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FIS to buy mFoundry

31 January 2013  |  5052 views  |  0 Business man using Smartphone

Fintech giant FIS has agreed to pay around $120 million in cash to buy the 78% stake in mobile money specialist mFoundry it does not already own.

Founded in 2004, mFoundry bills itself as North America's largest mobile banking and payments provider with more than 850 clients, including Bank of America and PNC. Over the years it has secured investment from big names, including MasterCard, Motorola Mobility, NCR and PayPal.

Gary Norcross, president and COO, FIS, says: "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, co-founder and CEO, mFoundry, adds: "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."

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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