From an FIS press release:
Expanding on its leadership position in mobile financial services, FIS, the world’s largest provider of banking and payments technology, today announced it has signed a definitive agreement to acquire the remaining 78 percent interest in mFoundry, a foremost provider of mobile banking and payment solutions for financial institutions and retailers. Previous to this transaction, FIS held a 22 percent interest in the company. The addition of mFoundry creates one of the leading mobile entities in the financial services space and enables FIS to leverage its technology assets across a broader client base.
“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,” noted 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 organization’s ability to best reach and serve its customers, and the addition of mFoundry plays a key role in that strategy.”
This deal illustrates the importance of mobility in the growing mobile banking and payments markets. While there is plenty of growth ahead in these markets, it’s clear that firms are beginning to identify potential dancing partners. It is yet another example (like Monitise’s recent acquisition of Clairmail) of larger firms deciding with whom to partner and/or acquire before the market begins to more fully mature.
Click here to read more from the press release.