Monitise buys US rival firm

MONITISE has made its first acquisition in its almost ten-year history with Clairmail, the US-based mobile banking software firm.

The British financial services technology company forked out $173m (£108.5m) to buy its rival, which will account for 26.5 per cent of the combined group, worth almost £400m.

The acquisition of Clairmail, which grew revenues by 90 per cent to $18m in 2011, will see Monitise work for a third of the top 50 North American financial institutions and reach 13m consumers on four continents.

Chief executive Alastair Lukies, who founded Monitise in 2003, 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.

“The future of payments, the internet, retail and social networking is all mobile,” he added.

Monitise already provides services to RBS and Lloyds TSB, and works closely with Visa, its biggest shareholder.