Insurance firm WeSure US announced that it has entered into a merger agreement with fintech company Hourly, a US-based payroll management platform founded by Israeli entrepreneur Tom Sagi.
According to Calcalist, Hourly has raised approximately US$37 million to date, with backing from Israeli venture capital funds Glilot Capital, S-Capital, and Vintage, alongside US-based investors MS&AD Ventures and J-Ventures.
As part of the agreement, the newly merged entity has secured an additional US$10 million from Hourly’s investors and shareholders of WeSure.
The combined company will be valued at US$53 million.
Hourly will operate as a wholly owned subsidiary of WeSure Global Tech. Once the transaction is complete, Hourly’s shareholders will hold around 49% of WeSure US’s issued and outstanding share capital on a fully diluted basis.
Hourly reported revenues of approximately US$3.5 million in 2024.
Founded in 2018 by Tom Sagi (CEO), the late Shay Litvak (former CTO), and Amir Faintuch (Chairman), Hourly provides payroll management solutions targeted at small and medium-sized businesses that employ hourly workers.
Its digital platform integrates payroll processing with time and attendance tracking, tax payments, and workers’ compensation insurance.
Commenting on the merger, Tom Sagi said:
“We see this strategic move as an opportunity to deepen our focus on our core areas, payroll management and employee benefits, while also leveraging the synergies with the WeSure Group, including advanced technologies and extensive professional and managerial expertise, especially in the insurance sector, which we have come to know well in recent months.”
Emil Vainshel, Chairman of WeSure Global Tech Group, said:
“The agreement with Hourly aligns with our strategy to expand our operations in the US through mergers and acquisitions. I believe that joining forces with Hourly will open us to a new customer base and enable us to offer a broader range of advanced insurance solutions, delivering added value to all parties involved in this transaction.”
Featured image credit: Edited by Fintech News America, based on image by snowing via Freepik
