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Fiserv closes Monitise acquisition deal

BBR Staff Writer Published 05 September 2017

US-based financial services technology solutions provider Fiserv has completed the acquisition of London-based Monitise.

The acquisition is expected to enable Fiserv to speed up its digital strategy and the development of a next-generation digital banking platform for financial institutions across the world.

The deal, which  was announced in June this year, valued Monitise at £70m. But, Fiserv had to raise the offer price to £75m after Monitise's investors led by Cavendish Asset Management criticized the deal for being too low, Reuters reported.

Monitise, which had a valuation of more than £bn three years ago, is a financial services technology provider with focus on digital transformation of banks and financial institutions.

The company's FINkit platform, a cloud native solution, is designed for financial institutions that intend to speed up the delivery of their digital strategies. 

At the time of announcement of the deal, Fiserv president and CEO Jeffery Yabuki said: "Monitise has been a global pioneer and innovator in digital banking for more than a decade.

"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."

In August, Brookfield, Wisconsin-based Fiserv has acquired Dovetail Group, an Irish bank payments and and liquidity management solutions provider.

The deal is expected to allow Fiserv to help financial institutions to transform their payments infrastructure and meet the changing needs of wholesale, commercial and retail customers.

Image: Fiserv completes the acquisition of Monitise. Photo: Courtesy of M.O. Stevens/Wikipedia.