TEL AVIV, ISRAEL: Gefen International A.I. Limited along with Verify Insurance Agency Ltd. Have entered into a binding Share Purchase Agreement with Roey Segal, Demitry Grossman and Tomer Barnea to acquire 80% of the issued capital of Roeto Ltd, an Israeli based technology company that provides a SaaS CRM platform for life insurers and financial planners.
For the combined 80%, total consideration to the value of AUD $1.7 mn will be paid to the sellers. Gefen will pay approximately AUD $1.2 mn in cash and AUD$284K in Gefen shares to the sellers.
This transaction compliments the growth strategy as set out in the Company’s IPO Prospectus of acquiring and onboarding independent “agent networks” in the Gefen Arena operation.
The acquisition of Roeto will provide a SaaS CRM platform solution for agents which have been acquired and onboarded in the Gefen Arena operation. This transaction will be completed with the Gefen International acquiring 70% of the issued capital and Verify holding 10%. The Company holds minority equity position in Verify.
Whilst the company continues to execute the acquisition strategy, as this transaction shows, the Company continues to explore opportunities to increase value within the Gefen Arena.
Gefen Co- Founder and Co-CEO Orni Daniel commented on the acquisition: “As a technology disruptor in the finance and insurance independent agent networks industries, we are delighted to announce the acquisition of Roeto, a technology company that demonstrates an innovative approach.
During the last 3 years, Roeto’s SaaS CRM platform has rapidly grown around 1,000 independent agents, which is excellent evidence of its added value to local independent agents. With Roeto joining Gefen Arena, onboarding the 1,000 independent agents, the company achieves a great synergy, widens its technological suite, and increases its overall market value.”
Roeto Ltd.’s CEO – Roey Segal commented: “It is an honor to join the Gefen family and to continue spreading the technological gospel across the industry.
The shared vision and trust that Gefen management gave us is the best proof that technology has the power to make ordinary people’s lives easier and more productive. Gefen’s international arena offers enormous new opportunities to expand into new markets and geographical areas.”
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