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PayU buys Israeli payment tech firm Zooz for $80 mln -report

TEL AVIV, July 23 (Reuters) - Online payment company PayU, a subsidiary of Naspers, has agreed to buy Tel Aviv-based payment technology provider Zooz, the Calcalist financial news website reported on Monday, citing Zooz CEO Oren Levy.

The deal is valued at around $80 million, Calcalist said, citing a person familiar with the matter.

Officials at Zooz and Naspers could not immediately be reached for comment.

Netherlands-headquartered PayU provides online payment services for customers in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa.

Zooz connects merchants to multiple banks and by analysing various parameters decides to which bank to route the payment transaction, finding the bank with the lowest fee.

The company raised $40 million in funding, including $24 million in 2016 in a round led by German venture capital firm Target Global Ventures.

Zooz and PayU have been working together for the past year and a half, Calcalist said, adding that Zooz intends to expand its research and development centre and hire 50 additional employees within a year. (Reporting by Tova Cohen Editing by Steven Scheer)

2018-07-23 09:33:08

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