MergerTech Announces That BBVA-Simple Acquisition Is Now Closed
PORTLAND, Ore., March 20, 2014 /PRNewswire/ -- In a move that reveals what the bank of the future will look like, MergerTech has announced that 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 today.
"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."
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.
About MergerTech
MergerTech is a boutique investment bank that provides passionate sell-side representation to great technology companies and entrepreneurs. To learn more visit www.mergertech.com.
About Simple
Founded in 2009 and based in Portland, Oregon, Simple combines innovative technology, impeccable user experience, and expertise in behavioral economics to help its customers spend smarter and save more. Simple's banking services are accessible via intuitive web, iPhone, and Android apps.
Media Contact:
Cory Friedman
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SOURCE MergerTech
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