Fintech Hourly merges with WeSure US at $53M valuation, raises $10M more
Deal gives Hourly shareholders nearly half the new company as it eyes American market expansion.
Insurance company WeSure US announced on Wednesday that it is entering into a merger agreement with fintech company Hourly, founded by Israeli entrepreneur Tom Sagi, which has raised approximately $37 million to date.
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Investors in Hourly include Israeli venture capital funds Glilot Capital, S-Capital, and Vintage, as well as American funds MS&AD Ventures and J-Ventures. As part of the deal, the merged company has also raised an additional $10 million from these investors and WeSure shareholders. The combined company is valued at $53 million.
According to the announcement, Hourly will become a wholly owned subsidiary of WeSure Global Tech, and Hourly shareholders will receive, upon completion of the transaction shares of WeSure US representing, on a fully diluted basis, approximately 49% of its issued and outstanding share capital. Hourly’s revenue for 2024 was approximately $3.5 million.
Hourly is a private American company founded in 2018 by Tom Sagi (CEO), the late Shay Litvak (Chief Technology Officer), who passed away about two years ago after a battle with cancer, and Amir Faintuch (Chairman).
Hourly specializes in providing payroll management services to small and medium-sized businesses that primarily employ hourly workers. The company has developed an advanced digital platform that integrates payroll services, time and attendance tracking, tax payments, and workers’ compensation insurance, streamlining and simplifying these processes.
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Tom Sagi, CEO of Hourly and future head of the merged company, said: "The merger with WeSure Global Tech is an important milestone for Hourly. Tens of millions of dollars have been invested in developing our technology in recent years. We see this strategic move as an opportunity to deepen our focus on our core areas, payroll management and employee benefits, while also leveraging the synergies with the WeSure Group, including advanced technologies and extensive professional and managerial expertise, especially in the insurance sector, which we have come to know well in recent months."
Emil Vainshel, Chairman of WeSure Global Tech Group, added: "The agreement with Hourly aligns with our strategy to expand our operations in the US through mergers and acquisitions. I believe that joining forces with Hourly will open us to a new customer base and enable us to offer a broader range of advanced insurance solutions, delivering added value to all parties involved in this transaction."
