O2 UK is staying tight-lipped on rumours that it will take full control of mobile advertising venture Weve once it completes its £10.25 billion merger with 3UK.
The mobile operator on Tuesday declined to comment to Total Telecom on a report that claims EE and Vodafone will withdraw from the three-way joint venture, leaving O2 in sole charge.
According to unnamed sources in a Financial Times report over the weekend, EE and Vodafone plan to sell their stakes in Weve to O2, which will continue to operate it as a wholly-owned subsidiary.
Weve started life as Project Oscar in June 2011. The venture’s aim was to put telcos at the centre of the m-payment sector by developing mobile wallet and coupon solutions, and by being a platform provider and relationship manager for banks, retailers, pa yment processors and advertisers.
However, progress was slow and Weve did not make its first payment-related announcement of any significance until early February 2014, when it partnered with MasterCard. Later that same month, Weve launched a mobile loyalty card app, Pouch, which suggested that its future lay more in advertising than payments.
Indeed, development on Weve’s m-wallet stalled again with the surprise resignation of CEO David Sear in June 2014, less than 18 months into his tenure. He left to join online payment firm Skrill; his interim replacement Tim Hipperson is the former CEO of media agency ZenithOptimedia.
In September, a Telegraph report alleged that Weve had abandoned its m-wallet altogether following disagreements between EE, O2 and Vodafone over how it should operate. The telcos opted instead to pursue their own m-payment apps and services.
While there was no official confirmation from Weve, the joint venture has quietly transformed, bringing in senior management with media and advertising backgrounds, such as CTO Rajeev Bector, who joined from Yahoo, and CFO Richard Shamsi, who joined from Daily Mail and General Trust (DMGT).
