UK-based company Monitise, a provider of mobile money solutions, has announced the acquisition of the Turkish company Pozitron Yazilim AS.
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Monitise said that the entire issued share capital of Pozitron has been acquired via the issuing of Monitise shares valued at £24m ($39m) to Pozitron’s shareholders.
Monitise group chief executive Alastair Lukies said: "This acquisition of Pozitron further reinforces our leading position as a global technology enabler at the heart of the mobile money ecosystem.
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By GlobalData"It comes at a time when we are seeing increasing demand for interoperable mobile money services as payments become more digital by the day, not only in Turkey, Europe and the Middle East but also around the world."
Istanbul-based Pozitron delivers mobile banking, payments and commerce solutions to businesses across banking, telecoms, retail and pharmaceuticals in its home market, the Middle East and internationally.
Pozitron’s clients include Turkish Airlines, eBay, Hepsiburada.com (Turkey’s equivalent to Amazon) as well as Yapi Kredi, the fourth-largest private bank in Turkey and Qatar Islamic Bank.
Former Pozitron’s chief executive Fatih Isbecer said: "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-of-use could change how people manage their money on the move.
"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."
From now on, Isbecer will report to Peter Radcliffe, international president of Monitise.
Radcliffe commented: "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 client in Turkey, Middle East and beyond.
"Monitise and Pozitron have a common vision: to help these businesses navigate their way through the mobile money landscape. The deal is an important step in that journey."
Following the issuing of new shares in the Pozitron deal, Monitise will have 1,679,816,170 ordinary shares in issue.
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