Israeli fintech Morning acquired for $150 million by Italy's TeamSystem
Israeli fintech Morning acquired for $150 million by Italy's TeamSystem
The purchase of the Israeli company, known for its "Green Invoice" system, will especially benefit founders Lior Wilczynski and Rami Gabai, as well as the Fortissimo fund, which invested in the company three years ago.
The Israeli fintech company Morning is being sold to the Italian software company TeamSystem for an estimated $150 million, according to sources familiar with the deal.
Morning is the company behind "Green Invoice," a SaaS platform for invoicing and business management for small businesses. The biggest beneficiaries of the sale are the two founders, Lior Wilczynski (CEO) and Rami Gabai (CTO), who each own 30% of the company's shares, and the Fortissimo investment fund, which holds a 40% stake. Fortissimo, led by Yuval Cohen, invested $20 million in Morning in 2021 at a valuation of approximately $50 million.
This morning, the company informed its employees about the sale, after which the founders are expected to continue in their current roles. Since Wilczynski and Gabai each own 30% of the company's shares and avoided dilution by venture capital funds over the years, each founder is set to earn approximately $45 million from the deal.
Morning was founded in 2011 as "Green Invoice" by Wilczynski and Gabai, both now 48 years old. The two met while pursuing bachelor's degrees in computer engineering at the College of Management. They established the company after facing challenges in running their own independent business, aiming to provide the self-employed with innovative, intuitive, and straightforward tools for business management.
The company offers a range of technological solutions for business management and recently launched a product called CPA, designed for representatives and accountants to manage client portfolios digitally. Morning serves approximately 150,000 customers in Israel and employs 100 people, all based locally.
Unlike many Israeli fintech companies that focus on international markets, Morning chose to prioritize the Israeli market.
The buyer, TeamSystem, is an Italian private company that specializes in providing business management solutions for small and medium-sized enterprises.
