* Hires Moelis & Co for "all encompassing" strategic review
* Company issues third revenue warning in a year
* Shares fall more than 20 pct (Adds details, comment from spokesman, updates shares)
By Richa Naidu and Noor Zainab Hussain
Jan 22 (Reuters) - British mobile banking software makerMonitise Plc has put itself up for sale, blamingchanges in its business model for its third revenue warning in ayear.
But shares of the former high-tech darling fell more than 20percent amid doubts about whether it would find a buyer.
Monitise, which switched to a subscription model from onebased on licences last year, said it had hired Moelis & Co toconduct an "all encompassing" strategic review that included"corporate transactions and stock market listing options."
The company provides software for mobile devices that allowsclients of banks including Royal Bank of Scotland andBanco Santander to pay for goods and services. Thecompany has tie-ups with MasterCard Inc and IBM.
The future of Monitise and its rivals has been thrown intodoubt, however, since Google Inc and Apple Inc launched free mobile payment systems.
At the stock's low of 15.51 pence on Thursday, Monitise wasvalued at about 332 million pounds ($504 million).
Exane BNP Paribas analyst Alexandre Faure said a sale wouldbe difficult, but MasterCard, or more likely IBM, could beinterested.
IBM and MasterCard could not be reached for comment, while aspokesman for Monitise said takeover rules restricted thecompany from commenting beyond its statement. Moelis alsodeclined to comment.
More than 62 million Monitise shares had changed hands by1340 GMT, making the stock the most heavily traded on the LondonStock Exchange.
The company, which had lost more than 70 percent of itsvalue this year up to Wednesday, said it now expected revenue of$136 million-$151 million for the year ending June 30, comparedwith $143.7 million last year.
Even at the high end of the range, the company would missits forecast of 25 percent revenue growth.
The company said it expected a full-year EBITDA loss ofbetween $60 million and $76 million.
Analysts on average had expected a loss of just over $50million, according to Thomson Reuters I/B/E/S.
Monitise shares were down 15 percent at 17 pence at 1355GMT.
($1 = 0.6582 pounds) (Editing by Gopakumar Warrier and Ted Kerr)
