Member Article

FinTech firm Monitise looks set to be acquired by a US financial giant

Monitise, the London-headquartered FinTech firm which helps financial institutions with their digital transformation efforts, looks set to be acquired by US financial company Fiserv.

The US firm has said it has entered into an agreement to acquire the entire issued share capital of Monitise through its UK arm, Fiserv UK, in a deal which values Monitise at £70m, although the deal is dependent upon shareholder approval.

If confirmed, the acquisition will see Monitise brought under the Fiserv banner and marks another deal for the highly acquisitive US giant, which acquired Hewlett Packard’s Convenience Pay business last year amongst a string of other acquisitions in the FinTech sphere in the last few years.

It is unclear if Monitise, which employs over 400 people and turned over £67m last year, will continue to operate under the Monitise brand or if its senior team will remain at the business if and when the deal goes through.

Jeff Yabuki, President and Chief Executive Officer of Fiserv, commented: “Monitise has been a global pioneer and innovator in digital banking for more than a decade.

“Combining its talented associates and advanced technologies with leading digital solutions from Fiserv will expand our clients’ ability to provide differentiated experiences to their customers.”

Lee Cameron, Chief Executive Officer of Monitise, said: “We are proud of the talented people and innovative technology solutions across the Monitise businesses.

“Fiserv is well-positioned to carry this business forward given its strength in digital banking and extensive client network.

“Following the completion of this transaction, we are confident that Monitise clients will be served well by Fiserv and its long-standing commitment to creating value for its clients.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →