Monitise, a U.K.-based mobile financial provider announced that it has purchased Pozitron Yazilim, a mobile technology company based in Turkey, which is focused on Turkey and the rest of the Middle East. The $ 100 million move in an all-share deal, gives the growing Monitise a new grip in that region.
Alastair Lukies, Monitise group chief executive said that Europe, Turkey and the Middle East are witnessing increasing demand for interoperable mobile money services as payments have become more digitalized these days. He also said that the acquisition has further reinforces the company’s leading position as a global technology enabler. During 2012, Monitise bought Clairmail, a U.S.-based mobile banking provider, which has aided its expansion into North America.
The acquisition will position Monitise with access to major partners and clients in the Middle East. Pozitron’s mobile solutions are used by almost three dozen major enterprises in the region, including eBay, ING and Turkish Airlines. Financial service partners include Türkiye İş Bankası, which is the largest bank in Turkey.
Pozitron which was established in 2000 by Turkish entrepreneur Fatih İşbecer initially started its life as a software development company but in 2005, it switched to an emphasis on mobile technology. Pozitron said that it has no venture backing and it is debt free will be rebranded with the name of its new parent. İşbecer will become head of Monitise’s Africa and Middle East unit. 130 employees of Pozitron will join Monitise.
In 2011, İşbecer said that mobile banking solutions in Middle East, particularly Turkey are quite popular and sophisticated. He also cited a fast growing mobile phone market, large number of young users and the attraction of mobile banking as a better way for those without access to traditional banks to execute transactions through person-to-person payments or peer-to-peer lending.
Monitise’s services, which are available for BlackBerry, Apple and Android devices, includes international remittances, SMS banking, ATM and branch locators, peer-to-peer payments, account transfers, messaging alerts, card management and proximity payments. Monitise said that before this acquisition, it counted 24 million end-users worldwide.
Earlier, Monitise announced a three-year deal with the Finnish banking group, OP-Pohjola Group, in which Monitise will provide card payment technologies for the bank’s merchant customers and small business as well as the capability to view recent transactions and generate digital tax receipts. Recently Monitise launched a Chinese-language mobile money service in partnership with a Hong Kong-based ATM network provider JETCO, the Bank of China and mobile network operator PCCW-HKT.