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by Golan Hazani / CTech
A stock market ticker screen in the lobby of the Tel Aviv Stock Exchange, in the center of Tel Aviv, March 15, 2020. Photo: Flash90.
CTech – Brothers Ron and Gil Atzmon, who hold a 70% stake in Israeli automated identity verification startup AU10TIX, are in negotiations to sell their holdings at a company valuation of $1.1-1.2 billion. AU10TIX, founded in 2010, has developed identity intelligence technology aimed at reducing fraud by verifying digital identities.
Several funds are believed to be interested in acquiring AU10TIX, with the deal estimated to be between $300-750 million depending on the stake to be ultimately bought from the Atzmons. The TPG fund currently holds a 7.5% stake in the company with Oak HC/FT owning 3% of the company’s shares. Both funds are also expected to sell their holdings together with the Atzmons.
Calcalist has learned that AU10TIX has hired the services of Goldman Sachs and Deutsche Bank to lead the process. The company has denied this.
Calcalist has also learned that around four months ago, AU10TIX was in advanced negotiations to merge with a SPAC at a valuation of $1.4 billion. However, concerns that the SPAC wouldn’t be able to raise the required PIPE investment led AU10TIX to pull out of the deal.
AU10TIX has never raised funds. The only time its founders sold shares was in 2019 when they sold a 30% stake in the company to two international funds for $80 million. The reason the company never required external funding was due to the fact that it was almost always profitable.
AU10TIX provides critical, modular solutions to verify and link physical and digital identities and over the past decade has partnered with the likes of Twitter, Uber, PayPal, Bird, and Payoneer. The company’s proprietary technology provides results in less than eight seconds, enabling businesses to onboard customers faster while preventing fraud, and meeting compliance mandates.
The company employs 180 in its headquarters in Hod Hasharon. Ron Atzmon currently serves as the company’s Active Chairman after previously heading it as the CEO. His brother Gil serves as a Director on the company’s board. Carey O’Connor Kolaja is the company’s current CEO.
AU10TIX saw its revenue surge to around $70 million in 2021, an 80% increase from the previous year. It registered similar growth in 2020 and is believed to be making an annual profit of $40-50 million.
