LONDON--(Marketwire - Jun 26, 2012) - Monitise plc (LSE: MONI.L), the technology and services company delivering mobile banking, payments and commerce networks worldwide, announces that it has completed the acquisition of US mobile banking and payments specialist Clairmail Inc. ("Clairmail"), further enhancing Monitise's position as the global leader in the fast-expanding Mobile Money market.
As previously announced, each of the proposed resolutions relating to the acquisition was approved at Monitise's general meeting of the Company held on 25 June 2012.
Acquisition highlights and benefits:
- World-leading bank-grade Mobile Money platform servicing more than 15m registered customers, up from 13m when the acquisition was announced in March, 2012.
- Enhanced partner and client base includes financial institutions and payments companies such as Visa Inc. and Visa Europe, FIS, Fifth Third Bank, U.S Bank, Royal Bank of Scotland, HSBC, Lloyds TSB, Co-operative Banking Group, Sallie Mae, PNC Bank, Frost National Bank, Standard Chartered, Permata Bank and HDFC Bank among others.
- Combined business handling over a billion transactions per annum, as well as payments and transfers worth US$15bn on a current weekly annualised basis.
- In North America, Monitise now provides Mobile Money services to over 300 financial institutions and partners, including a third of the top 50 North American financial institutions and of these eight of the top 13.
- Combined pro forma revenues for calendar 2012 expected to be close to US$100m.
- Before the end of calendar 2013, Monitise expects the acquisition to be earnings accretive and the enlarged group to achieve EBITDA breakeven.
- More than 600 technology, R&D and sales staff across key geographies including North America, Europe, the UK, Asia Pacific, Africa and India.
"We are now handling over 100 million transactions a month as consumers benefit from always-on mobile access to their finances. We remain on track for a strong trading year and will be further strengthened next year by our acquisition of Clairmail. As the only pure play Mobile Money specialist with the scale and experience to deliver live services across four continents, we are honoured to be working with some of the world's leading banks and payments companies," said Monitise Group Chief Executive Alastair Lukies.
Monitise works with businesses in the US and around the world, helping financial institutions and payment companies defend and extend their market position amid exploding consumer demand for Mobile Money services.
The company has strategic partnerships with: Visa Inc., the world's largest retail electronics payments network; Visa Europe, which is owned and operated by more than 3,700 European member banks; FIS, the world's largest global provider dedicated to banking and payments technologies; and RBS Technology Services to broaden Mobile Money services across all RBS Group divisions.
Lukies said: "Since its inception Monitise has believed that financial institutions are best placed to provide sustainable, scalable and innovative solutions across all digital channels when it relates to consumers' finances. Banks' involvement at the centre of the Mobile Money supply chain gives consumers the confidence and security they need to embrace new services both online and offline from merchants, affinity partners and other consumer brands, all delivered across the device of choice for six billion of the world's population, namely the mobile phone."
The ability of mobile to help consumers manage how they bank, pay or shop is playing out in ways that few imagined even a short while ago. Gartner forecast in May 2012 that the worldwide value of mobile payments transactions is expected to surge 62% to $171.5bn this year from $105.9bn a year ago. In the US, Javelin Research sees 111m consumers using mobile banking in 2016 while Forrester forecasts US mobile commerce revenues to hit $31bn in 2016.
Lukies added: "With our acquisition of Clairmail and our activities in the US and globally, we are perfectly placed, with the support of our strategic partners, to help our clients in the battle for consumer engagement."
Monitise announced the acquisition of Clairmail, a private company with headquarters in San Rafael, California, on March 26, 2012.
Monitise plc (LSE: MONI.L) is a technology and services company delivering mobile banking, payments and commerce solutions worldwide, with the proven expertise to enable financial institutions, network operators and merchants to make money more mobile globally. With live services in the UK, US, India and Africa, Monitise securely processes hundreds of millions of transactions worth billions of dollars each year via its Enterprise technology platform.
Following the acquisition of Clairmail, a California-based mobile banking and payments specialist, Monitise's strategic partner and client base includes financial institutions and payments companies such as Visa Inc. and Visa Europe, FIS, Royal Bank of Scotland, Fifth Third Bank, HSBC, Lloyds Banking Group, Co-operative Banking Group, Sallie Mae, PNC Bank, Frost National Bank, Standard Chartered, Travelex, Permata Bank and HDFC Bank among others. Other leading partners include Vocalink, Vodafone, Orange, O2, T-Mobile, 3 UK, Research In Motion, The Carphone Warehouse, First Eastern, Astra International, JETCO and PCCW mobile.
More information is available at www.monitisegroup.com
Monitise Group Executive Team
Alastair Lukies, Chief Executive Officer
John Brougham, Chief Financial Officer
Lee Cameron, Chief Commercial Officer
Mike Keyworth, Chief Operating Officer
Frank D'Angelo, President, Americas
Pete Daffern, President, Group Business Development
Lisa Stanton, EVP Payments
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