Mobile money specialist Monitise said that it has acquired Pozitron Yazilim, a privately-owned mobile technology company based in Turkey, delivering mobile banking, payments and commerce solutions to businesses in its home market, the Middle East and internationally.
Under the all-share deal, Monitisewill issue a total of nearly 36m ordinary shares valued at £24m, with an earn-out consideration of up to £36m payable, in ordinary shares or cash at Monitise’s discretion, on the achievement of aggressive performance-related targets over three years.
The Pozitron business, led by chief executive (CEO) and Turkish entrepreneur Fatih ??becer, will report to Peter Radcliffe, president, international, monitise. ??becer founded the business in 2000, initially as a software development company before evolving it to a mobile-first technology business in 2005.
Istanbul-based Pozitron powers next generation mobile money solutions for more than 30 leading enterprises across banking, telecoms, retail and pharmaceuticals, including Turkish Airlines, eBay, ING,TEB, which is part of BNP Paribas, GlaxoSmithKline and Hepsiburada.com, Turkey’s equivalent to Amazon.
Financial services partners in its home market include Türkiye ?? Bankas?, the largest bank in Turkey, Yap? Kredi, the fourth-largest private bank in Turkey and BKM, the country’s national payments switch. In the Middle East, Pozitron’s customers include ANB, one of the largest 15 banks in the Middle East, and QIB, the largest Islamic bank in Qatar.
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