One of the World’s Largest Banks Just Unveiled the Future of Money
Ash Sethi, Associate
In a move that reveals what the bank of the future will look like, MergerTech is excited to announce its client Simple, a highly innovative Portland based firm that delivers consumer banking and financial services via smart-mobile devices, has been acquired for $117 million in an all cash deal by international banking powerhouse BBVA. The previously announced deal closed on March 20th, 2014.
“MergerTech was an early believer in a mobile-centric future where thousands of consumer and business processes would be transformed by mobile technology, applications, and services,” said MergerTech’s CEO Nitin Khanna. “Smart mobility is so disruptive that even embedded institutions like banking and finance, which have traditionally been more resistant to technological innovation, now require a mobile strategy and product in order to remain globally competitive. We were thrilled to work with the Simple team, who share our passion and belief in the incredible value of mobile technology.”
Simple CEO and Co-Founder Josh Reich added, “Simple was founded on the belief that in a mobile centric, big data, design focused, and high customer service world, moving people’s wallets to mobile devices would help them improve their relationship with their money and their bank. MergerTech’s ability to understand and articulate our vision and space allowed them to shepherd us through a complex global process. I cannot overstate how much I appreciated their invaluable strategic advice, dedication, and complete concern for all parties during the process. A sincere thank you to my friends at MergerTech.”
This is MergerTech’s fifth recent transaction in the mobile space, having previously advised the world’s largest mobile services company, Mutual Mobile, in a partial sale to global communications agency WPP last August. Previously, MergerTech represented full-service, mobile strategy and application development firm Small Society through its acquisition by Wal-Mart’s technology subsidiary, @WalmartLabs.
The world is in the middle of a dramatic technological migration in which both mobile software and services companies are poised to assume significant portions of the economy. More and more consumer activities and enterprise processes are being moved to mobile devices—banking, entertainment, enterprise resource planning, even industrial process management. With billions of dollars at stake, mobile services and technology firms, which have expertise in transforming and automating consumer and enterprise processes, are currently in high demand.
A mere six years after the debut of the iPhone, a rich eco-system of apps and smart-mobile hardware is widely available to individuals and businesses and can be broadly scaled to a global market. This presents a huge opportunity for mobile services firms looking to explore their strategic options. Having sold mobile and IT services firms to large strategic buyers in Spain, Germany, Great Britain, and Mexico all within the last year, MergerTech is ready to leverage its global reach and relationships to find buyers for firms looking to grow their business via an acquisition.
Click here to read the New York Times analysis.
If you are interested in learning more about MergerTech’s involvement in the Simple transaction or wish to explore your company’s potential in today’s mobile M&A arena, MergerTech would like to share its knowledge with you. Please email MergerTech at nitin@mergertech.com or 925-215-2770 to schedule a confidential, one-on-one conversation.