The acquisition of mobile banking and payments provider will further strengthen Monitise’s position in the mobile money market, spanning banking, payments and commerce, said the firm.
Monitise Group CEO Alastair Lukies said with a population of 314 million and over a 100% mobile phone penetration, it is anticipated that 111 million US consumers will be using mobile banking by 2016 while mobile commerce revenues are forecast to hit $31bn in 2016.
"With the ongoing support of our strategic partners such as Visa and FIS we are perfectly placed to help our clients in the financial services industry defend and extend their position amid the seismic changes being unleashed by mobile," Lukies added.
The acquisition will involve issue of up to 312,787,144 new Ordinary Shares representing 26.5% of the fully diluted share capital of the enlarged entity, post completion, and values Clairmail at £109m.
The deal is subject to US regulatory and shareholder approvals and is expected to be completed before the end of the financial year 2012.
According to the firm, the united entity will cover 13 million registered consumers across four continents while the company claims that Clairmail and Monitise process more than $10bn of payments and transfers on a current weekly annualized basis.
On completion of the acquisition, Clairmail management team and employees are expected to remain with the combined entity with Pete Daffern Clairmail CEO working closely with Frank D’Angelo, who is the executive chairman of Monitise and former executive vice president of Payment Solutions at FIS.
