Brookfield-based Fiserv Inc. has completed its planned purchase of London-based Monitise plc. The company has not yet disclosed the final purchase price, but it is likely around $98 million.
Fiserv, a Fortune 500 financial services technology developer, initially agreed to acquire Monitise for about $89.1 million in June, but in August, it upped its offer to about $98 million to appease Monitise shareholders.
On July 27, Monitise reported its revenue for the fiscal year ended June 30 fell to $66.3 million, down from $88.1 million in 2016.
Like Fiserv, Monitise develops technology for the financial services industry. Monitise concentrates on accelerating the digital transformation of banks and credit unions through adaptation of legacy systems, greenfield projects and strategic digital projects.
Fiserv develops payment, processing, risk and compliance, customer and channel management and insights and optimization products for banks and credit unions.
Fiserv, which reported revenue of $1.4 billion in the second quarter, is currently seeking a new headquarters and last month confirmed it has narrowed its Wisconsin options to three sites. A proposal in the Legislature would provide up to $12.5 million in incentives to Fiserv if it builds the new headquarters in Wisconsin and keeps at least 93 percent of its full-time employees here.
