Fiserv has reached agreement on the terms of a recommended cash offer to acquire Monitise, according to a press release.

The acquisition is expected to accelerate Fiserv's digital strategy and the development of a next-generation digital banking platform for leading financial institutions worldwide, the company said in the release.

"Monitise has been a global pioneer and innovator in digital banking for more than a decade," Jeffery Yabuki, president and CEO of Fiserv, said in the release. "Combining its talented associates and advanced technologies with leading digital solutions from Fiserv will expand our clients' ability to provide differentiated experiences to their customers."

Fiserv highlighted that Monitise's technology includes FINkit, a comprehensive cloud native product built specifically for financial institutions that want to accelerate the delivery of their digital strategies. It is designed with a microservices architecture enabling clients to maximize innovation and speed to market, according to the release.