Germany’s LPA Acquires Fintech Startup Modelity

Frankfurt-based Lucht Probst Associates (LPA) has signed an agreement to acquire Tel Aviv-based fintech startup Modelity Technologies Inc., the latter announced Tuesday. While the company did not disclose the financial details of the acquisition, one person familiar with the matter who spoke to Calcalist on condition of anonymity valued the deal at $30 million.

Founded in 2000, Modelity develops a service that enables banks, insurance companies, and financial institutions to automate the creation, sale, and operation of their financial offerings. Modelity employs 80 people in Tel Aviv and has raised $5 million to date, the company said. The company lists Morgan Stanley, Barclays, and The Royal Bank of Scotland as customers.