Latest Monitise Acquisition Accelerates Mobile Money Capabilities (Feb. 3, 2014)
Monitise plc has acquired Pozitron Yazilim A.S., an Istanbul-based, privately owned mobile technology company. The all-share deal is worth £24 million (US$32.2 million) to £36 million (US$58.8 million), depending on whether certain performance-related targets are met within a three-year period, according to the London-based banking and mobile payments provider.
“[The acquisition] comes at a time when we are seeing increasing demand for interoperable mobile money services as payments become more digital by the day, not only in Turkey, Europe and the Middle East, but also around the world,” Monitise Group CEO Alastair Lukies said in today’s announcement.
Pozitron provides mobile money solutions for more than 30 enterprises in industries, such as banking, telecommunications, retail and pharmaceuticals. Clients include Turkish Airlines, eBay, ING, GlaxoSmithKline and Hepsiburada.com, which is Turkey’s equivalent to Amazon. Pozitron founder and CEO Fatih Isbecer will report to Peter Radcliffe, Monitise president, international.
“When we began putting mobile at the heart of our commercial focus nine years ago, we had a vision for how innovative design and ease of use could change how people manage their money on the move,” Isbecer said. “Joining Monitise accelerates that vision and gives us access to the group’s unrivalled technologies and expertise.”