
January 31, 2023Chilean Peso920.50858.02(557)
January 31, 2023Chilean Peso919.60858.02(550)
January 31, 2023Chilean Peso920.20858.02(555)
January 31, 2023Colombian Peso4,774.654,831.78(111)
January 31, 2023Indian Rupee81.9282.85(111)
February 28, 2023Colombian Peso4,810.504,860.91(97)
February 28, 2023Mexican Peso19.6319.69(23)
Fair value as of December 31, 2022(2,004)
January 31, 2022Pound Sterling0.730.74(156)
January 31, 2022Colombian Peso3,902.25 3,993.60 (138)
January 31, 2022European Union Euro0.86 0.88 (410)
January 31, 2022Uruguayan Peso44.36 44.93 (64)
January 31, 2022Argentinian Peso106.98 106.92 (3)
January 31, 2022Argentinian Peso108.7 106.92 (87)
January 31, 2022Argentinian Peso110.85 106.92 (134)
January 31, 2022Argentinian Peso107.16 106.92 (12)
February 25, 2022Argentinian Peso115.35 111.35 (136)
February 28, 2022European Union Euro0.86 0.88 (212)
February 28, 2022Chilean Peso855.45 850.55 (40)
Fair value as of December 31, 2021(1,392)
Schedule of Categories of Financial Liabilities
As of December 31, 2022
FVTPLFVTOCIAmortized cost
Financial assets
Cash and cash equivalents — — 292,457 
Investments
Mutual funds47,009 — — 
Contribution to funds— — 1,513 
Bills issued by the Treasury Department of the U.S. ("T-Bills")— 1,399 — 
Trade receivables— — 425,422 
Other assets— — 25,854 
Other receivables— — 12,122 
Other financial assets
Convertible notes6,684 — — 
Foreign exchange forward contracts552 2,957 — 
Equity instruments— 27,892 — 
Interest rate SWAP3,416 — — 
Others— — 6 
As of December 31, 2022
FVTPLFVTOCIAmortized cost
Financial liabilities
Trade payables— — 90,564 
Borrowings— — 3,699 
Other financial liabilities
Foreign exchange forward contracts2,004 1,571 — 
Other financial liabilities related to business combinations59,686 — 65,005 
Put option on minority interest of Walmeric— — 9,386 
Equity forward contract— 3,886 — 
Lease liabilities— — 135,138 
Other liabilities — — 808 
As of December 31, 2021
FVTPLFVTOCIAmortized cost
Financial assets
Cash and cash equivalents — — 427,804 
Investments
Mutual funds27,585 — — 
Commercial Papers— 4,996 — 
Contribution to funds— — 1,027 
Trade receivables— — 300,109 
Other assets— — 16,438 
Other receivables— — 5,901 
Other financial assets
Convertible notes3,875 — — 
Foreign exchange forward contracts608 150 — 
Equity instruments— 22,088 — 
Interest rate SWAP534 — — 
Others— — 35 
Financial liabilities
Trade payables— — 61,643 
Borrowings— — 12,240 
Other financial liabilities
Foreign exchange forward contracts1,392 106 — 
Other financial liabilities related to business combinations58,180 — 49,184 
Put option on minority interest of Walmeric— 15,423 
Lease liabilities— — 134,485 
Other liabilities — — 955 
Schedule of Sensitivity Analysis for Types of Market Risk
The following tables illustrate the Company's sensitivity to increases and decreases in the U.S. dollar against the relevant foreign currency. The following sensitivity analysis includes outstanding foreign currency denominated monetary items at December 31, 2022 and adjusts their translation at the year-end for changes in U.S. dollars against the relevant foreign currency. 

   Gain/(loss)
AccountCurrencyAmount% IncreaseAmount% DecreaseAmount
Net balancesArgentine pesos6,201 30 %(1,431)10 %689 
Colombian pesos(51,826)10 %4,711 10 %(5,758)
Indian Rupees(19,868)10 %1,806 10 %(2,208)
European Union euros3,901 10 %(355)10 %433 
Mexican pesos(16,437)10 %1,494 10 %(1,826)
Pound sterling(17,488)10 %1,590 10 %(1,943)
Uruguayan pesos(10,109)10 %919 10 %(1,123)
Chilean pesos21,700 10 %(1,973)10 %2,411 
 Total(83,926)6,761 (9,325)
Schedule of Interest Rate Swaps Outstanding
Interest rate swap contracts outstanding as of December 31, 2022 and 2021:

Floating rateFixed rate Fair value
Maturity DateNotionalreceivablepayableassets / (liabilities)
Instruments for which hedge accounting has been discontinued
Current
March 31, 202315,0001month LIBOR0.511 %155 
Fair value as of December 31, 2022155 
Non-current
March 11, 202415,0001month LIBOR0.647 %771 
March 12, 202420,0001month LIBOR0.566 %1,045 
April 30, 202425,0001month LIBOR0.355 %1,445 
Fair value as of December 31, 20223,261 
Instruments for which hedge accounting has been discontinued
March 11, 202415,0001month LIBOR0.647 %70 
March 31, 202315,0001month LIBOR0.511 %10 
March 12, 202420,0001month LIBOR0.566 %132 
April 30, 202425,0001month LIBOR0.355 %322 
Fair value as of December 31, 2021534 
Schedule of Maturity Analysis for Non-derivative Financial Liabilities
The table below analyzes financial liabilities into relevant maturity groups based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
 
