Investcorp Technology Partners (ITP), a pioneer global manager of alternative investments, has reportedly announced that it has recently acquired the complete acquisition of all the assets and business of MIR Limited, which provides a unique and award-winning payments platform and e-wallet solutions.
MIR Limited was established in 2016. Its business is one of the fastest-growing, with around one million registered users in 180 countries worldwide, including customers in the UK, Italy, Germany, Canada, and the Netherlands.
Its product line includes some of the world's most cutting-edge wearable contactless payment technologies, which works in tandem with its popular e-wallet and prepaid debit cards bearing the MasterCard brand.
After completing ITP's acquisition, MIR’s headquarters will remain in the Isle of Man, with additional offices in seven nations. MIR Limited's founder, Israel Rosenthal, will continue to lead the company as CEO.
Investcorp (through ITP) has developed a market-leading position in lower mid-market technology firms, emphasizing data/analytics, IT security, and fintech/payments.
While commenting on the investment, Georg Knoflach, MD of Investcorp Technology Partners, said that MIR Limited had positioned itself at the forefront of current improvements in payments due to its robust product offering and capacity for innovation.
As the firm strives to be a leader in the area, the acquisition marks the start of beneficial cooperation between Investcorp and the company.
Many exciting opportunities will be emerging ahead, both organic and inorganic, and the organization is thrilled to work with Mr. Rosenthal and take the company to the next level.
Israel Rosenthal added: They are ecstatic about ITP's acquisition of the company. ITP offers a track record of a high rate of return, experience, and a global network in the payments and technology industries, all of which will aid in achieving the business's great development potential. They look forward to working with the ITP team.
As per sources, Gilbert Kamieniecky and Georg Knoflach will represent Investcorp on the company's board of directors following the acquisition.