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FIS Developments Authority Place in Cellular Economical Solutions through Getting mFoundry

Acquisition facilitates FIS' way to invest in new innovation
Combination makes one of the top mobile organizations in the financial services space
Transaction predicted to shut by the end of the first quarter

Expanding on its leadership position in mobile financial services, FIS™ (NYSE: FIS), the biggest company of financial and expenses technological innovation, these days declared it has finalized a specified contract to obtain the staying 78 % attention in mFoundry, a major company of mobile financial and payment alternatives for loan companies and suppliers. Previous to this deal, FIS held a 22 % attention in the company. The inclusion of mFoundry makes one of the top mobile organizations in the financial services area and allows FIS to make use of its technological innovation resources across a wider consumer 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 providing more than 850 clients, mFoundry's customer-focused alternatives have become a major foundation for mobile financial and mobile retail store and have been implemented by some of the biggest financial institutions, lending organizations, payments processors and retailers in the country.

Commenting on the deal, 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 roughly $120 million in cash to acquire the remaining 78 percent ownership interest in mFoundry. The deal, subject to traditional regulating mortgage approvals and contract ending conditions, is predicted to shut by the end of the first one fourth.
Source : TechCrunch
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