Prytek announced a deal to acquire Scanovate’s business for approximately $50 million, according to September 9 reports by Globes and CTech. Prytek’s transaction counsel, Amit, Pollak, Matalon, subsequently confirmed the acquisition agreement and described its value as more than $50 million.
Scanovate develops digital identity and compliance software, including tools that use a smartphone camera to capture identification documents. The transaction also includes Israeli digital-workflow company Cellosign and Colombia-based identity and biometric technology provider ADO Technologies.
The Israeli business will lead Prytek’s customer lifecycle management activity and work with other group companies on new products. The reports discuss possible additional future value for shareholders, but do not establish a guaranteed $100 million purchase price.