Seeking to increase its digital banking capabilities, Fiserv announced that it reached an agreement to acquire Monitise, London-based provider of financial services technology, for $90 million in cash.
Fiserv, which also provides financial services technology solutions, said that the acquisition will help the company accelerate its digital strategy and the “development of a next-generation digital banking platform for leading financial institutions worldwide.”
Monitise currently offers a portfolio of digital solutions that helps some of the world’s largest financial institutions design, build, run and deliver digital banking experiences.
“Through this acquisition, Fiserv will expand its suite of technologies that enable financial institutions to meet rapidly evolving consumer expectations for financial services,” the company said in a release.
Jeffery Yabuki, Fiserv’s president and chief executive officer, said that the company is acquiring a “global pioneer and innovator in digital banking” that will speed the company’s development of digital banking solutions.
“Combining (Monitise’s) talented associates and advanced technologies with leading digital solutions from Fiserv will expand our clients’ ability to provide differentiated experiences to their customer,” Yabuki said.
Lee Cameron, Monitise’s CEO, said that deal will be beneficial for both Fiserv and Monitise clients alike.
“We are proud of the talented people and innovative technology solutions across the Monitise businesses,” Cameron said.
“Fiserv is well-positioned to carry this business forward given its strength in digital banking and extensive client network,” Cameron added. “Following the completion of this transaction, we are confident that Monitise clients will be served well by Fiserv and its long-standing commitment to creating value for its clients.”
The companies expect the acquisition to be finalized in the third quarter of 2017.