Mobile banking software company Monitise has decided to continue operating as an independent company rather than seeking to be taken over.
In January 2015, Monitise put itself in the shop window, announcing that it could benefit from being part of another business.
Shares in the UK company dropped 10% on news that it was expected to report a drop in revenues. Monitise said at the time that it was reviewing its options – including being taken over.
But following a strategic review, the company said “the board has concluded that the best way of maximising long-term value for shareholders is to continue as an independent company”.
It will focus on sales in Europe, the Middle East and North America.
Read more about Monitise
- IBM and Oracle have emerged as potential candidates to take over British mobile software company Monitise.
- Monitise said it is reviewing its options – including the company being taken over.
- Virgin Money has partnered with mobile money provider Monitise to provide customers with mobile banking solutions.
According to reports in January, several US technology giants, including Oracle and IBM, had shown an interest in acquiring Monitise. The company said it had received expressions of interest, but decided these were not best for the future.
Monitise chairman Peter Ayliffe said he was confident that the business is at a point in its development where the prospects for delivering long-term value are excellent.
“The feedback from third parties re-affirms that we have a uniquely strong technology platform, a talented and highly respected management team, and a deep well of support among staff, partners and clients for what we are seeking to achieve,” he said.
José María Fuster, corporate director of innovation at Monitise customer Banco Santander, said the software provider is uniquely well positioned as an independent player in the fast-growing digital money space.
“We have already, through our partnership with Monitise, developed some market-leading propositions for our customers and intend to continue doing so through what we expect to be a long and mutually beneficial collaboration,” he said.