Monitise acquires Istanbul-based pay-tech company Pozitron for $100M

pozitron-monitise-webrazziBritish mobile payments expert Monitise is acquiring Pozitron, a major player in Turkey’s mobile technologies sector, for $100 million. Monitise has just declared the acquisition to London Stock Exchange where its shares are traded (LSE:MONI), Webrazzi learned. According to the deal, Istanbul office will be the regional headquarters in charge of Turkey and the Middle East.

Our sources told that Pozitron’s present team will remain intact after the acquisition. Which may be seen as a reflection of Monitise’s Middle Eastern ambitions is that Istanbul office is planned to grow to 400 employees witin 2 years. and Pozitron’s founder and CEO Fatih İşbecer will lead the team who will run the operations in the Middle East and Turkey.

Founded in 2000, Pozitron provides mobile technology solutions in banking, telecom and pharmaceutical sectors. Its clients include major banking corporations like ING, Is Bank, Yapı Kredi Bank, TEB BNP Paribas as well as sectoral leaders such as Turkish Airlines, GlaxoSmithKline, eBay, Hepsiburada. Middle Eastern giants ANB and QIB are also using Pozitron’s technologies and services. Fırat İşbecer (COO) ve Mete Balcı (CTO) were also the shareholders in the company.

The Monitise Group is a global leader in mobile money solutions, incorporating a range of mobile banking, payment and commerce services to deliver financial management by smartphones, tablets and more traditional handsets. Company claimed that around 24 million consumers benefiting from their patented technologies, accounting for $50bn of payments, purchases and transfers annually.

UPDATE: According to the press release, Monitise acquired Pozitron in a ‘all share deal’. It says that Pozitron, like Monitise, is achieving high revenue growth rates with around 130 employees, is profitable and debt free. Pozitron had a £2m cash balance on acquisition.

The initial consideration is to be satisfied by the issue of 35,925,589 new ordinary shares of 1p each in the company, valued at £24 million, based on the closing share price of 66.5p on Friday 31 January, 2014. Up to £36 million is also payable as an earn-out consideration, in ordinary shares or cash at Monitise’s discretion, on the achievement of aggressive performance-related targets over three years.

“This acquisition of Pozitron further reinforces our leading position as a global technology enabler at the heart of the Mobile Money ecosystem,” said Monitise Group Chief Executive Alastair Lukies. “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.”

UPDATE 2: New title of Pozitron founder Fatih İşbecer is the CEO of Middle East and Africa division in Monitise.

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