Endeavor Entrepreneur company Pozitron, founded by Fatih Işbecer and Fırat İşbecer, recently announced its acquisition by mobile commerce giant Monitise Group in an all-share deal worth $100 million. A Turkey-based mobile software development company, Pozitron was founded in 2000 with the goal of creating, integrating and securing business solutions through the use of cutting-edge mobile technology. Since its founding, the company’s products have reached millions of customers in the region and include solutions for some of Turkey’s largest banks, airlines, and media companies. The company has also earned recognition for its business model from organizations such as Harvard Business School and Deloitte, as well as partnerships with top tech companies like Apple, IBM and Microsoft.
The UK-based Monitise Group, which works with payment partners like Visa to build and roll out mobile solutions, is continuing its global expansion efforts with the Pozitron acquisition following similar deals in the U.S. and African markets. The acquisition signifies a move to expand into the rapidly developing Middle East market, where the number of mobile subscribers is expected to surpass 300 million in 2014. With Turkey often viewed as a gateway into the region, the deal also demonstrates the strength of the country’s startup and scaleup scene, with the Endeavor Turkey affiliate already serving over 60 local entrepreneurs. Fatih Işbecer, Pozitron’s current CEO, will become head of Monitise’s Middle East & Africa business, bringing along COO Fırat İşbecer and the company’s existing 130 employees.