Monitise Plc (OTCMKTS:MONIF) is no longer interested in selling itself. The company is now determined to improve its performance through various ways that include revamping its Monitise Central platform. The maker of mobile banking software also confirmed Elizabeth Buse as its sole CEO. That means that co-CEO, Alastair Lukies, is stepping down.
Monitise Plc (OTCMKTS:MONIF) has come under increasing competition in the mobile banking and money transfer industry. Some of the rivals giving it a run for its money include Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOG), which offer free or more affordable options.
As the going got tough for Monitise Plc (OTCMKTS:MONIF), the company looked to selling itself, especially to the highest bidder, but none met its requirements or lived up to expectation. Monitise disclosed that it received several expression of interest from potential buyers. Unfortunately none of them seem to recognize the true value of the company. As such, the company decided to end the sale process to focus on turning itself around.
Some of the potential buyers that were cited as having shown interest for Monitise include IBM, Mastercard Inc (NYSE:MA) and Fidelity National Information Services (NYSE:FIS). Monitise decided to sell itself in January, but have now pulled the plan because nothing good came from potential suitors.
The company tapped Buse from Visa to become its co-CEO. Following the move to end the sale process, the company said that Buse will become its sole CEO while Lukies, who has been a co-CEO, will leave the company.
Among the top 10 shareholders in Monitise Plc (OTCMKTS:MONIF)are Banco Santander, Visa Inc (NYSE:V), Visa Europe and Telefonica SA.
Monitise expects revenue between £90 and £100 million for 2015. Core loss is expected in the range of £40-£50 million.
Monitise Plc (OTCMKTS:MONIF)’s CEO, Buse, said in a statement that the company is on track to post positive EBITDA in fiscal 2016.