Monitise’s Clairmail deal could be bad news for London market

MONITISE’S acquisition of US mobile banking software firm Clairmail is expected to pass a shareholder vote today with flying colours.

But if approved, the $173m (£111m) deal could be bad news for London’s stock market.

It is understood that Monitise, currently traded on AIM, plans to move its listing across the pond once the financial services technology company settles into its new position stateside.

Announcing the deal in March, Monitise said it would count a third of North America’s top 50 financial institutions as clients and reach 13m consumers across four continents after acquiring Clairmail.

“Monitise is not far off outgrowing AIM, and moving its listing to the US is definitely a strong possibility,” a spokesperson for the company told City A.M. yesterday.

The spokesperson stressed that it is early days, adding that no decision has yet been made, but confirmed that Monitise is already speaking to bigger global banks.

The British firm is currently advised by Canaccord Genuity.