Monitise

Monitise Plc
Public
Industry Finance
Genre Mobile transactions
Predecessor Subsidiary of Morse Plc, Demerged in 2007
Founded 2003 (2003)
Founders Alastair Lukies; Steve Atkinson
Headquarters London, United Kingdom
Number of locations
 India; London; California; China
Area served
 Worldwide (principal markets)
Key people
 Lee Cameron - CEO
Products Bank Anywhere, Pay Anyone, Buy Anything
Revenue £40m, to May 2016
Owner Visa Inc 5% shareholder, Norway's Norges Bank, 3i Group[1] Alastair Lukies & public shareholders
Number of employees
 750[2]
Website monitise.com

Monitise Plc is a British company that provides online payment services, and using devices and cell phones.[3] Headquarters are in London.

Monitise was founded by Alastair Lukies in 2003 as a subsidiary of Morse.[2] In 2007 the company demerged and listed on the LSE's AIM market,[4] shareholders on the Morse shareholder register on 27 June 2007 receiving one ordinary share in Monitise for each Morse share held by them.

During the financial crisis in 2007 to 2008 the shares fell to 2.25p. The company acquired Clairmail in June 2012, for Monitise shares.

In 2012 Monitise raised a further £24 million.[5]

Customers increased to 24 million as of July 2013.[6]

Revenues as at each FY:

On 14 May 2013, the company released a new white-label product named mPos for banks and operators to release their own smartphone payment service. This never reached completion and is no longer in development.[7]

On 31 December 2013, the Capita reported that Monitise would see 50% growth in revenue, plus a gross margin above 70% in the fiscal year to June 2014 and a 5-year Mobile Money partnership with a leading UK bank to design, create, and manage new digital banking, payments and shopping services platform[8]

On 27 August 2014 Monitise announced that its Professional Services team were being outsourced to IBM. IBM would also take over support of their current customer platform operations. IBM planned to upscale development and support to their offshore development centres located in Bangalore, Gurgaon, Pune, Hyderabad and Mumbai. IBM Subsequently changed UK working practices and 90% of the UK Development teams have moved on from the company.

The shares collapsed in the third quarter of 2014 to a low of 26p, following an announcement by Visa that it was selling its stake in the company.[9] The company's share price continued to fall throughout 2015, collapsing to 2.8p in September 2015 after Monitise CEO Elizabeth Buse stepped down after just 6 months.[10]

The company has been through a major restructuring, reducing the employee count from over 1000 to below 300, concentrating on management hubs in London and San Francisco, with all development and engineering offshore.

References

  1. ↑ ,"Visa invests more in Monitse". Reuters. 24 August 2012.
  2. 1 2 Torney, Chris (15 February 2013). "Monitise: the story of a UK mid-market champion".
  3. ↑ "MONI".
  4. ↑ "AIM Placing, 22p a share". Finextra. 25 June 2007.
  5. ↑ "Monitise Trading Update & Placing". 22 August 2012.
  6. ↑ Dean, James (11 February 2013). "Monitise trebles mobile banking figures". The Times.
  7. ↑ "Monitise launches mPos".
  8. ↑ "Monitise see continued momentum".
  9. ↑ "Monitise share price tanks after Visa Inc reveals plans to reduce stake".
  10. ↑ "Monitise share price dives as chief executive Elizabeth Buse steps down after six months".
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