Monitise, which was founded in 2003, provides the 'switch' infrastructure and software to carry out personal banking transactions and enquiries securely on mobile phones. This is delivered through an ecosystem model which allows multiple banks to deliver mobile banking services to their customers over a common trusted platform and interface. It currently has live operations in the UK, in partnership with LINK Interchange Network, and an agreement with Metavante in the United States to deliver a similar mobile banking ecosystem in that market. Prior to the demerger Monitise was a subsidiary of Morse plc. Monitise has been demerged from Morse plc by way of a dividend in specie.

Monitise has raised £21.4 million through a placing at 22 pence per share to certain institutional and other investors. The 97,088,481 ordinary shares issued by Monitise pursuant to the placing are expected to be admitted to AIM and commence dealings on 29 June 2007 at 8.00am.

Commenting on today's announcement, Alastair Lukies, CEO of Monitise plc, said: "The announcement today demonstrates the progress we have made over the past four years. Working with our partners, including LINK Interchange Network, Metavante and many of the world's leading financial institutions and mobile network operators, Monitise has created the first industry platform for the delivery of mobile banking and payment services to the mass market. Our representation within Europe, Asia Pacific and North America, accompanied by the £21.4 million of working capital we have raised during this transaction, puts Monitise in a strong position for future growth in this exciting market."