 Expected Maturity Date
 202320242025ThereafterTotal
Trade payables85,1194,862583—90,564
Borrowings2,9971591595453,860
Lease liabilities48,23035,46423,82361,950169,467
Other financial liabilities(*)
56,37946,37514,08513,882130,721
TOTAL192,72586,86038,65076,377394,612
(*) The amounts disclosed in the line of other financial liabilities do not include foreign exchange forward contracts, equity forward contracts and 22,930 related to business combinations payments through subscription agreements.
Schedule of Financial Instruments Not Measured at Fair Value
Except as detailed in the following table, the carrying amounts of financial assets and liabilities included in the consolidated statement of financial position as of December 31, 2022 and 2021, are a reasonable approximation of fair value due to the short time of realization.  
As of December 31, 2022As of December 31, 2021
Carrying amountFair valueCarrying amountFair value
Non-current assets
Other receivables
Guarantee deposits5,942 5,686 4,390 4,177 
Other assets10,657 9,780 8,583 7,810 
Non-current liabilities
Trade payables5,445 5,053 6,387 5,899 
Borrowings861 645 1,935 1,847 
Schedule of Fair Value Measurement of Assets
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into a three-level fair value hierarchy as mandated by IFRS 13, as follows:
 
Level 1 fair value measurements are those derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities.
 
Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
 
Level 3 fair value measurements are those derived from unobservable inputs for the assets or liabilities.
 As of December 31, 2022
 Level 1Level 2Level 3Total
Financial assets    
Mutual funds (1)
— 47,009 — 47,009 
Bills issued by the Treasury Department of the U.S. ("T-Bills")1,399 — — 1,399 
Foreign exchange forward contracts— 3,509 — 3,509 
Convertibles notes— — 6,684 6,684 
Equity instrument — — 27,892 27,892 
Interest rate SWAP— 3,416 — 3,416 
Financial liabilities
Contingent consideration— — 59,686 59,686 
Foreign exchange forward contracts— 3,575 — 3,575 
Equity forward contract— 3,886 — 3,886 
 As of December 31, 2021
 Level 1Level 2Level 3Total
Financial assets    
Mutual funds (1)
— 27,585 — 27,585 
Commercial Papers4,996 — — 4,996 
Foreign exchange forward contracts— 758 — 758 
Convertibles notes— — 3,875 3,875 
Equity instrument — — 22,088 22,088 
Interest rate SWAP— 534 — 534 
Financial liabilities
Contingent consideration— — 58,180 58,180 
Foreign exchange forward contracts— 1,498 — 1,498 
(1) Mutual funds are measured at fair value through profit or loss, based on the changes of the fund's net asset value.
Schedule of Fair Value Measurement of Liabilities
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into a three-level fair value hierarchy as mandated by IFRS 13, as follows:
 
Level 1 fair value measurements are those derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities.
 
Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
 
Level 3 fair value measurements are those derived from unobservable inputs for the assets or liabilities.
 As of December 31, 2022
 Level 1Level 2Level 3Total
Financial assets    
Mutual funds (1)
— 47,009 — 47,009 
Bills issued by the Treasury Department of the U.S. ("T-Bills")1,399 — — 1,399 
Foreign exchange forward contracts— 3,509 — 3,509 
Convertibles notes— — 6,684 6,684 
Equity instrument — — 27,892 27,892 
Interest rate SWAP— 3,416 — 3,416 
Financial liabilities
Contingent consideration— — 59,686 59,686 
Foreign exchange forward contracts— 3,575 — 3,575 
Equity forward contract— 3,886 — 3,886 
 As of December 31, 2021
 Level 1Level 2Level 3Total
Financial assets    
Mutual funds (1)
— 27,585 — 27,585 
Commercial Papers4,996 — — 4,996 
Foreign exchange forward contracts— 758 — 758 
Convertibles notes— — 3,875 3,875 
Equity instrument — — 22,088 22,088 
Interest rate SWAP— 534 — 534 
Financial liabilities
Contingent consideration— — 58,180 58,180 
Foreign exchange forward contracts— 1,498 — 1,498 
(1) Mutual funds are measured at fair value through profit or loss, based on the changes of the fund's net asset value.
Schedule of Quantitative Information About Significant Unobservable Inputs Used in Level 3 Fair Value Measurement
The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

