UK-listed payments company Monitise, in which Visa and Visa Europe own a combined 21% stake, bought US rival Clairmail on Monday.
To acquire Clairmail, Monitise will issue 312 million new Ordinary Shares representing approximately 26.5% of the enlarged company, valuing Clairmail at about $173m.
Clairmail’s revenues grew by 90% in calendar 2011 to $18m, with a $21m earnings before interest, tax, depreciation and amortisation. Goldman Sachs and Canaccord Genuity advised Moniitise on the deal.