Monitise is buying Clairmail, a provider of mobile banking and payments technology, the London-based company announced March 26.
Monitise says the deal would strengthen its position as a mobile-banking provider, improving its scale in the U.S.
It is funding the acquisition by issuing 312.8 million shares, valuing Rafael, Calif.-based Clairmail at $173 million based on Monitise's share price at the close of trading on March 23. Monitise expects the acquisition to close by June 30, which is the end of its fiscal year.
Clairmail expects its staff, including its management, to remain after the deal closes. The combined company will have 600 employees worldwide.
"We are excited to be joining the Monitise family at a key point in the mobile money revolution," said Pete Daffern, Clairmail's chief executive, in a press release.
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