Qualcomm Inc, the family-owned telecommunications firm has agreed to acquire Atlanta-based Firethorn Holdings, LLC, an industry-leading mobile banking enabler. Qualcomm will pay approximately $210 million in cash for Firethorn.
The acquisition is intended to help financial institutions accelerate consumer adoption of mobile banking services, such as viewing account balances and history, bill pay and money transfers, while also driving the development and delivery of mobile payments and mobile marketing services.
"The acquisition of Firethorn will allow Qualcomm to help drive the evolution of mobile banking by leveraging Firethorn's industry expertise, reputation and success in developing relationships with financial institutions, wireless operators and payment processors," said Len Lauer, executive vice president and group president of Qualcomm.
"The acquisition builds upon a foundation established by Qualcomm Enterprise Services, a business unit focused on providing integrated wireless systems and services to businesses around the world."