The 100 percent stake takeover of the Sao-Paulo-based firm is believed to be an attempt to bolster the presence of the company's printers and components in Latin America.
Simpress provides outsourcing printing services to Brazilian companies, financial and public organizations. Samsung is expected to use the company's extensive distribution network to sell its printers and service them, unnamed industry sources told Yonhap.
Samsung Electronics is currently facing competition from its major competitors, Canon and HP, in the world printing market.
Earlier this month, Samsung noted its readiness to purchase Canadian smartphone maker Blackberry for as much as $7.5 billion as part of its ongoing competition with Apple, as well as up and coming tech firms such as China's Huawei and Xiaomi, companies whose products have been eating away at the Korean company's domination of the Android phone market.