Mobile commerce business Monitise plc has agreed to acquire US-based mobile banking company Clairmail Inc. The deal, which is subject to regulatory approval, values Clairmail at approximately £109 million.
Around 13 million end-users are currently served by the two businesses.
Alastair Lukies, Chief Executive of Monitise Group, said “Monitise has established itself as the world’s number one platform and ecosystem of choice in the hugely exciting mobile money industry. This transaction further enhances this leadership position and is great news for all those wanting to offer bank-grade mobile money services to billions of consumers worldwide. Combining Monitise and Clairmail substantially accelerates our already strong position in one of the world’s leading banking and payments market, namely the US. This deal is transformational for our customers, our team, our shareholders and our company. With the ongoing support of our strategic partners such as Visa and FIS we are perfectly placed to help our clients in the financial services industry defend and extend their position amid the seismic changes being unleashed by mobile.”