The Israeli fintech business continues to ship effects, even all over difficult instances: The worldwide corporate Western Union, the global monetary services and products massive, is absolutely obtaining (100% of the percentage capital) the Israeli fintech corporate GMT (G.M.T Tech Innovation Ltd.) in a transaction valued at roughly NIS 200 million.
GMT, which used to be based in 2001 and has been running for 25 years, is owned by way of the Sarouk and Tayer households.
The corporate employs roughly 100 employees at its places of work in Ramat Hachayal in Tel Aviv, and operates a extensive national deployment of branches along virtual platforms. It makes a speciality of world cash transfers and complicated fee answers for Israelis, migrant employees, and their employers. The corporate operates below a license from the Israel Securities Authority and holds a banking identity code (69) awarded to it by way of the Financial institution of Israel.
The purchase is predicted to make bigger and improve the number of monetary services and products available to customers and companies in Israel, whilst combining the worldwide achieve of Western Union, which serves over 100 million shoppers in additional than 200 international locations and territories, with the native technological experience of GMT.
“The fact that a global company of Western Union’s scale chose GMT from among many international and local players is a tremendous badge of honor for the entire Israeli fintech industry,” stated Eran Sarouk, CEO of GMT. “The transaction will allow us to improve service availability and offer more accessible and advanced solutions to customers in Israel. Beyond that, this is an extraordinary opportunity to integrate the advanced technologies we developed here in Israel into Western Union’s global network. This acquisition, completed during a challenging period, reflects the resilience of the Israeli financial market and the trust of global companies in reforms to promote competition.”
Massimiliano Alvisini, Senior Vice President and Managing Director of Europe and the CIS at Western Union, welcomed the transfer: “We are pleased to officially welcome GMT’s employees and customers into the global Western Union family. By combining GMT’s local innovation and established relationships with its customers in Israel, together with Western Union’s global network and digital platform, we are expanding how, where, and when we serve our customers.”
The transaction used to be accompanied by way of legal professionals Tal Eliasaf, Assif Rosenberg, and Golan Kaneti from the regulation company of Naschitz Brandes Amir & Co., who represented GMT. Western Union used to be represented by way of legal professionals Cliff Felig, Keren Sadeh (Mizrachi), Niva Berg Livnat, and Vadim Zimmerman from the Meitar regulation company. The banking and funding advisors for the transaction had been accountants Itzik Levy, Yinon Srebernik, and Eli Barda from EY.
