Monitise Explores Sale as Revenues Decline (Jan. 22, 2015)
Monitise plc has put itself on the block after missing recent sales growth targets, the U.K.-based mobile payments technology firm announced today. Over the past several months, Monitise twice warned investors of declining revenues, and the company said it expects to report negative earnings next month. Investment bank Moelis & Co. will conduct a strategic review of the company’s assets and explore interest from prospective buyers, Monitise said.
Monitise changed its business model in 2014, switching from selling software licenses to a subscription model, which the company said was likely to affect short-term revenue. Last September, Visa Inc., a partner and shareholder, said it would move its mobile payments technology development in-house and sell its stake in Monitise.
Monitise’s platform hosts a total user count of 82 million, and the number of registered new users continues to grow, according to the company. Major shareholders include Omega Advisors, Norges Bank, Visa Europe and Banco Santander.
See related stories: