Mobile money firm Monetise acquired Clairmail in a deal valued near $173 million.
The combined firm will provide mobile money services to 13 million registered end users, and process more than $10 billion a year in transactions based on current weekly rates. Had the companies merged prior to 2011, they would have posted cumulative revenues of $56 million, a release explains.
“Combining Monitise and Clairmail substantially accelerates our already strong position in one of the world’s leading banking and payments market, namely the U.S.,” said Monitise Group Chief Executive Alastair Lukies. “The future of payments, the internet, retail and social networking is all mobile,” he added.
Clairmail CEO Pete Daffern said his firm is “excited to be joining the Monitise family at a key point in the mobile money revolution.”