Fiserv makes £70m bid to buy embattled UK mobile payments company Monitise

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Fiserv is reported to have agreed to buy embattled UK financial services technology firm Monitise for £70m ($88.72 million).

Monitise

Fiserv to buy Monitise

AIM-listed Monetise, worth about £2bn  at its peak in early 2014, blazed a trail by linking banks and mobile operators to build a business capable of handling billions of dollars in mobile payments, purchases and money transfers.

But the company, founded in 2003, then faced increased competition from free mobile payment systems offered by the likes of Alphabet and Apple.

In 2015, Monitise put itself up for sale, blaming changes in its business model for a string of revenue warnings, but failed to find a buyer.

Tuesday’s offer of £0.029 in cash per Monitise share, represents a premium of 26% to the share’s close of £0.023 on Monday.

Monitise, which has been advised by Canaccord Genuity on the deal, consider the terms to be “fair and reasonable”.

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