Mobile payments technology provider Monitise has announced it is to buy Markco Media for £55m as it looks to boost its operations ahead of a major global expansion.
Under the terms of the deal, Monitise, which oversaw $71bn worth of transactions last year, will acquire the MyVoucherCodes.co.uk and Last Second Tickets brands, both of which will be rolled into the company's existing Buy Anything service, which currently includes over 60,000 brands and retailers across the world.
Formed in 2009, MyVoucherCodes is the bigger of the two brands acquired by Monitise, as it currently works with 80% of the UK's leading online retailers, including the likes of Marks & Spencer, John Lewis, Debenhams, Thomson Holidays and Argos.
Last Second Tickets works directly with promoters, producers and venues to secure discounts for live music, entertainment events and leisure experiences.
The deal marks an important step in making it easier for financial institutions, payment companies, mobile operators, network partners and retailers to connect with consumers in as part of their "increasingly mobile lives", Monitise said.
The deal is made up of an initial £24m with a further £2.5m deferred and £28m dependent on Marcko hitting profit targets over the next two years.
Monitise chief commercial officer Lee Cameron said: "Markco Media has established itself as a leading player in creating digital solutions that link consumers to retailers via innovation, marketing and technology.
"Buying rather than building these assets brings Monitise a marketing content delivery platform that has been developed over almost eight years, an instant network of marketing content partners, and a platform scalable across geographies."
Monitise, which already has deals with the likes of Lloyds, Natwest, RBS and IBM, recently announced it had appointed a former senior Visa executive as co-CEO as it looks to expand its operations across the globe.
The company currently has 28m registered users worldwide, and recently announced it plans to increase this number to 200m by 2018 by expanding its mobile banking, payments, and commerce arms.
Last December, the company launched a Chinese version of its cloud-based mobile banking and payment services in Hong Kong, which allows users to top up pre-paid SIM cards with payment taken direct from their bank account instead of purchasing vouchers from shops.