Technology and Insurance Group and GlobalTech Alignment Ltd. (weSure Global Tech) Progressing towards the completion of the transaction for the acquisition of Ayalon Insurance. This is part of the group’s strategy, which has developed multi-channel and multidisciplinary technological capabilities adapted to operations in Israel, to make acquisitions and mergers while performing technological transformation also for traditional entities, first in Israel and later also abroad.
The company updated last Friday that additional approvals had been received that constitute the conditions precedent for the execution of the transaction. Among other things, the Commissioner of the Capital Market in the Ministry of Finance granted control permits to the controlling shareholders of Vishor Galboltech (founders of Vishor – Emil Winshel and Nitzan Harim Harim, and to Zvi and Anat Barak, owners of Caesarea Medical Electronics Holdings, which signed agreements to join the group). Insurance companies, Vishur Insurance Company Ltd. and Ayalon Insurance Company Ltd. The company further updates, today, that the Competition Authority has given the required approval to Caesarea to make the purchase as part of the outline of the transaction. It was also reported that the Commissioner of the Capital Market Authority granted an insurer license to Ayalon Insurance Company (the merged company) as part of the insurance company’s expected merger with its parent company, Ayalon Holdings. As mentioned, in April the general meeting of Ayalon Holdings shareholders approved the merger with its subsidiary, Ayalon Insurance Company Ltd., and this move, once completed, will constitute a “layer fold” in a manner that regulates the issue of the Centralization Law in connection with the completion of the transaction.
weSure Global Tech notes that the receipt of the said approvals constitutes a completion of the additional conditions precedent in the Ayalon Agreement, with the date of completion of the transaction for the acquisition of Ayalon being set and remaining as June 30, 2022.
WeSure Global Tech also reports that following the receipt of the permit, the first payment of NIS 100 million was received from Caesarea Medical Electronics, owned by the Barak family, following the investment agreement signed with it, under which weSure Global Tech shares will be allotted to Caesarea. The Barak family is expected to reach a holding of about 39% of the company’s capital, for a total investment of about NIS 270 million.
As part of the completion of the Ayalon transaction, Vishlat Globaltech will acquire control (approximately 67%) of Ayalon shares for an amount of approximately NIS 462.7 million. In this context, it was also reported that on May 19, 2022, an addition (second) to the Ayalon agreement was signed between the Vishor Globaltech and the estate manager, in which it was agreed that the consideration for the owner’s loan of NIS 55 million, which was also purchased by Vishor Globaltech, Equal annual payments (instead of 5 payments) and this only from 1.9.2024 (instead of 1.9.2023).
Yohanan Danino, Chairman and Vishor Galolbtech: “We are pleased to receive the necessary approvals and are preparing to complete the transaction for the acquisition of Ayalon, as well as welcome the entry of Zvi and Anat Barak into the controlling interest in the group. With the completion of the transaction, Vishor GlobalTech will also include Ayalon Insurance, which the Group sees alongside a growth engine, great improvement potential, synergy in the operational and business infrastructure, which in combination with Vishor’s innovative digital activities, will create added value and enable the group to offer customers in Israel. A wide range of advanced products and services from all insurance worlds. ”
WeSure Global Tech Technology and Insurance Group Launched its business in 2018, and was founded by Emil Winshel and Nitzan Tzair-Harim, both senior figures in the Israeli insurance industry with over two decades of experience in the insurance and finance industry. The company and its subsidiaries were established with the aim of leading the digital and technological revolution, which has taken place in recent years in almost all areas of life, including the field of conservative insurance, first in Israel and later in other countries in the United States.
The group’s goal, which operates in the growing insure-tech industry, is to turn the products of the insurance industry, which are perceived by the public as complex and complicated, into products of an intuitive and simpler nature, with an ongoing purchasing and management experience that can be done independently by the customer. The concept of “Mobile First”. The goal is to make the insurance field accessible 24/7, in transparent and flexible interfaces to the customer public, through the use of various advanced technologies, information-driven processes, information analysis capabilities and the implementation of “smart” algorithms in various processes in the insurance world. Efficient and effective for the benefit of the customer. As a company that has developed multi-channel and multidisciplinary technological capabilities, part of the strategy is to leverage the capabilities to make acquisitions and mergers while transforming traditional entities, first in Israel and later abroad.
With the group’s expected expansion into the US elementary insurance market, the group may join other digital insurance companies operating in the US, but unlike some of them, the weSure Global Tech group has presented, already after the first two years of activity, profit from insurance business in Israel and impressive returns On the insurer’s equity under its control, a precedent figure also in relation to the global arena.