UK Banking Tech Firm Monitise Acquires US-Based Clairmail For $173M
The mobile M&A just keeps rolling, along with some lofty valuations. While many U.S. companies are looking westward and eastward to buy their
way into international markets, the UK banking services company Monitise plc has acquired the U.S. company Clairmail, which is considered a leading third-party provider of mobile banking and payment
solutions. The acquisition will be paid by issuing new stock shares, valued at $173 million.
Clairmail clams to be the provider of mobile banking services for a third of the top 50 banks in North America. It says that it has more active users of its systems than any other mobile banking provider. The technology allows bank customers to manage their accounts with advanced mobile tools like depositing a check by taking a mobile photo of it. It also protects against fraud and allows mobile payments. According to Monitise, Clairmail revenues increased 90% in 2011.
Monitise says the acquisiition helps position its growth globally and builds a pure-play mobile banking solution that is larger than anything in the U,S, market. Combined, the companies will serve banks such as Royal Bank of Scotland, PNC and U.S. Bank. The expanded company will be responsible for over $10 billion in payments and transfers weekly. Monitise has existing relationships with Visa.
This is yet another acquisition in the mobile segment in recent weeks. Social game maker Zynga bought “Draw Something” mobile game publisher OMGPOP for a hefty $53.1 million. And Asian telco SingTel bought U.S. mobile marketing agency Amobee for $321 million.
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