Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
27th March 2012
Monitise buys Clairmail
Monitise has agreed to buy Clairmail subject to regulatory approval. The all paper deal values Clairmail at $173.2m (€130.5m £109.0m $173.2m ¥14,325m Y1,092m). The purchase will involve increasing the equity base within Monitise by around 26.5%. In an indication that they think the deal may be scrutinised carefully by the authorities the timeline for completion was 'by end of year'.
The deal is estimated to be accretive by the end of the calendar year 2013. One of the reason's for Monitise's interest is the direct sales capability of Clairmail.
The bold move will give Monitise a stronger base in the US as well as the potential for various synergies from the combined technology of the two groups. Monitise recognises in the press release the importance of the US - "expected to be the world’s largest mobile banking and payments market". The company has a strategic partnership with FIS involving FIS holding a small stake in Monitise. It also has partnering agreements with both Visa Inc. and Visa Europe.