Fri, 23 Jan 2015 | BUSINESS SALE
UK mobile payments company Monitise has appointed advisers to consider the sale of the business after announcing its third revenue warning.
The mobile banking software provider has been struggling with a transformation of its business to a subscription-based model. The firm warned that its half-year results would miss its 25 per cent target of £119 million, instead staying flat at £90 to £100 million.
The news comes despite successes including a partnership with IBM and investment deals with Santander, Telefonica and Mastercard.
The tech group also saw licence revenues nearly halve for the first six months, dropping 47 per cent to £4.4 million. Integration income also fell, down 13 per cent to £21.8 million, while subscription revenues saw slight growth, increasing eight per cent to £16.2 million.
Following the results announcement, shares in the firm fell 10 per cent further adding to the year’s woes where shares dropped nearly 75 per cent over 12 months.
Monitise said that a review is now being undertaken to provide value to shareholders, and that a takeover bid would be considered. It added that the board “recognises that there may be other businesses which could leverage Monitise's capabilities for digital commerce enablement", to both promote growth and further benefit from interest in the world of mobile banking and payments.
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