Mobile payments firm Monitise has concluded its strategic review, with the board concluding that the best way to maximise long-term value for shareholders is to continue as an independent company.

The strategic review began in January after the business issued its third revenue warning within a year to shareholders, telling them to expect annual revenues to remain flat rather than show any year-on-year growth.

The company, which provides mobile payment solutions for financial institutions, has been in trouble as more and more financial services companies elect to develop platforms in-house, with mobile increasingly seen as a core part of their business.

Moelis & Company carried out the strategic review, and while it was taking place, Monitise announced an offer period  during which it was willing to consider takeover bids by interested parties.

According to the company, it received a number of expressions of interest from various parties, but concluded that none presented enough certainty over their ultimate deliverability to be accepted.

As a result of the strategic review, the company has made several changes to the board, with co-CEO Elizabeth Buse becoming sole CEO, while founder and co-CEO Alastair Lukies steps down from the board to become her strategic adviser. Stephen Shurrock, CEO of consumer at Telefónica, has been appointed as non-executive director, representing the interests of strategic shareholders Telefónica and Santander.

“Monitise is a great business with a unique offering,” said Buse. “My priorities are centred on delivering value to all our stakeholders through the development and deployment of excellent products and services and to ensure that Monitise remains on track to become EBITDA profitable in FY 2016 and continues to be well positioned to deliver against its longer term goals.”