JACKSONVILLE, Fla. In the latest of a new flurry of deal-making, FIS announced this morning it has agreed to acquire the 78% it doesn’t own of mFoundry, one of the first providers of mobile technology for credit unions and banks, for $120 million in cash.
Founded in 2004 and serving more than 850 credit unions and banks, mFoundry’s mobile banking solutions have become a leading platform for credit unions and banks.
The transaction, subject to customary regulatory approvals and contractual closing conditions, is expected to close by the end of the first quarter.
“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,” said Drew Sievers, co-founder and CEO of mFoundry, which is already 22% owned by FIS. “This transaction enables us to capitalize on new market opportunities and bring top-tier mobile capabilities to our combined client bases.”
Announcement of the deal comes just as ACI Worldwide was announcing plans to acquire Online Resources Corp., and soon after Fiserv acquired Open Solutions Inc., two popular providers of back-office services and systems to credit unions and banks.