Acquisition expands digital technology suite to further enable
financial institutions to provide innovative experiences and meet
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today it has reached agreement on the
terms of a recommended cash offer to acquire Monitise plc (LSE: MONI).
The acquisition is expected to accelerate the Fiserv digital strategy
and the development of a next-generation digital banking platform for
leading financial institutions worldwide.
The offer to acquire is at 2.90 pence per share and values the entire
issued and to be issued ordinary share capital of Monitise at
approximately £70 million. The transaction, which is subject to certain
conditions including Monitise shareholder approval, is anticipated to
close in the third quarter of 2017.
The Monitise portfolio of digital solutions helps some of the world's
most trusted financial institutions design, build, run and deliver
innovative 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.
Monitise technology includes FINkit®, a comprehensive cloud
native solution built specifically for financial institutions that want
to accelerate the delivery of their digital strategies. It is designed
with a micro-services architecture enabling clients to maximize
innovation and speed to market.
"Monitise has been a global pioneer and innovator in digital banking for
more than a decade," said Jeffery Yabuki, President and Chief Executive
Officer, Fiserv. "Combining its talented associates and advanced
technologies with leading digital solutions from Fiserv will expand our
clients' ability to provide differentiated experiences to their
FINkit is expected to accelerate the integration of existing online and
mobile banking capabilities, and user experiences, into a newly enhanced
digital platform resulting in improved speed to market of new features,
while targeting a lower total cost of ownership.
"We are proud of the talented people and innovative technology solutions
across the Monitise businesses," said Lee Cameron, Chief Executive
Officer, Monitise. "Fiserv is well-positioned to carry this business
forward given its strength in digital banking and extensive client
network. 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."
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to assumptions, risks and
uncertainties that may cause actual results to differ materially from
those contemplated by such forward-looking statements. The factors that
may adversely impact the anticipated outcomes include, among others: the
occurrence of any event, change or other circumstances that results in
or could result in the conditions to the acquisition not being satisfied
(whether or not such event, change or other circumstance also results in
the acquisition not completing); as well as additional factors, such as
the possibility that the parties may be unable to achieve expected
results of the merger within the expected time-frames or at all;
integration may be more difficult, time-consuming or costly than
expected; the retention of certain key employees; legislative and
regulatory actions; changes in client demand for the company's products
or services; the impact of the company's strategic initiatives; and
other factors included in the company's filings with the SEC, including
its Annual Report on Form 10-K for the year ended December 31, 2016. You
should consider these factors carefully in evaluating forward-looking
statements, and are cautioned not to place undue reliance on such
statements. Fiserv assumes no obligation to update any forward-looking
statements, which speak only as of the date of this press release.
This announcement is for information purposes only and is not intended
to and does not constitute, or form part of, an offer, invitation or the
solicitation of any offer to purchase, subscribe for or otherwise
acquire, sell or otherwise dispose of any securities or the solicitation
of any vote or approval in any jurisdiction pursuant to the proposed
transaction mentioned or otherwise. In particular, the acquisition is
subject to the conditions and certain further terms that are set out in
the formal announcement of a recommended cash offer for Monitise dated
June 13, 2017, which has been made in accordance with rule 2.7 of the UK
Takeover Code and the full text of which is available at www.fiserv.com/offer_for_monitise_plc
and to the full terms and conditions which will be set out in the scheme
of arrangement document to be dispatched to (among others) Monitise
shareholders containing the terms and conditions of the proposed scheme
of arrangement under part 26 of the Companies Act 2006 to effect the
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and
deliver financial services experiences that are in step with the way
people live and work today. For more than 30 years, Fiserv has been a
trusted leader in financial services technology, helping clients achieve
best-in-class results by driving quality and innovation in payments,
processing services, risk and compliance, customer and channel
management, and insights and optimization. Fiserv is a member of the
FORTUNE® 500 and has been named among the FORTUNE Magazine
World's Most Admired Companies® for four consecutive years,
ranking first in its category for innovation in 2016 and 2017. For more
information, visit fiserv.com.
Monitise plc (LSE: MONI) is a specialist in financial services
technology focused on accelerating the digital transformation of banks
and financial institutions. Monitise FINkit® platform and
associated capabilities builds upon over a decade of experience in
delivering digital services to banks and financial services partners.
Whether it is augmenting legacy systems with minimal impact on those
systems, a greenfield project, or strategic digital transformation,
FINkit® delivers innovation at speed, safely and securely.
Find out more at www.monitise.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170612006384/en/
Source: Fiserv, Inc.
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