Monitise in Talks to Sell Voucher Business, Shares Soar
March 04 2016 - 7:27AM
Dow Jones News
By Rory Gallivan
LONDON--Shares in smartphone payments and banking technology
company Monitise PLC (MONI.LN) soared Friday after it said it was
in talks about a possible sale of its online voucher business.
Monitise bought the business, Markco Media, for an initial 24.5
million pounds ($34.6 million) in 2014.
Since it made the acquisition, Monitise's share price has dived
after a series of profit warnings and the loss of Visa Inc. (V) as
a shareholder.
The company had been one of the big hopes of the U.K. technology
sector, after benefiting from growing consumer-use of smartphones
for making payments and banking. However, its prospects have dimmed
more recently as banks are developing their smartphone banking
technology in house, rather than using companies such as
Monitise.
Shares at 1127 GMT, up 46.5%, at 3 pence valuing the company at
GBP70.4 million.
Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
(END) Dow Jones Newswires
March 04, 2016 07:12 ET (12:12 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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