PayU to Acquire Israel-Based Payment Startup Zooz
The companies have been working together for the past year and a half
Online payment company PayU S.A. has agreed to buy Tel Aviv-based payment platform startup Zooz, Zooz co-founder and CEO Oren Levy confirmed to Calcalist in an interview Saturday.
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The deal is valued at around $80 million, one person familiar with the matter told Calcalist on condition of anonymity.
Zooz intends to leverage the acquisition to expand its research and development center and hire 50 additional employees within a year, Levy said. “We’ll be a semi-independent company,” he explained. “We’ll have access to giant clients and our technology will be at the core of all of PayU’s systems. 200,000 merchants will work with our technology.”
Following the acquisition, Levy and co-founder Ronen Morecki, the company’s chief technology founder, will become part of PayU’s global management team, focusing on business and technological development. Zooz’s employees will become part of PayU.