Fiserv acquires Monitise for £75 million
Written by Anthony Strzalek
US FinTech company Fiserv has announced the completed acquisition of UK firm Monitise in a £75 million deal, as it looks to expand its digital technology suite.
Last month, Monitise accepted the improved takeover bid of £75 million from Fiserv, after a previous bid of £70 million was deemed as “too low” by shareholders.
The first bid was initially accepted by Monitise, but caused concern among shareholders, who threatened to withdraw their support from the acquisition.
The revised offer of 3.1 pence per share was approved by Monitise, which is a 35 per cent premium to its share price. Fiserv had said that the deal was final and would not be improved, unless a third party were to submit a bid.
The British mobile payments firm has been in crisis since being valued at over £1 billion in 2014. In 2015, the firm published an annual pre-tax loss of £227 million, more than three times its losses during the previous year. This resulted in CEO Elizabeth Buse jumping ship, while investors looked to sell Monitise after more than halving its stock market value in a single day of trading.