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.
“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.”