FIS acquired mFoundry in $120 million for Better Banking


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What is mFoundry? it is just a venture between MasterCard mobile based payments system for NFC which is already giving backup support for various banking apps with mobile apps for better banking facilities. Now it is announced that FIS acquired mFoundry in $120 million for providing better banking / mobile payments. This deal will give a new shape for mobile banking / micro banking in the United States. It is also remember here that FIS has Advance Leadership Position in Mobile Financial Services in the United States with this deal with mFoundry.

The Full PR Text of the Deal is as under as it is:
JACKSONVILLE, Fla., Jan. 31, 2013 – Expanding on its leadership position in mobile financial services, FIS™ (NYSE: 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."
Founded in 2004 and serving more than 850 clients, mFoundry's customer-focused solutions have become a leading platform for mobile banking and mobile retail and have been adopted by some of the largest banks, credit unions, payments processors and retailers in the country.
Commenting on the transaction, Drew Sievers, mFoundry co-founder and chief executive officer stated, "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 capitalize on new market opportunities and bring top-tier mobile capabilities to our combined client bases."
FIS anticipates paying approximately $120 million in cash to acquire the remaining 78 percent ownership interest in mFoundry. The transaction, subject to customary regulatory approvals and contractual closing conditions, is expected to close by the end of the first quarter.

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