|By PR Newswire||
|February 3, 2014 04:10 AM EST||
LONDON, February 3, 2014 /PRNewswire/ --
Monitise plc (LSE: MONI.L) ("Monitise", the "Company" or the "Group") announces the acquisition of Pozitron Yazilim A.S., a privately-owned mobile technology company based in Turkey, delivering mobile banking, payments and commerce solutions to businesses in its home market, the Middle East and internationally.
"This acquisition of Pozitron further reinforces our leading position as a global technology enabler at the heart of the Mobile Money ecosystem," said Monitise Group Chief Executive Alastair Lukies. "It 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."
The entire issued share capital of Pozitron has been acquired via an all share deal. The initial consideration is to be satisfied by the issue of 35,925,589 new ordinary shares of 1p each in the Company ("Ordinary Shares"), valued at £24m, based on the closing share price of 66.5p on Friday 31 January, 2014, with an earn-out consideration of up to £36m payable, in Ordinary Shares or cash at Monitise's discretion, on the achievement of aggressive performance-related targets over three years. Pozitron, like Monitise, is achieving high revenue growth rates. The Pozitron business, with around 130 employees, is profitable, debt free and has a £2m cash balance on acquisition.
Istanbul-based Pozitron, a leading business in Turkey's Mobile Money space, powers next generation Mobile Money solutions for more than 30 leading enterprises across banking, telecoms, retail and pharmaceuticals, including Turkish Airlines, eBay, ING, TEB, which is part of BNP Paribas, GlaxoSmithKline and Hepsiburada.com, Turkey's equivalent to Amazon. Financial services partners in its home market include Türkiye İş Bankası, the largest bank in Turkey, Yapı Kredi, the fourth-largest private bank in Turkey and BKM, the country's national payments switch. In the Middle East, Pozitron's customers include ANB, one of the largest 15 banks in the Middle East, and QIB, the largest Islamic bank in Qatar.
The Pozitron business, which has been led by Chief Executive and Turkish entrepreneur Fatih İşbecer, will report into Peter Radcliffe, President, International, Monitise.
İşbecer founded the business in 2000, initially as a software development company before evolving it to a mobile-first technology business in 2005. Pozitron, which won the Global Business Plan Contest organised by Harvard Business School in 2008 for an integrated mobile banking product, is a Deloitte Top 10 fastest growing business in Turkey and a Deloitte Technology Fast500 EMEA winner in 2011, 2012 and 2013.
"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," said İşbecer. "Joining Monitise accelerates that vision and gives us access to the Group's unrivalled technologies and expertise. We look forward to being part of the Monitise team as demand grows for Mobile Money solutions."
Commenting on the acquisition, Monitise's Peter Radcliffe said: "Fatih and his team has positioned Pozitron as a leader in its field, delivering best-in-class, easy-to-use mobile engineering and user experience and design capabilities for clients in Turkey, the Middle East and beyond."
Peter Radcliffe added: "Banks, processors, telcos and retailers all need to create secure, interoperable Mobile Money services which defend them against disintermediation, generate new revenue opportunities and enable them to play a wider role in their customers' lives. Monitise and Pozitron have a common vision: to help these businesses navigate their way through the Mobile Money landscape. This deal is an important step in that journey."
Application has been made for the 35,925,589 Ordinary Shares to be admitted to trading on AIM ("Admission"). The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in the Company and it is expected that dealings in these new Ordinary Shares will commence on 4 February 2014.
Following Admission, Monitise will have 1,679,816,170 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
Monitise (LSE: MONI) is a world leader in Mobile Money - banking, paying and buying with a mobile device. Leading banks, payments companies, retailers and mobile networks utilise Monitise's technology platforms and services to securely connect people with their money.
Already 24 million consumers benefit from our patented technology to 'bank anywhere', 'pay anyone' and 'buy anything', accounting for $50bn of payments, purchases and transfers annually. More information is available at http://www.monitise.com.
Monitise plc contacts
Alastair Lukies, Chief Executive Officer
Lee Cameron, Chief Commercial Officer
Brad Petzer, Chief Financial Officer
Mike Keyworth, Chief Information Officer
Andrew Griffin, Haya Herbert-Burns
SOURCE Monitise plc
SYS-CON Events announced today that Interface Masters Technologies, provider of leading network visibility and monitoring solutions, will exhibit at the 17th International CloudExpo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading provider of high speed networking solutions focused on Gigabit, 10 Gigabit, 40 Gigabit and 100 Gigabit Ethernet network access and connectivity products. For over 20 ye...
Oct. 4, 2015 08:45 PM EDT Reads: 629
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect ...
Oct. 4, 2015 08:45 PM EDT Reads: 557
SYS-CON Events announced today that Agema Systems will exhibit at the 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Agema Systems is the leading provider of critical white-box rack solutions to data centers through the major integrators and value added distribution channels.
Oct. 4, 2015 08:30 PM EDT Reads: 618
While testing is often ignored when it comes to DevOps - it could be the most important aspect of achieving true DevOps success. Without rethinking automated testing from the ground-up, the entire DevOps productivity gain cannot be realized. Large tech companies build their own rapid test automation that runs in minutes across functional, performance, security and other tests. In his session at DevOps Summit, Kevin Surace, CEO of Appvance, will discuss how we learn from these real-world succe...
Oct. 4, 2015 08:00 PM EDT Reads: 388
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, ...
Oct. 4, 2015 08:00 PM EDT Reads: 352
SYS-CON Events announced today that Machkey International Company will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Machkey provides advanced connectivity solutions for just about everyone. Businesses or individuals, Machkey is dedicated to provide high-quality and cost-effective products to meet all your needs.
Oct. 4, 2015 07:45 PM EDT Reads: 268
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Oct. 4, 2015 07:15 PM EDT Reads: 208
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Oct. 4, 2015 07:00 PM EDT Reads: 337
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
Oct. 4, 2015 06:30 PM EDT Reads: 717
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
Oct. 4, 2015 06:30 PM EDT Reads: 481
Interested in leveraging automation technologies and a cloud architecture to make developers more productive? Learn how PaaS can benefit your organization to help you streamline your application development, allow you to use existing infrastructure and improve operational efficiencies. Begin charting your path to PaaS with OpenShift Enterprise.
Oct. 4, 2015 06:00 PM EDT Reads: 317
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Oct. 4, 2015 06:00 PM EDT Reads: 724
Clutch is now a Docker Authorized Consulting Partner, having completed Docker's certification course on the "Docker Accelerator for CI Engagements." More info about Clutch's success implementing Docker can be found here. Docker is an open platform for developers and system administrators to build, ship and run distributed applications. With Docker, IT organizations shrink application delivery from months to minutes, frictionlessly move workloads between data centers and the cloud and achieve 2...
Oct. 4, 2015 05:45 PM EDT Reads: 380
SYS-CON Events announced today that Key Information Systems, Inc. (KeyInfo), a leading cloud and infrastructure provider offering integrated solutions to enterprises, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Key Information Systems is a leading regional systems integrator with world-class compute, storage and networking solutions and professional services for the most advanced softwa...
Oct. 4, 2015 05:15 PM EDT Reads: 281
DevOps is gaining traction in the federal government – and for good reasons. Heightened user expectations are pushing IT organizations to accelerate application development and support more innovation. At the same time, budgetary constraints require that agencies find ways to decrease the cost of developing, maintaining, and running applications. IT now faces a daunting task: do more and react faster than ever before – all with fewer resources.
Oct. 4, 2015 04:00 PM EDT Reads: 265