Monitise Shells Out $173M For Mobile Banking Rival

Law360, New York (March 26, 2012, 3:32 PM EDT) -- Monitise PLC has acquired fellow mobile banking provider Clairmail Inc. for $173 million to expand its reach among U.S. smartphone users, the buyer announced Monday.

The combined business will provide banking and payment services to 13 million mobile phone users through nearly 300 financial institution clients, including one-third of the top 50 in North America, Monitise said. The deal is expected to close before the end of the 2012 fiscal year, the company said.

The buy allows London-based Monitise to boost its presence in the fast-growing...
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