Prytek Completes Full Merger of Israeli Fintech Firm Scanovate in 100 Million Dollar Deal
Prytek is fully merging Israeli fintech firm Scanovate in a deal valued at up to 100 million dollars. The transaction includes immediate and performance-based payments.
The international financial infrastructure group Prytek is further tightening its grip on the global fintech market with a strategic move: the full merger of the Israeli technology company Scanovate into the group's operations.
The deal was structured as a two-stage model, under which Prytek will pay approximately $50 million immediately, alongside a performance-based contingent consideration of another $50 million, bringing the total exit valuation to as much as $100 million.
Founded in 2014 by Amir Fishman, Roy Fishman, and Irad Gilboa, Scanovate develops advanced systems for regulatory compliance, digital identity verification, and remote document scanning. In recent years, the company has demonstrated stable profitability and revenues reaching tens of millions of dollars, serving over 250 organizations, including major Israeli banks, credit card companies, and auto-financing bodies.
According to a report published Wednesday in TheMarker, the transaction also includes the integration of Scanovate's two subsidiaries: Cellosign, which specializes in digitizing organizational processes, and ADO Technologies, which provides a significant foothold in the South American market.
For Prytek, managed by Andrey Yashunsky and chaired by Xavier Rolet (former CEO of the London Stock Exchange), this represents a deepening of its aggressive acquisition model.
The group, supported among others by Davidson Kempner Capital Management and businessman Yakir Gabay, has executed massive transactions in recent years, including increasing its stake in TipRanks, acquiring operations from DTCC, and transferring hundreds of employees from HSBC. Now, Scanovate will become Prytek's leading global arm in customer lifecycle management (CLM).
