Investcorp, the alternative asset manager which counts Mubadala Investment Company as its largest shareholder, has acquired international FinTech company MIR Limited.
MIR operates payment platforms and offers e-wallet solutions.
Investcorp Technology Partners, a European unit of Investcorp focused on the technology sector, has acquired the MIR business and all of its assets, the Bahrain-based alternative asset manager said in a statement on Monday.
He did not disclose financial details of the deal.
“MIR Limited’s strong product offering and capacity for innovation has positioned it at the forefront of continued advancements in the payments space,” said Georg Knoflach, Managing Director of Investcorp Technology Partners.
“This acquisition marks the beginning of a successful partnership between Investcorp and the [MIR] as we seek to position it as a leader in the industry,” he said, adding that there are “exciting opportunities ahead – both organic and inorganic.”
Founded in 2016, MIR has over 1 million registered users in 180 countries, including the UK, Germany, Italy, Canada and the Netherlands.
It offers portable contactless payment technology, which integrates with its e-wallet and prepaid debit cards.
MIR, which has offices in seven countries, will retain its headquarters in the Isle of Man and its founder Israel Rosenthal will continue as managing director.
“ITP brings a proven track record of investment success, expertise and global network across the payments and technology industries, which will help realize the enormous growth potential of the [MIR] business,” Mr. Rosenthal said.
Investcorp, which manages assets worth more than $37 billion, has ramped up deals in recent quarters.
It made five new private equity investments in the United States and Europe, two add-on acquisitions and 11 investments in companies across Asia in the 12 months to the end of June.
The Bahrain-based asset manager also made six private equity investments and sold several real estate assets in the United States and Europe in the past financial year, it said in August.
Earlier this month, Investcorp and Riverside Investment Company announced that they had sold a stake in Arrowhead Engineered Products to an investment company Genstar.
The company has also completed the sale of its stake in U.S. workforce management firm PRO Unlimited to EQT Private Equity for an undisclosed amount, it said in a statement last week.
Updated: September 6, 2021, 10:07 a.m.