A15, the leading technology investor has announced that E7gezly, the online booking provider, and PassApp the digital mobile passes solution will be split into two separate companies with A15 taking full ownership of E7gezly and PassApp ownership going fully to its founder Hany El Boraie.
El Boraie has exited E7gezly to A15, to focus his time and dedication to PassApp as a separate company and not as a product within E7gezly. In its press release today, Fadi Antaki, A15’s CEO said that while Hany has been an important cornerstone of the success of E7gezly, A15 respects his decision to focus more on PassApp and to spin it out as its own company. “We are excited about Hany’s decision to focus on PassApp and we believe that under his leadership and with his vision, it will be a hit very soon, and we are looking forward to the possibility of investing in PassApp in the near future,” added Antaki.
Hany El Boraie, commented on the exit and said, “Our journey with A15 has been a very exciting. We highly respect & believe in Fady Younan’s, E7gezly’s new CEO, ability to continue to drive E7gezly’s growth and execute its strategy for becoming a leading digital provider in the industry. We hope E7gezly’s future continues to be exceptional and we wish the E7gezly team the very best in the next phase of their growth.”
Tamer Azer, A15’s Investment and Venture Development Director added, “While A15 and E7gezly have been working together for many years and created a great deal of value together, the market has changed significantly recently and both Hany and A15’s senior management team felt that the separation of the companies will allow both entities to raise funding independently under more flexible venture capital type investment models,” added Azer.
E7gezly will have new management under the direction of its new CEO, Fady Younan. “A15’s management team is excited about Fady’s leadership of E7gezly and sees him as the right person to lead the company through its next phase of growth. He has a clear vision on how to execute the leap to take E7gezly to the next stage and we feel confident in his ability to lead E7gezly to its natural place among digital innovators in the industry,” said Antaki.
Younan Added that E7gezly would like to thank Hany for everything he has done for E7gezly, and wish him the greatest of success in his new endeavor. “We are very excited for our coming steps with our team and partners to realize our vision in providing world-class products & services and becoming a leading player in the ticketing industry” Added E7gezly’s new CEO.
E7gezly was founded in 2012; and provides a seamless booking solution for event organizers and venues.
A15 is an entrepreneurial company that invests in digital products and technology brands.