Tech giant FIS is to acquire mobile banking start up mFoundry. It already has a 22 per cent interest in the company and has signed a definitive agreement to buy the remaining 78 per cent for $120 million.

“mFoundry has a well-earned reputation for innovation, powerful vision and agile development and delivers one of the most advanced mobile platforms in the market today,” says Gary Norcross, FIS president and chief operating officer. “Consumers have adopted the mobile channel faster than any other delivery channel in existence, and delivering industry-best mobile solutions is a vital focus area for FIS. Our goal is to provide the solutions that underpin an organisation’s ability to best reach and serve its customers, and the addition of mFoundry plays a key role in that strategy.”

Drew Sievers, mFoundry co-founder and chief executive officer, comments: “FIS has been a great investment partner for the last several years, and the timing was right for us to combine forces to create the unparalleled industry leader in mobile delivery. This transaction enables us to capitalise on new market opportunities and bring top-tier mobile capabilities to our combined client bases.”

The deal, subject to customary regulatory approvals and contractual closing conditions, is expected to close by the end of the first quarter.

Share Story: