Singapore-headquartered global insurtech unicorn bolttech has announced its expansion into the Middle East, while PAR Technology has acquired two companies—TASK and Stuzo Holdings Corporation.
SG’s bolttech expands to the Middle East
Singapore-based insurtech unicorn bolttech has announced its expansion into the Middle East through a strategic collaboration with the stc Group, a telecommunications company in the region.
The collaboration will provide stc’s customers with embedded device protection offerings. bolttech and stc will also explore expanding the partnership to embed IoT-enabled solutions beyond mobile devices into other aspects of a customer’s digital lifestyle, including protection for home appliances, health electronics, and cyber assets.
In September last year, bolttech raised $50 million in funding from LeapFrog, taking the insurtech unicorn’s total Series B round to $246 million.
In October, boltech acquired the Polish embedded protection firm Digital Care for an undisclosed amount. Digital Care, which operates across Europe, Asia, and Africa, provides comprehensive embedded services throughout the mobile device lifecycle.
Founded in 2020, bolttech operates an exchange that connects over 700 distribution partners with more than 230 insurance providers offering over 6,000 insurance products. The company has licences to operate throughout Asia, Europe, and 50 US states.
PAR Technology buys TASK Group, Stuzo Holdings
New York-based global foodservice technology company PAR Technology Corporation has announced the acquisitions of Australia-based TASK Group and US-based Stuzo Holdings.
PAR has entered into an agreement to acquire TASK Group for cash and PAR common stock at an implied value of approximately $206 million assuming an all-cash transaction, and has completed its acquisition of Stuzo Holdings, LLC for approximately $190 million paid in cash and stock.
The move will help PAR expand its cloud-based unified commerce software offerings into convenience stores and fuel retailers, as well as international markets.
The closing of the TASK acquisition is expected to occur in the third quarter of 2024, subject to TASK shareholder approval, Australian court approval, certain regulatory approvals and other customary closing conditions.
TASK provides international unified commerce solutions including interactive customer engagement and seamless integration, tailored for major brands across the globe.
Meanwhile, Stuzo, is a digital engagement software provider to convenience and fuel retailers (C-Stores).
