News

Fiserv strikes cash deal to acquire Monitise

June 14, 2017

Fiserv Inc., a provider of financial services technology solutions, has reached agreement on the terms of a recommended cash offer to acquire Monitise PLC.

Fiserv expects that the acquisition will accelerate its development of a next-generation digital banking platform for financial institutions, according to a press release. Monitise technology includes FINkit, a comprehensive cloud native solution built for financial institutions that want to accelerate delivery of their digital strategy. The solution employs micro-services architecture that allows users to maximize speed to market, according to the release.

"Monitise has been a global pioneer and innovator in digital banking for more than a decade," Fiserv CCO Jeffery Yabuki said in the release. "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."

"Fiserv is well positioned to carry this business forward given its strength in digital banking and extensive client network," Monitise CEO Lee Cameron said in the release. "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."

Fiserv is offering to pay $3.71 per share for Monitise, with a total layout of approximately $90 million. The transaction is expected to close in Q3.