Markco Media, which operates Myvouchercodes.co.uk and Last Second Tickets, has been acquired by mobile money technology specialist Monitise plc. The acquisition supports Monitise’s strategic focus to become “the enabling partner of choice” amid the biggest shift in financial services and shopping in a generation, as brands turn to mobile. The move augments Monitise’s Buy Anything mobile commerce product offerings by connecting to a global network of 60,000 brands and retailers and accelerates Monitise’s capabilities in line with the platform investment announced in March.
Myvouchercodes.co.uk works with 80 per cent of the UK’s leading online retailers and counts businesses like Marks & Spencer, John Lewis, Debenhams, Argos, B&Q among its merchant brands. Last Second Tickets works with promoters, producers and venues to secure discounts for live music and entertainment events. Most of the assets are B2C based and include a number of white-label initiatives for brands like EE and MasterCard, and whilst primarily UK based, the acquired business has operations in the US, France, Germany and Brazil.
The initial consideration for the acquisition is to be satisfied by the issue of 43,729,676 new ordinary shares of 1p each in the Company, valued at £24.5 million as at 25 June 2014. A further £2.5 million consideration will be held back for two years, payable in ordinary shares, and an earn-out consideration of up to £28 million payable in ordinary shares on the basis of retention and achievement of aggressive earn-out targets over two years.
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