US-based banking and payments technology company FIS has completed the acquisition of mFoundry in a bid to strengthen its position in the mobile financial services space.
The current deal, originally inked in January 2013, involves acquisition of the remaining 78% interest in a deal valued at approximately $120m.
The technology company, which had already 22% stake in mFoundry, said that the acquisition will enable it to offer advance mobile banking and mobile retail technologies to its customers, leveraging technology and resources of both firms.
Commenting on the transaction, mFoundry co-founder and CEO Drew Sievers said, "This transaction enables us to capitalize on new market opportunities and bring top-tier mobile capabilities to our combined client bases."
FIS president and CEO Gary Norcross added the mFoundry acquisition supports its mobile strategy to offer the strategies and integrated technologies that financial institutions need to build the personalized mobile experiences desired by their customers.
Founded in 2004 and offering services to over 850 clients, mFoundry’s mobile banking platform has been adopted by banks including Bank of America, PNC Bank, Zions Bank, credit unions, payments processors and retailers in the country.
Headquartered in Jacksonville, Florida, FIS serves more than 14,000 organizations in over 100 countries and employs over 35,000 staff across the globe.