Fiserv Inc., the Brookfield-based provider of financial technology to banks and credit unions, has closed its acquisition of Monitise, a UK-based mobile payments software and solutions provider.
This acquisiton will enable Fiserv to expand its suite of technologies that help financial institutions to meet rapidly evolving consumer expectations for financial services.
Fiserv has initially agreed to buy Monitise for approximately $89.1 million in June, but two months later, it raised its offer to about $98 million.
“Monitise has been a global pioneer and innovator in digital banking for more than a decade. Combining its talented associates and advanced technologies with leading digital solutions from Fiserv will expand our clients’ ability to provide differentiated experiences to their customers,” said Jeffery Yabuki, President and Chief Executive Officer at Fiserv.
“We are proud of the talented people and innovative technology solutions across the Monitise businesses. Fiserv is well-positioned to carry this business forward given its strength in digital banking and extensive client network. We are confident that Monitise clients will be served well by Fiserv and its long-standing commitment to creating value for its clients,”said Lee Cameron, Chief Executive Officer, Monitise.
Monitise has made an impact on fintech scene, connecting banks and mobile operators together in a venture that saw its market value skyrocket. Recently, the company has been experiencing increased competition from free mobile alternatives such as Apple Pay and Google Pay. Monitise technology includes FINkit, a comprehensive cloud native solution built especially for financial institutions that want to expedite the delivery of their digital strategies.
Founded in 1984, Fiserv (www.fiserv.com) is a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization.
Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World’s Most Admired Companies® for four consecutive years.