DescriptionFair Value at December 31, 2022Unobservable inputsRange of inputsRelationship of unobservable inputs to Fair Value
Contingent consideration59,686Risk adjusted discount rate
Between 3.84% and 15.00%
An increase in the discount rates by 1% would decrease the fair value by $980 and a decrease in the discount rates by 1% would increase the fair value by $655
Contingent consideration59,686Expected revenues
Between 2,382 and 28,039
An increase in the expected revenues by 10% would increase the fair value by $1,421 and a decrease in the expected revenues by 10% would decrease the fair value by $776
Contingent consideration59,686Expected operating margin
Between 31.50% and 54.89%
An increase in the expected operating margin by 10% would increase the fair value by $307 and a decrease in the expected operating margin by 10% would decrease the fair value by $1,843
Schedule of Reconciliation of Recurring Fair Value Measurements Within Level 3
The following table shows the reconciliation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy:
Financial AssetsFinancial liabilities
Convertible notesEquity instrumentContingent consideration
December 31, 20201,036 10,478 43,724 
Fair value remeasurement (1)
— — 4,322 
Acquisition of business (1)
— — 29,665 
Acquisition of investment (3)
— 11,610 — 
Payments (2)
2,772 — (17,902)
Interests (1)
67 — 1,285 
Foreign exchange difference (1)
— — (2,714)
Others (1)
— — (200)
December 31, 20213,875 22,088 58,180 

Financial AssetsFinancial liabilities
Convertible notesEquity instrumentContingent consideration
December 31, 20213,875 22,088 58,180 
Fair value remeasurement (1)
— 285 (967)
Acquisition of business (1)
— — 38,011 
Acquisition of investment (3)
2,667 5,519 — 
Payments (2)
— — (28,717)
Interests (1)
146 — 1,484 
Reclassifications (1)
— — (5,060)
Foreign exchange difference (1)
(4)— (1,528)
Translation (1)
— — (890)
Others (1)
— — (827)
December 31, 20226,684 27,892 59,686 

(1) Non-cash transactions.
(2) Cash transactions included in investing activities, except for remeasurement of contingent considerations which are in operating activities, in the Consolidated Statement of Cash Flows. Non-cash transactions related to payments in the Company's common shares for 2,251.
(3) As of December 31, 2022 5,148 were Cash transactions included in investing activities in the consolidated statement of cash flows. As of December 31, 2021, 5,762 were Cash transactions included in investing activities in the consolidated statement of cash flow, 5,848 were Non-cash transactions related to the exchange of Acamica's investment with Digital House investment.
Schedule of Hedging Instruments Outstanding
The following table detail the foreign currency forward contracts outstanding as of December 31, 2022:

Hedging instruments - Outstanding contracts
CurrencyForeign currencyNotional foreignFair value assets /
Settlement datefrom contractsrate from contractscurrency rate(liabilities)
January 31, 2023Brazilian Real5.365.2555 
January 31, 2023Chilean Peso995.20858.02789 
March 31, 2023Chilean Peso994.25866.45685 
April 28, 2023Colombian Peso5161.254919.18283 
April 28, 2023Colombian Peso5160.004918.15388 
February 28, 2023Chilean Peso992.20861.47708 
January 31, 2023Indian Rupee83.6683.1542 
February 23, 2023Indian Rupee83.1582.986 
February 23, 2023Indian Rupee83.01 82.98 1
Fair value as of December 31, 20222,957 
January 25, 2022Indian Rupee75.5074.50 9 
January 27, 2022Indian Rupee74.6874.552 
January 27, 2022Indian Rupee74.6774.552 
January 27, 2022Indian Rupee74.6874.551 
February 23, 2022Indian Rupee75.6774.749 
February 24, 2022Indian Rupee75.7674.7814 
February 24, 2022Indian Rupee75.7674.7820 
February 24, 2022Indian Rupee75.7674.785 
March 31, 2022Colombian Peso4,064.86 4,021.21 88 
Fair value as of December 31, 2021150 

CurrencyForeign currencyNotional foreignFair value assets /
Settlement datefrom contractsrate from contractscurrency rate(liabilities)
January 31, 2023Colombian Peso4,667.504,834.53(486)
January 31, 2023Indian Rupee82.5482.85(26)
February 23, 2023Indian Rupee82.0382.98(11)
February 28, 2023Colombian Peso4,659.504,860.91(580)
March 30, 2023Colombian Peso4,729.004,888.69(452)
April 26, 2023Indian Rupee83.0483.30(9)
April 26, 2023Indian Rupee83.0183.30(7)
Fair value as of December 31, 2022(1,571)
CurrencyForeign currencyNotional foreignFair value assets /
Settlement datefrom contractsrate from contractscurrency rate(liabilities)
January 31, 2022Colombian Peso3,967.653,993.75(52)
February 28, 2022Colombian Peso3,978.054,004.91(54)
Fair value as of December 31, 2021(106)
CurrencyForwardFair value assets /
Settlement datefrom contractsPrice(liabilities)
June 1, 2023US dollars278.24(910)
June 1, 2023US dollars188.83(71)
June 3, 2024US dollars289.9(886)
June 3, 2024US dollars198.85(70)
June 2, 2025US dollars302.36(890)
June 2, 2025US dollars208.72(75)
June 1, 2026US dollars315.09(901)
June 1, 2026US dollars219.34(83)
Fair value as of December 31, 2022(3,886)