Papaya Global to buy Azimo for USD 150-200 million as global expansion gathers pace
Categories: Corporate and M&A, Hi-Tech
| Israeli start-up, Papaya Global will buy Azimo, a London-based money transfer business, for between USD 150-200 million, according to various sources, as it looks to expand its payroll payments and launching more services to additional markets.
This is the first major acquisition made by Papaya, which saw its valuation surge to USD 3.7 billion last September following its USD 250 million Series D financing. Backed by companies like Insight Partners and Tiger Global, Papaya Global will bring onboard Azimo’s 160 employees, who will join a team numbering already 450 people in Israel and around the world. Azimo’s headquarters are located in the UK, with its R&D team of around 14 employees being based out of Krakow, Poland. Gross Law Firm (GKH) are representing long-standing client Papaya Global, with a team led by Shmulik Atias, Oren Kedmi, May Grinfeld Shay Fahima, and Josef Sternhal . Greenberg Traurig‘s London office serves as UK counsel to Papaya Global. |
