PE firm Permira is acquiring a majority stake in BioCatch, an Israeli behavioral biometrics company, in a deal that values the firm at $1.3 billion.
The transaction involves the Permira Growth Opportunities II fund purchasing shares primarily from Bain Capital Tech Opportunities and Maverick Ventures. Current investors Sapphire Ventures and Macquarie Capital are also boosting their stakes in BioCatch.
Founded in 2011, BioCatch emerged during the transition from traditional branch banking to online services. The company currently serves over 190 financial institutions worldwide, including more than 30 of the world’s top 100 banks.
To date, BioCatch has raised more than $200 million in funding, with notable previous investors such as Barclays, Citi, HSBC, National Australia Bank, and American Express.
Permira made an initial minority investment in BioCatch in early 2023. The year concluded with BioCatch achieving 49% annual recurring revenue growth and reaching EBITDA profitability.
Gadi Mazor, CEO of BioCatch, expressed enthusiasm about this new chapter: “After building a strong partnership with Permira over the last year, we are delighted to welcome them as majority shareholders.
The firm’s extensive experience in technology and cybersecurity, along with their scale and global network, has been invaluable since their initial investment. We’re excited to take BioCatch to the next level together.”