Qualcomm Buys Firethorn - Mobile Banking Enabler
November 15, 2007 11:46 AM | Interesting | Comments (0)
Qualcomm Incorporated today announced it has agreed to acquire Atlanta-based Firethorn Holdings, LLC, an industry-leading mobile banking enabler. The addition of Firethorn's expertise in the financial industry and key relationships with wireless operators, financial institutions and payment processors supports Qualcomm's broader strategy to enable end-to-end wireless services that enhance the mobile experience and to deliver compelling applications that drive increased consumer adoption of new mobile data services. Qualcomm will pay approximately $210 million in cash for Firethorn. Completion of the acquisition, which is subject to certain closing conditions, is expected within 30 days. |  |
Firethorn's expertise in financial services and telecom, commercially deployed platform and early market leadership in mobile banking complement Qualcomm's expertise in enabling wireless services across networks and devices. 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.
Founded in 2001, Firethorn is a mobile banking services enabler that links financial institutions and wireless operators through a unified, secure and scalable technology platform that seamlessly extends full-service banking capabilities to consumers from many financial institutions to many wireless devices. With Firethorn, financial institutions and wireless operators gain a competitive service differentiator that improves customer retention, generates revenue and answers consumer demands for more product/service convenience. In addition to major wireless operator partnerships, Firethorn's financial institution partners include Wachovia, SunTrust Bank, Regions Financial, BancorpSouth and Synovus, among others.
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