Investcorp Technology Partners (“ITP”), a leading European technology investor, announces that it has completed the acquisition of all of the business and assets (together the “Business”) 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.
Reflecting its commitment to innovation and its ability to anticipate changing consumer habits, the Business has received numerous industry awards, including “Best Innovator in Payments” at the 2021 Awards for Innovation and “Mobile Payment Solution of the Year” at the 2020 SBC Awards.
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. Mr. Israel Rosenthal, the founder of MIR Limited, will remain as CEO of the Business.
Commenting on the investment, Georg Knoflach, Managing Director, Investcorp Technology Partners, said; 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.”
Mr. Israel Rosenthal, Founder and Chief Executive Officer of MIR Limited 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. Investcorp’s other investments from its latest technology fund include Ubisense’s SmartSpace, the enterprise software and sensor Real-Time Location Solutions platform; softgarden, a Human Resources software provider; Calligo, a proprietary cloud solution company; Ageras, an online marketplace matching SMEs with professional service providers; Impero, a provider of online student safety and classroom and network management software; Contentserv, a product information management solutions provider and Avira, a multinational cyber security Internet of Things software solutions firm