Morse spin-off Monitise is flexing its acquisition muscles in the North American market after snapping up mobile banking and payment specialist Clairmail.
The acquisition, worth approximately $173m (£109m), is expected to be completed before the end of the financial year 2012, subject to US regulatory and shareholder approval.
When completed, the move will make Monitise the largest mobile banking and payment firm in the US.
Clairmail employees and the management team are expected to remain with the combined company, and Pete Daffern, chief executive of Clairmail, will work closely with Frank D’Angelo, executive chairman of Monitise.
As a result of the merger, the combined company’s 2012 revenues are expected to be close to $100m, with EBITDA loss expected to be in the region of $43m.
Alastair Lukies, chief executive of Monitise Group, said: “Monitise has established itself as the world’s number-one platform and ecosystem of choice in the hugely exciting mobile money industry. This transaction further enhances this leadership position and is great news for all those wanting to offer bank-grade mobile money services to billions of consumers worldwide.
“Combining Monitise and Clairmail substantially accelerates our already strong position in one of the world’s leading banking and payments market, namely the US. With a population of 314 million and over a 100 per cent mobile phone penetration, it is anticipated that 111 million US consumers will be using mobile banking by 2016 while mobile commerce revenues are forecast to hit $31bn in 2016. The future of payments, the internet, retail and social networking is all mobile.
“This deal is transformational for our customers, our team, our shareholders and our company.”
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