From Monitise press release:
Grapple Mobile Ltd - Acquisition Highlights
- The Company announces the acquisition of Grapple Mobile Ltd, a leading European mobile innovation and design agency delivering smartphone and tablet solutions for leading European brands including Whitbread, Procter & Gamble, Sky and B&Q.
- In a share-based deal, Monitise has acquired the entire issued share capital of Grapple. Initial consideration (net of cash) is to be satisfied by the issue of 28,640,748 Ordinary Monitise Shares, valued at £16.5m based on the closing share price of 53.75p on 4 September, 2013, with an earn-out consideration of up to £22.9m payable on the achievement of aggressive performance-related targets.
- Grapple will form part of Monitise Create, a division focused on designing and developing world-class digital strategies and user experiences.
- The acquisition complements Monitise’s globally-recognised capabilities in creating, deploying and running intuitive, cutting-edge, and bank-grade mobile solutions for and with some of the world’s leading financial institutions, payment companies, network operators and technology businesses such as Visa, Telefónica, IBM, RBS, Lloyds, Cognizant and CGI.
Monitise Group CEO Alastair Lukies said: "The acquisition of Grapple announced today, which will become part of our Monitise Create division, supports the growth of our creative capabilities and further reinforces our leading position as a technology enabler at the heart of the Mobile Money ecosystem. Combined with our very exciting Smarter Commerce initiative with IBM, we are executing against our strategy to bring together the global ecosystem in banking, payments and commerce. We are excited by the opportunities we can now pursue from our combined strengths."
Monitise (LSE: MONI) is a world leader in Mobile Money - banking, paying and buying with a mobile device. Leading banks, payments companies, retailers and mobile networks utilise Monitise's technology platforms and services to securely connect people with their money.
Full press release: