Monitise Expands Mobile Banking Reach in the Middle East
Published on: 3rd Feb 2014
By: Ian Mansfield
UK based mobile banking services provider Monitise has announced that it is buying Pozitron Yazilim a privately owned mobile technology company based in Turkey delivering mobile banking payments and commerce solutions to businesses in the region.
Monitise is paying £24 million for the Turkish company in an all-shares agreement, with up to £36 million to be paid later based on performance over the next three years.
The Pozitron business, with around 130 employees, is profitable, debt free and has a £2m cash balance on acquisition. It counts 30 large firms as its customers.
The Pozitron business, which has been led by Chief Executive and Turkish entrepreneur Fatih İşbecer, will report into Peter Radcliffe, President, International, Monitise.
İşbecer founded the business in 2000, initially as a software development company before evolving it to a mobile-first technology business in 2005.
Commenting on the acquisition, Monitise's Peter Radcliffe said: "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 clients in Turkey, the Middle East and beyond."