PE firm Permira is buying a majority position in BioCatch in a deal that values the Israeli behavioural biometrics company at $1.3 billion.
The deal sees the Permira Growth Opportunities II fund buy out shares primarily from Bain Capital Tech Opportunities and Maverick Ventures. Existing shareholders Sapphire Ventures and Macquarie Capital will also increase their investments in BioCatch.
BioCatch was founded in 2011, at the dawn of the shift from branch to online banking. The firm now counts more than 190 financial institutions as customers globally, including over 30 of the world's largest 100 banks.
The firm has raised over $200 million in funding, with previous investors including FS giants such as Barclays, Citi, HSBC, National Australia Bank and American Express.
Permira completed an initial minority investment in the company in early 2023, a year that BioCatch ultimately finished with 49% ARR growth and attaining Ebitda profitability.
Gadi Mazor, CEO, BioCatch, says: "After building a strong partnership with Permira over the last year, we are delighted to welcome them as majority shareholders.
"The firm's impressive experience within technology and cybersecurity, combined with their scale, global network, and our close working relationship, has been invaluable since their initial investment. We're excited to take BioCatch to the next level together."