26th Jun 2014 11:11
LONDON (Alliance News) - Monitise PLC said Thursday it has acquired the business and assets of Markco Media Ltd and the entire issued share capital of Last Second Ticketing Ltd in a move to enhance its international mobile commerce network.
Under the terms of the transaction Monitise has acquired the MyVoucherCodes.co.uk and Last Second Tickets brands. The mobile money provider said the deal supports its strategic focus on becoming the enabling partner of choice amid the biggest shift in financial services and shopping in a generation, as brands turn to mobile.
The initial consideration for the acquisition is to be satisfied by the issue of 43,729,676 new ordinary shares of 1 pence each in Monitise, valued at GBP24.5 million, based on the closing share price of 56.0 pence on June 25, 2014, a further GBP2.5 million of consideration held back for two years, payable in ordinary shares, and an earn-out consideration of up to an additional GBP28 million payable in ordinary shares on the basis of retention and achievement of aggressive earn-out targets over two years.
The company said that the acquisition will boost Monitise's Buy Anything mobile commerce product offerings by connecting to a network of 60,000 brands and retailers, and its capabilities in line with the platform investment previously announced in March.
MyVoucherCodes.co.uk is a voucher, coupon and discount deals site that works with 80% of the UK's leading online retailers, including Marks & Spencer, John Lewis, Debenhams, Thomson Holidays, Argos, Currys, Sky, B&Q, Tesco, Walmart, Target, Amazon, The Home Depot, and Carrefour. Last Second Tickets works directly with promoters, producers and venues to secure discounts for live music, entertainment events and leisure experiences.
Shares in Monitise were trading 1.78% higher at 57 pence per share early Thursday afternoon.
By Alice Attwood; [email protected]; @AliceAtAlliance
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