Pozitron buy adds Turkey presence
Monitise has established a presence in Turkey through the £24m all-share acquisition of Pozitron Yazilim A.S. (Pozitron), a privatelyowned mobile technology company. Pozitron delivers mobile banking, payments and commerce solutions to businesses in its home market, the Middle East and internationally. Monitise is paying an initial £24m, all in shares, with a potential earn out of up to £36m payable after three years in cash or shares at Monitise’s discretion. Pozitron is described as profitable, debt free and fast growing, with 130 staff. We understand that the acquisition will add low single millions to Monitise fiscal 2014 (to June), implying mid single digit millions on a full year basis. However, ahead of the imminent interim results, we make no adjustments to estimates at this stage.