Prytek Acquires Israeli FinTech Scanovate in $100 Million Deal

International financial infrastructure group Prytek has fully merged Israeli technology company Scanovate into its operations in a deal potentially worth up to $100 million. The transaction is structured in two phases, with an initial payment of $50 million and an additional $50 million contingent on performance.

Scanovate, founded in 2014 by Amir Fishman, Roi Fishman, and Irad Gilboa, specializes in regulatory compliance, digital identity verification, and remote document scanning. The company has demonstrated stable profitability and generated tens of millions of dollars in revenue, serving over 250 organizations, including major Israeli banks, credit card companies, and auto financing firms.

The acquisition also includes Scanovate's subsidiaries: Cellosign, which focuses on digitizing organizational processes, and ADO Technologies, strengthening Prytek's presence in the South American market.

Prytek, led by CEO Andrey Yeshunsky and chaired by Ksawery Rulewicz, aims to deepen its investment in its aggressive acquisition strategy. The group, supported by entities like Davidson Kempner Capital Management and businessman Yakir Gabay, has previously made significant acquisitions, including increasing its stake in TipRanks and acquiring operations from DTCC.

Scanovate will now lead Prytek's global customer lifecycle management (CLM) division. Yeshunsky highlighted that while technology is becoming commoditized, institutional trust, global reach, and established relationships are harder to replicate, which Prytek offers to its acquired companies. Amir Fishman, CEO of Scanovate, stated that joining Prytek provides the institutional trust, global reach, and network of sister companies that Scanovate lacked, enabling faster and broader market access.

Tzachi Zaigerman, CEO of Cellosign, noted that organizations increasingly seek comprehensive digital infrastructure rather than isolated tools, and the merger with Prytek presents an opportunity to expand Cellosign's global operations and product offerings.