Fiserv Will Acquire Monitise For £70M

After two years of difficulty navigating a rapidly evolving mobile banking environment — long-struggling U.K. financial services firm Monitise has at last found a buyer.

Fiserv has offered to buy out the 400-hundred person firm at a price of 2.9 pence per share, valuing the company at £70 million ($88 million).

Monitise has never reported a profit in its 13 years on the market — though it did report annual revenues of £67.6 million for the financial year ending 30 June 2016.

Fiserv’s £70 million offer represents a 26.1 percent premium on Monitise’s share price as of the close of markets yesterday (June 12). On its best day, Monitise was valued at of  £2 billion.

“Fiserv is well-positioned to carry this business forward given its strength in digital banking and extensive client network. Following the completion of this transaction, we are confident that Monitise clients will be served well by Fiserv and its long-standing commitment to creating value for its clients,” noted Monitise’s CEO Lee Cameron noted in a statement.