Monitise acquires loyalty discount business Markco Media
26 June 2014 | 5891 views | 0
Monitise has acquired discount network Markco Media for a total of up to £55 million as it bids to add retailer offers to its mobile money platform.
As part of the transaction, Monitise has acquired the MyVoucherCodes.co.uk and Last Second Tickets brands, augmenting the firm's Buy Anything mobile commerce product offerings by connecting to a global network of 60,000 brands and retailers.
MyVoucherCodes.co.uk works with 80% of the UK's leading online retailers while Last Second Tickets works directly with promoters, producers and venues to secure discounts for live music and entertainment and leisure events.
The acquisition, with an initial payment of £24.5m in Monitise shares rising to a maximum total consideration of £55 million depending on earn-out provisions, is expected to make its first profit as a standalone entity by 2015. While the majority of revenues are UK based, the acquired business has operations in markets including the US, France, Germany and Brazil.
Monitise chief commercial officer Lee Cameron says: "Buying rather than building these assets brings Monitise a marketing content delivery platform that has been developed over almost eight years, an instant network of marketing content partners, and a platform scalable across geographies."