Monitise buys Turkish mobile money firm Pozitron for £60m
MOBILE payment firm Monitise yesterday acquired Pozitron Yazilim, the Turkish mobile banking and payments business, for up to £60m in shares and cash.
Pozitron, led by chief executive Fatih Isbecer, has around 130 employees, is profitable and was listed on Deloitte’s top ten fastest growing Turkish businesses last year.
“Fatih and his team has positioned Pozitron as a leader in its field, delivering best-in-class, easy-to-use mobile engineering and user experience and design capabilities for clients in Turkey, the Middle East and beyond,” said Monitise international president Peter Radcliffe.
The deal amounts to £24m of ordinary shares in Monitise and £36m payable in cash and shares based on performance-related targets over three years.
“When we began putting mobile at the heart of our commercial focus nine years ago, we had a vision for how innovative design and ease-ofuse could change how people manage their money on the move,” said Isbecer.
“Joining Monitise accelerates that vision and gives us access to the group’s unrivalled technologies and expertise. We look forward to being part of the Monitise team as demand grows for Mobile Money solutions.”
Monitise’s share price rose 0.4 per cent yesterday to 66.75p.