Investcorp acquires assets of MIR Limited
Investcorp Technology Partners (ITP), a European technology investor, has announced that it has completed the acquisition of all of the business and assets of MIR Limited, which operates innovative and award-winning payments platform and e-wallet solutions.
Founded in 2016, MIR Limited’s business is a fast-growing fintech business with more than one million registered users in 180 countries across the globe, including customers in the UK, Germany, Italy, Canada and the Netherlands. Its offering includes some of the world’s most innovative wearable contactless payment technology which integrates seamlessly with its popular e-wallet and ‘MasterCard’-branded prepaid debit cards.
Following completion of the acquisition by ITP, the business will continue to maintain its headquarters in the Isle of Man with further offices in seven countries. Israel Rosenthal, the founder of MIR Limited, will remain as CEO of the business.
Commenting on the investment, Georg Knoflach, MD of Investcorp Technology Partners, said: “MIR Limited’s strong product offering and capacity for innovation has positioned it at the forefront of ongoing advancements in payments. The acquisition marks the beginning of a fruitful partnership between Investcorp and the business as we look to position it as a leader in the sector. We see many exciting opportunities ahead – both organic and inorganic – and are looking forward to working with Mr. Rosenthal to take the business to the next stage in its development.”
Israel Rosenthal added: “We are delighted by ITP’s acquisition of the business. ITP bring a proven track record of investment success, expertise and global network in the payments and technology sectors which will help to realise the enormous growth potential for the business and I look forward to working with the ITP team.”
Following the acquisition, Gilbert Kamieniecky and Georg Knoflach will represent Investcorp on the board of the business.
Investcorp (through ITP) has established a market leading position of investing in lower mid-market technology companies with a specific focus on the Data/Analytics, IT Security and Fintech/Payment sectors.
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