Fidelity National Information Services (FIS), the world’s largest global provider dedicated to banking and payments technologies, has acquired the remaining 78% stake it does not already own in mFoundry, a mobile banking and payment solutions provider for financial institutions and retailers. mFoundry will receive $120m in cash for the remaining stake. The entire deal for mFoundry is worth around $165m.
Previously mFoundry has raised around $40m in funding from investors which include Apax Partners, Ignition Partners, PayPal and NCR Corp. In 2011 the company raised $18m from Corporates Mastercard, Intel, Motorola Mobility and FIS. mFoundry raised $15m in a series C round in 2007 and $7.3m in a series B round in 2006.
The acquisition will allow FIS to broaden its client base.
Drew Sievers, mFoundry co-founder and chief executive officer, said: “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.”
Last year FIS acquired specialized fraud companies ICS ICS Risk Advisors and Memento Inc. Financial information was not disclosed.
The transaction, subject to customary regulatory approvals and contractual closing conditions, is expected to close by the end of the first quarter.