Investcorp Technology Partners (ITP), the tech fund of Bahrain’s alternative investment manager Investcorp, has bought all of the business and assets of MIR Limited, an award-winning digital payments platform and e-wallet solutions provider.
MIR Limited, founded in 2016, has more than one million registered users in 180 countries across the globe, including customers in the UK, Germany, Italy, Canada, and the Netherlands. It offers some of the world’s most innovative wearable contactless payment technology which integrates seamlessly with its popular e-wallet and MasterCard – branded prepaid debit cards.
Following the completion of the acquisition by ITP, MIR will continue to maintain its headquarters in the Isle of Man with further offices in seven other countries. Mr. Israel Rosenthal, the founder of MIR Limited, will remain as its CEO.
“MIR Limited’s strong product offering and capacity for innovation has positioned it at the forefront of ongoing advancements in payments. The acquisition marks the beginning of a fruitful partnership between Investcorp and the business as we look to position it as a leader in the sector. We see many exciting opportunities ahead, both organic and inorganic, and are looking forward to working with Mr. Rosenthal to take the business to the next stage in its development.”
Mr. Israel Rosenthal, Founder and Chief Executive Officer of MIR Limited added, “We are delighted by ITP’s acquisition of the business. ITP brings a proven track record of investment success, expertise and global network in the payments and technology sectors which will help to realize the enormous growth potential for the business and I look forward to working with the ITP team.”
Investcorp (through ITP) has established a market-leading position of investing in lower mid-market technology companies with a specific focus on the data and analytics, IT security and fintech or payment sectors.