Monitise PLC has boosted its Mobile Money service throughout Europe and the Middle East with the acquisition of a Turkish mobile technology company.
By obtaining privately owned Pozitron Yazilim A.S., which provides software for mobile banking, payments and commerce, Monitise "further reinforces" its position as a major mobile software provider, Monitise Group chief executive Alastair Lukies states in a Feb. 3 press release.
"It comes at a time when we are seeing increasing demand for interoperable Mobile Money services as payments become more digital by the day, not only in Turkey, Europe and the Middle East but also around the world," Lukies says.
Pozitron, with about 130 employees, currently achieves high revenue growth rates and is debt-free, Monitise says.
Istanbul-based Pozitron provides the technology for more than 30 enterprises across banking, telecoms, retail and pharmaceuticals, Monitise says.
Pozitron clients include Turkish Airlines, eBay, ING, TEB (which is part of BNP Paribas), GlaxoSmithKline and Hepsiburada.com, Turkey's equivalent to Amazon.com.
Financial services partners in its home market include Turkiye I Bankasi, the largest bank in Turkey, Yapi Kredi, the fourth-largest private bank in Turkey and BKM, the country's national payments switch.
In the Middle East, Pozitron's customers include ANB, one of the largest 15 banks in the Middle East, and QIB, the largest Islamic bank in Qatar.
The deal in Turkey allows London-based Monitise to continue the momentum it announced at the end of 2013 when saying it had closed several deals with clients throughout Europe and Asia.