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September 22, 2014

Monitise shares rocket after IBM data centre namedrop

Timely announcement from IBM follows Visa's uncertainty about mobile payment system.

By Ben Sullivan

Shares in the mobile banking company Monitise have shot up today following an announcement from IBM that included the firm in its press release.

IBM’s new ‘cloud resiliency’ centre in North Carolina aims to provide improved business processes in the cloud to protect customers from costly disruptions.

The announcement from IBM led with the centre’s first customer, Monitise. IBM said: "By having IBM manage its secure cloud infrastructure, the company will be able to establish a resilient and highly flexible bank-grade architecture allowing Monitise to deliver uninterrupted service to its clients."

Mike Errity, IBM VP for business continuity, said: "The work we’re doing with Monitise at this new cloud resiliency center is a strong testament to IBM partnerships with enterprise clients to drive new innovation."

Shares opened at 29.75, but reached a high of 32.50 after IBM’s news.

IBM’s announcement couldn’t come at a better time for Monitise, as the firm lost more than a third of its market value last week following Visa’s plan to retract its stake in the company.

Visa Inc currently has a 5.5% stake in Monitise, but was said to be "considering its options" in the company which deals with $88bn worth of purchases and transfers every year.

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The necessity of traditional mobile payment systems has been called into question recently with the launch of Google’s and Apple’s own platforms. Apple’s ‘Apple Pay’ was debuted last week with the release of its new smartphone the iPhone 6.

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