Merrill unit buys stake in Brazilian b-to-b Web security firm

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Merrill Lynch Global Emerging Markets Partners L.P. bought a 7.5% stake in Modulo Security Solutions SA, one of Latin America's fastest-growing b-to-b Internet security firms. Sao Paulo-based Modulo, which builds b-to-b security software for banks, will use the capital for marketing and technology development. The monetary value of Merrill Lynch Global Emerging Markets' stake is undisclosed. The unit's parent is New York-based Merrill Lynch & Co., which has a powerful Latin American institutional network. Merrill is targeting a nascent but promising marketplace; Latin American b-to-b transactions will reach $150 billion by 2005, according to published reports.
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