Monitise backs out of sale process as co-CEO steps down

monitise

Monitise is stepping back from the auction block and letting go of co-CEO Alistair Lukies after failing to find the right buyer.

The British mobile-banking software maker put itself up for sale in January, blaming a change in its business model for its third profit warning in a year. Monitise shifted away from a subscription based model to focus on its individual products and services.

However, while it had received a number of “expressions of interest from various parties”, Monitise said on Wednesday that none of the proposals recognised the company’s long-term potential.

Lukies will hand over full executive control to Elizabeth Buze, who was named co-CEO last June.

The company will now go it alone, focusing on sales in Europe, the Middle East and North America, exit non-core business areas, and improve under-performing businesses, the company said. Monitise reiterated its 2015 revenue guidance of 90 million to 100 million pounds and a core loss of 40 million to 50 million pounds.

The company also appointed Telefónica’s Stepher Shurrock as non-executive director to represent strategic shareholders Telefónica and Santander.

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