back Back

Majic acquires 26% stake in Bamboo at US$126m post money valuation

By Edlyn Cardoza

December 31, 2021

  • Bamboo Wellness Holdings Limited
  • Delaware
  • Equity Stake
Share

Majic Wheels, Delaware, USA, FinTech, Software Development, Bamboo Wellness Holdings LimitedMajic Wheels, Corp., a Delaware corporation that is positioning itself as a player in the disruptive industries of FinTech and software development by means of acquisitions, recently announced the closing of the previously announced Bamboo Wellness Holdings Limited acquisition of a 26% equity stake at a post-money valuation of US$126 million.

“Since we announced this LOI, Bamboo’s success has been remarkable, and in many ways we are well ahead of our initial expectations,” David Chong, Majic’s CEO, said. “We welcome Bamboo to the Majic family and look forward to supporting its expansion with our wide reach of various strategic markets in our global network.”

Bamboo will continue to be led by Chief Executive Officer Vincent Kwo and its existing senior leadership team. The business will continue to operate as a separate company. “This is an exciting day for Bamboo. Being a part of Majic strengthens our position as a leading insure-tech company, enhances our ability to deliver compelling solutions for our clientele and deepens our access to long-term strategic capital,” said Vincent Kwo, Co-founder and Chief Executive Officer of Bamboo.

“Our strong results to date were driven by our people and culture. We are thrilled to be working with the Majic team to capitalize on the significant opportunities we see in front of us. In Majic we have a tremendous partner who shares our values, is aligned around our vision, and committed to our success.” Kwo added.

With the definitive documents duly executed, Majic has acquired 26% of the enlarged capital of Bamboo on a fully diluted basis. The transaction valued at US$26 million is being funded partly by cash and new shares of Majic, providing a post-money valuation of Bamboo at US$126 million. Majic also holds an option to exercise the First Right of Refusal to increase the interest of Majic in Bamboo to 51% based upon the same terms.

Recently, IBS Intelligence reported that Majic Wheels, Corp., a Delaware corporation positioning itself as a player in the disruptive industries of FinTech and software development using acquisitions, announces the appointment of new directors to the board.

Previous Article

December 30, 2021

What does the bank of the future look like?

Read More
Next Article

December 31, 2021

Jumia expands its digital payment services with Jumiapay

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 07, 2025

Galoy unveils Lana to offer Bitcoin-backed lending for banks

Read More

February 03, 2025

additiv expands presence in Asia Pacific with new Indonesia office

Read More

January 30, 2025

Alchemy Pay obtains Digital Currency Exchange Provider approval in Australia

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More