Banking Giant FIS Buys mFoundry for $120m Cash
FIS, one of the largest global providers of banking and payments technology, has bought the remaining 78 per cent of US mobile banking and payments company, mFoundry. FIS already held a 22 per cent stake in the company and will pay $120m in cash for the rest.
mFoundry already serves 850 clients, including a third of the top 50 banks in the US with mobile financial services. “This transaction enables us to capitalise on new market opportunities and bring top-tier mobile capabilities to our combined client bases,” said Drew Sievers, mFoundry co-founder and CEO.
“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," said Gary Norcross, FIS president and COO.
The transaction is expected to close by the end of Q1.