Western Union to Buy Israeli Fintech GMT for About NIS 200 Million

Western Union, the global financial services giant, is buying 100% of Israeli fintech company GMT in a deal valued at about NIS 200 million. GMT, formally GMT Tech Innovation Ltd., was founded in 2001 and has been operating for 25 years. It is owned by the Saruk and Tyer families and employs about 100 people at its Ramat HaHayal offices in Tel Aviv.

GMT operates a broad nationwide branch network alongside digital platforms, specializing in global money transfers and advanced payment solutions for Israelis, foreign workers and their employers. The company works under a license from Israel’s Securities Authority and holds a banking identification code, 69, issued by the Bank of Israel. After the transaction closes, GMT will become part of Western Union but is expected to keep its well-known Israeli brand.

GMT chief executive Eran Saruk will continue to lead the business after the merger. As part of the deal, Western Union plans to deploy GMT’s technology globally. Saruk said the purchase is “a tremendous honor for the entire Israeli fintech industry,” adding that it will help improve service availability in Israel and bring GMT’s technologies into Western Union’s global network.

Massimiliano Alvisini, Western Union’s senior vice president and head of Europe and the CIS, said the company was pleased to welcome GMT’s employees and customers, and that combining GMT’s local innovation and customer relationships with Western Union’s global network will expand “how, where and when” it serves clients. Western Union serves more than 100 million customers in over 200 countries and territories. The deal was advised by law firms Naschitz Brandes Amir & Co. and Meitar, with EY acting as banking and investment adviser.