UK-based mobile payments company Monitise has appointed advisers to carry out a strategic review of its business with a view to being bought, following its third revenue warning within a year.

The technology firm announced it was expecting full-year revenues to stay flat at between £90m and £100m, rather than growing by 25 per cent as originally projected. Revenues for the first half of the year were £42.4m, down from $46.5m for the same period last year.

Share prices in the company have plummeted following the news, down 22.4 per cent in early trading this morning. The company has recently been attempting to reposition itself, shifting from one-off app development projects to providing a mobile payment platform for financial institutions and other customers to use.

However, with many financial services companies increasingly viewing mobile as a core part of their businesses, many are taking platform development in-house, and fewer are willing to farm such work out to providers such as Monitise.

Despite recent deals with Virgin Money, as well as Mastercard, Telefonica and Santander, it has struggled, with software licence revenue predicted to halve in H1 2015 to just £4.4m, while subscription and transaction revenues increase only eight per cent.

The company has appointed Moelis & Company to carry out the strategic review, with the aim of outlining “all options open to the company to maximise value for shareholders.”

In a statement announcing the review, the company said, “The Board believes that the company has an exciting future as an independent business, however it recognises that there may be other businesses which could leverage Monitises capabilities for digital commerce enablement to significantly accelerate the growth of the business and take maximum advantage of the growth opportunities in the market today.”