Business Acquisition: Papaya Global Purchases Azimo
In a recent development, Papaya Global, an Israel-based international payroll provider, has announced the acquisition of London-based remittance provider Azimo. This acquisition, which took place in March 2021, is one of the bigger acquisitions in the sector in recent years, according to Eynat Guez, the CEO of Papaya Global.
Azimo, founded in 2012, has a significant size and is well-regarded in the industry, as suggested by Eynat Guez's comments. The exact size of Azimo, in terms of revenue or number of employees, was not specified in the statement. However, the CEO described Azimo as a 'quite large business' and a good company and a good business.
The CEO's positive assessment of Azimo may indicate a positive outlook for the company's future within Papaya Global. Eynat Guez sees the acquisition as a valuable addition to their company.
Papaya Global, founded in 2016, has also had seven funding rounds, raising a total of $444.5m. The specific investors from the March 2022 funding round were not detailed in the provided search results.
Multiple news outlets have reported a price of between $150-200m for the acquisition, but CEO Eynat Guez indicated to a reporter that this is not correct. The exact terms of the deal between Papaya Global and Azimo have not been disclosed.
It is important to note that Azimo is a remittance company, while Papaya Global primarily caters to white-collar professionals. This acquisition could potentially expand Papaya Global's services to a wider audience.
The CEO's comments do not provide any new information about the funding history of Azimo or the number of funding rounds it has had. Similarly, they do not contradict any earlier statements about the acquisition's significance in the sector. The CEO's comments also do not provide any new information about the founding date of Azimo.
Azimo has raised a total of $88.1m in funding across seven rounds. While the details of the acquisition remain undisclosed, the positive sentiments expressed by both parties suggest a promising future for this union in the remittance sector.
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