Prytek Group has acquired the Israeli digital identity company Scanovate and two of its subsidiaries in a transaction valued at approximately $50 million in its first phase. The deal is expected to generate shareholder value of up to $100 million as the businesses are integrated into Prytek's expanding technology and financial services ecosystem. The move reinforces the group's presence in Israel and strengthens its regulatory technology capabilities for financial institutions.
Expanding Digital Identity Capabilities
Scanovate was founded in 2014 by Chief Executive Officer Amir Fishman and Chief Technology Officers Roy Fishman and Irad Gilboa. The company develops technology that allows large organizations to identify customers, manage digital identities and maintain data integrity while complying with regulatory requirements. Its solutions enable identity documents such as ID cards to be scanned directly from mobile devices, and the company serves more than 250 customers across North America, South America, Western Europe and Israel.
Subsidiaries Strengthen the Offering
The acquisition brings Cellosign and ADO Technologies into the group. Cellosign, founded in Israel in 2017 by Chief Executive Officer Zack Zigherman and Chief Technology Officer Kobi Segev, develops technology for converting business, marketing and regulatory processes into fully digital end-to-end journeys. ADO Technologies operates in Colombia under Chief Executive Officer Doron Shlomo and Chief Technology Officer Alon Ofir, specializing in digital identity verification and biometric authentication and serving as Prytek's point of contact in Latin America.
A Global Financial Technology Ecosystem
Prytek was founded about a decade ago as a group of technology and service businesses serving financial institutions. It operates in 14 countries with more than 500 Tier 1 clients and over 1,500 employees across its companies. The group's model combines operational independence for each business with shared access to customers, infrastructure and management resources.
Executive Views on Institutional Trust
Scanovate Chief Executive Officer Amir Fishman said building institutional trust with banks was slow and expensive for a company of its size, despite having a strong product. He added that Prytek offered an existing international customer base and sister companies already present in target markets. Prytek founder and Chief Executive Officer Andrey Yashunsky said in the AI era technology can be built in months, but institutional trust, global reach and operational relationships are far harder to replicate.
Customer Lifecycle Management Leadership
Following the transaction, Scanovate will lead Prytek's customer lifecycle management segment. It will continue developing products in cooperation with other companies in the group, including Delta Capita and Israeli investment research company TipRanks. The company is also expected to expand its activities in Israel and internationally through shared customer relationships and operational infrastructure.
Recent Strategic Moves
The transaction follows a series of major steps by Prytek in financial technology services. In August 2024 the group completed the acquisition of Israeli investment research company TipRanks. It also used its subsidiary Delta Capita to acquire regulatory reporting assets from DTCC, take over HSBC's OTC derivatives business and become the preferred partner of the London Stock Exchange Group for KYC technology.
The acquisition of Scanovate and its subsidiaries underscores Prytek's strategy of pairing technology with institutional trust and global distribution. It brings advanced identity verification, compliance and customer journey capabilities into an ecosystem that already serves more than 500 Tier 1 clients. By integrating these Israeli-founded businesses, Prytek aims to accelerate international growth and reinforce its position in digital financial infrastructure.