Nuvei to Acquire Payment Technology Company SafeCharge for $890 Million
Founded in 2006 by David Avgi and Israeli businessman Teddy Sagi, SafeCharge specializes in payment processing, smart payment, and risk management technologies
Reuters first reported the deal.
SafeCharge was founded in 2006 by CEO David Avgi and Israeli businessman Teddy Sagi. Sagi holds 68.3% of the company via Northenstar Investments Ltd., meaning he will see around $600 million from the deal.
SafeCharge specializes in payment processing, smart payment, and risk management technologies. The company, which employs around 400 people globally, has a research and development center in Tel Aviv. It reported revenues of $138.5 million for the fiscal year 2018, up 24% from 2017, and a transaction turnover of almost $14 billion. The company counts Israeli taxi hailing company Gett, Israel's national carrier El Al, and Nespresso among its customers.