Mobile payment facilitator Monitise has made Markco Media its latest purchase, snapping up the firm and its connected assets in a deal rumoured to be worth £55 million.
The initial consideration for the purchase is satisfied by an issue of 43,729,676 ordinary shares at a value of 1p each. A further £2.5 million of consideration will be released subject to certain conditions being met, including the achievement of “aggressive” earn-out targets over the next two years.
The move also sees Monitise acquire the entire issued share capital of two major online discount providers in Last Second Ticketing Limited and MyVoucherCodes.co.uk.
News of the purchase comes amid an effort from Monitise to bring Buy Anything, its mobile commerce network, up to 200 million registered users by the end of the financial year 2018.
The mobile way
While most of its business stems from the UK, Monitise's acquisition of Markco Media allows it to gain reach across the US, France, Germany and Brazil. The business is looking to expand Buy Anything as an increasing number of brands look to mobile shopping for their future growth.
Markco Media has established itself as a key player in the creation of services for linking consumers to online retail, and Monitise will be hoping to utilise this skill in an attempt to warm more consumers to the idea of mobile purchasing.
Its new partners include the likes of MasterCard and EE, which will now join the company’s 350-strong mobile money landscape.
Speaking in light of the news, Monitise chief commercial officer Lee Cameron was extremely positive about what the deal may entail.
“This transactions marks another step in our mobile commerce journey to make it easier for financial institutions, payment companies, mobile operators, network partners and retailers to connect with consumers in our increasingly mobile lives,” he commented.
As for Markco Media, company founder Mark Pearson said his business hopes to boast additional services and an even broader team of “mobile-first experts”.