US Financial services tech provider Fiserv has agreed to acquire Monitise, a British financial services tech company, for around £70m. The offer to acquire at 2.90 pence per share is subject to certain conditions, including Monitise shareholder approval, and is expected to close in the third quarter of this year.
Fiserv intends to use the acquisition to accelerate its digital strategy and to help develop a next-generation digital banking platform.
“Combining its [Monitise’s] talented associates and advanced technologies with leading digital solutions from Fiserv will expand our clients' ability to provide differentiated experiences to their customers,” said Jeffery Yabuki, president and CEO at Fiserv.
With the acquisition, Fiserv will expand its suite of financial services technologies. One technology that it will add is FINkit, Monitise’s cloud native solution for financial institutions that want to accelerate the delivery of digital strategies. Using FINkit, Fiserv hopes to ‘accelerate the integration of existing online and mobile banking capabilities’ into a new digital platform.
“We are proud of the talented people and innovative technology solutions across the Monitise businesses,” said Lee Cameron, Monitise CEO. “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.”