FIS, a provider of banking and payment technologies, has acquired 78 per cent shares of mFoundry, a mobile banking and payment solutions provider serving many leading financial institutions in the world, to completely take over the latter. FIS had already owned 22 per cent of mFoundry’s shares.
This is an attempt from FIS to further strengthen its position in the mobile payment market, in which many competitors are fast jumping. Gary Norcross, FIS president and chief operating officer, explained the company’s goal, saying:
“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. 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.”
According to the details surfaced, FIS will pay around $120 million to acquire the 78 per cent shares. The amount will be given in cash.
Meanwhile, authorities at mFoundry seem satisfied with the transaction. The mFoundry management was apparently satisfied with the limited association it had with FIS before reaching the fresh agreement, and now they believe that it is the right time for both companies to merge. Drew Sievers, mFoundry co-founder and chief executive officer said:
“This transaction enables us to capitalize on new market opportunities and bring top-tier mobile capabilities to our combined client bases.”
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