FIMI acquires 55% of MMD SMART in $55 million deal
The investment values the communications technology company at $100 million and will fund its expansion into additional countries.
FIMI is acquiring a 55% controlling stake in communications services company MMD SMART in a deal valued at approximately $55 million. Most of the investment will go into the company, with the remainder going to its two founders, and the transaction values MMD at $100 million.
MMD, owned by CEO Arie Frenklakh and his partner Leonid Rubanov, is a communications technology company that enables global businesses to communicate with customers across multiple countries simultaneously and makes it easier for them to switch between telecom operators in different markets.
Founded in 2008, the company has annual sales of approximately NIS 600 million and is profitable. It employs more than 200 people in Petah Tikva, Bulgaria and Singapore. FIMI’s investment will be used to expand into additional countries and accelerate the company’s growth.
MMD operates primarily in global markets and serves companies and organizations across a range of sectors. Its customers include telecom and mobile operators, leading technology companies, digital marketing companies, app developers and customer service call centers, as well as other organizations that require marketing, advertising and customer management solutions.
"FIMI intends to work together with MMD Smart's management toward the company's continued growth, the expansion of its global activity, the deepening of its activity among existing and new customers, and the continued development and expansion of its [portfolio] of technological solutions," FIMI said in the announcement.
The fund is managed by Ishay Davidi.
