May 6, 2024 at 05:04AM
Permira has agreed to acquire a majority stake in BioCatch, a digital fraud detection and financial crime prevention company, through its Growth Opportunities II fund. The deal involves acquiring shares from Bain Capital Tech Opportunities and Maverick Ventures, raising BioCatch’s enterprise valuation to $1.3 billion. BioCatch, founded in 2011, uses AI and ML technology for fraud detection and counts over 100 financial institutions as clients.
Key takeaways from the meeting notes:
– Permira, through the Permira Growth Opportunities II fund, is set to acquire a majority stake in BioCatch, a digital fraud detection and financial crime prevention company.
– The acquisition mainly involves acquiring shares from existing shareholders Bain Capital Tech Opportunities and Maverick Ventures. Additionally, Macquarie Capital and Sapphire Ventures are increasing their investments in BioCatch.
– BioCatch, founded in 2011 and based in Tel Aviv, relies on AI and ML technology to provide behavioral biometric intelligence and advanced fraud detection for financial institutions.
– The company has achieved an enterprise valuation of $1.3 billion and is utilized by over 100 financial institutions worldwide, including 30 of the largest banks.
– Permira aims to further accelerate growth and expansion in partnership with Gadi Mazor, CEO of BioCatch, as its majority shareholder.
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