Fiserv, a US-based provider of financial services technology, has agreed to acquire British mobile banking vendor Monitise for around £70m.
The deal of 2.90 pence per share is part of Fiserv’s strategy to speed up its digital strategy and the development of a next-generation digital banking platform.
Fiserv president and CEO Jeffery Yabuki said: “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.”
The deal is expected to be completed in the third quarter of 2017, subject to shareholder approval.
Monetise put itself on the block in 2015 after decline in share prices but later decided to continue as an independent company following a strategic review. The company employs over 400 staff and generated over £67m in revenues in 2016.
Its offerings include FINkit, a cloud-based solution designed to support digital strategies of financial providers.
Monitise CEO Lee Cameron said: “Fiserv is well-positioned to carry this business forward given its strength in digital banking and extensive client network.”