Acquisition expands digital technology suite to further enable financial institutions to provide innovative experiences and meet evolving expectations
Fiserv, Inc. (NASDAQ: FISV), a global provider of financial services technology solutions, announced today it has reached agreement on the terms of a recommended cash offer to acquire Monitise plc (LON: MONI). The acquisition is expected to accelerate the Fiserv digital strategy and the development of a next-generation digital banking platform for financial institutions worldwide.
The offer to acquire is at 2.90 pence per share and values the entire issued and to be issued ordinary share capital of Monitise at approximately £70 million. The transaction, which is subject to certain conditions including Monitise shareholder approval, is anticipated to close in the third quarter of 2017.
The Monitise portfolio of digital solutions helps some of the world’s most trusted financial institutions design, build, run and deliver innovative digital banking experiences. Through this acquisition, Fiserv will expand its suite of technologies that enable financial institutions to meet rapidly evolving consumer expectations for financial services. Monitise technology includes FINkit®, a comprehensive cloud native solution built specifically for financial institutions that want to accelerate the delivery of their digital strategies. It is designed with a micro-services architecture enabling clients to maximize innovation and speed to market.
Monitise has been a global pioneer and innovator in digital banking for more than a decade,” said Jeffery Yabuki, President and Chief Executive Officer, Fiserv. “Combining its talented associates and advanced technologies with leading digital solutions from Fiserv will expand our clients’ ability to provide differentiated experiences to their customers.
FINkit is expected to accelerate the integration of existing online and mobile banking capabilities, and user experiences, into a newly enhanced digital platform resulting in improved speed to market of new features, while targeting a lower total cost of ownership.
We are proud of the talented people and innovative technology solutions across the Monitise businesses,” said Lee Cameron, Chief Executive Officer, Monitise. “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.