Metro One Completes Acquisition of Royal App
Metro One Telecommunications Inc. has closed $3.5 million in financing and completed of its acquisition of
Royal App Ltd. through its wholly owned Israeli subsidiary,
Stratford Ltd. The financing was structured in the form of puttable simple agreements for future equity from institutional investors and family offices.
Metro One chairman,
Nani Maoz said, “We are very pleased that we have completed the financing for and acquisition of Royal App. This financing allows us not only to complete the transaction but also infuse working capital into Royal App. Royal App possesses a novel artificial intelligence technology that has received praise from its international customer base. The funds raised will also assist us in bringing our public filings current with the SEC and becoming a fully reporting company, a process which we have begun.”
Ascensus Leader Discusses New Private Equity Backing
Ascensus CEO David Musto says the deal is about continuing to invest in new capabilities, technology and solutions.
Reported by
News broke this week that Stone Point Capital, a Greenwich, Connecticut-based private equity firm specializing in financial services, and GIC, Singapore’s sovereign wealth fund, have reached a deal to acquire Ascensus from its current private equity ownership led by Genstar Capital, Aquiline Capital Partners and Atlas Merchant Capital.
According to the companies’ joint announcement, Genstar and Aquiline will retain a minority stake in Dresher, Pennsylvania-based Ascensus. The transaction is expected to close in the third quarter of 2021.
Stone Point, GIC to Acquire Recordkeeper Ascensus
Investors are betting on ‘further growth’ in the financial technology firm that should benefit from aging societies.
Singapore’s sovereign wealth fund GIC and US-based private equity firm Stone Point Capital will acquire recordkeeper Ascensus.
The investors are taking a majority stake in the Dresher, Pennsylvania-based financial services firm, Ascensus said Monday.
They’re acquiring Ascensus from its current private equity owners, led by Genstar Capital, Aquiline Capital Partners, and Atlas Merchant Capital. Both Genstar and Aquiline will maintain a minority stake in Ascensus.
An Ascensus representative declined to disclose the terms of the transaction. But Bloomberg has previously reported that the deal would be worth nearly $3 billion, citing people familiar with the matter. The acquisition is expected to close in the third quarter of this year.