July 23, 2018 | The Israeli payment tech provider Zooz is set to be acquired for a reported $80-$100 million, according to Reuters. Netherlands-based payment company PayU, a subsidiary of Naspers, an internet and media multinational based in South Africa, said in a statement that it agreed to buy Zooz to “support its expansion in high-growth markets,” Reuters reported. The deal is valued at between $80-$100 million, according to the report.
ZooZ CEO Oren Levy and CTO Ronen Morecki founded the Ra’anana-based company in 2010. It had raised close to $40 million in funding over that time. Levy and Morecki will become part of PayU’s Global Leadership team, according to the announcement, and Zooz’s workers will also become part of PayU.
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“Zooz and PayU will work together to create a payments infrastructure whose features will include fraud management and smart routing,” Reuters quoted PayU as saying.
Levy said, according to Globes: “After a year-long, productive partnership, our shared vision to create a new global standard in payments infrastructure is becoming a reality with PayU’s acquisition of Zooz. The unique contribution we bring to PayU is an advanced technological layer which not only helps merchants worldwide to upscale their operations and provide a better customer experience, but also offers analytics and optimization capabilities that equip them with unprecedented insights.”