MIR operates payments platforms and provides e-wallet solutions. Credit: Gerd Altmann from Pixabay.

Investcorp Technology Partners (ITP) has completed the acquisition of all of the business and assets of MIR for an undisclosed amount.

Founded in 2016, the acquired entity operates payments platforms and provides e-wallet solutions to users in 180 countries, including the UK, Germany, Italy, Canada, and the Netherlands.

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Its offerings include a wearable contactless payment technology designed to integrate with its e-wallet and ‘MasterCard’-branded prepaid debit cards.

Following the completion of the deal, MIR founder Israel Rosenthal will continue as CEO of the firm.

The firm will remain headquartered in the Isle of Man and maintain its offices in seven countries.

Rosenthal said: “We are delighted by ITP’s acquisition of the Business. ITP bring a proven track record of investment success, expertise and global network in the payments and technology sectors which will help to realise the enormous growth potential for the Business and I look forward to working with the ITP team.”

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ITP managing director Georg Knoflach said: “The acquisition marks the beginning of a fruitful partnership between Investcorp and MIR as we look to position it as a leader in the sector. We see many exciting opportunities ahead – both organic and inorganic – and are looking forward to working with Mr. Rosenthal to take the Business to the next stage in its development.”

ITP is a European technology sector-focused unit of Bahrain-based alternative asset manager Investcorp.