Dubai: A tech fund operated by Bahrain asset management giant Investcorp has bought out MIR Ltd., the digital payments platform and e-wallet solutions provider.
Founded in 2016, MIR has more than one million registered users worldwide. Its offering includes wearable contactless payment technology, which integrates with its e-wallet and ‘MasterCard’-branded prepaid debit cards.
Following completion of the acquisition, MIR will continue to maintain its headquarters in the Isle of Man and offices in seven countries. Israel Rosenthal, the founder, will remain as CEO.
“We see many exciting opportunities ahead – both organic and inorganic – and are looking forward to working with Rosenthal to take the business to the next stage in its development,” said Georg Knoflach, Managing Director of Investcorp Technology Partners, which is the entity that acquired MIR.
Investcorp through ITP has established a dominant position of investing in mid-market techy companies with a specific focus on data analytics, IT security and fintech. Other investments by the technology fund include Ubisense’s SmartSpace, the enterprise software and sensor real-time location solutions platform; softgarden, a HR software provider; Calligo, a cloud solution company; Ageras, an online marketplace matching SMEs with professional service providers; and Impero, a provider of online student safety and classroom and network management software.