Buyme Acquires Bttr in Deal Valued Between $30-40 Million

Buyme, a company specializing in digital gift cards and vouchers, has announced its first acquisition since Phoenix Insurance acquired a controlling stake four months ago. The company has signed an agreement to purchase Bttr, a company valued at NIS 30-40 million (approximately $8-11 million USD).

Bttr provides organizations with a digital credit card for employees, which can be used for payments at restaurants and other businesses for work-related services. Essentially a digital wallet app, it allows employers to set monthly spending limits for their employees.

The shares were purchased from three entities: Muvment, owned by Eli Dahan; Hilan, owned by Avi Baum; and Talcal, owned by Yaakov Shahar, the Kaz family, and Yoav Ben-Yakar, who also serves as Buyme's chairman. The transaction involves a partial insider deal, as Talcal will continue to hold a 35% stake in Buyme.

Bttr's platform is seen as synergistic with Buyme's existing business, offering potential entry into customer loyalty programs. Buyme is led by Chairman Yoav Ben-Yakar and CEO Dana Biton Lev Ami. Upon completion of the acquisition, Buyme will be able to offer employers dedicated credit cards for employee benefits and welfare budgets.

Phoenix Insurance had previously acquired a 65% controlling stake in Buyme at a valuation of NIS 840 million (approximately $230 million USD). This deal was finalized in late April after approval from the Competition Authority, following its initial reporting in February. Concurrently, former CEO Ziv Rozen departed, and Dana Biton Lev Ami was appointed as his successor.