MobileMonday Global

^{A mobile banking technology developer} Qualcomm pays USD 210 million for Firethorn

Qualcomm Inc. announced that it would pay USD 210 million in cash for mobile banking technology developer Firethorn Holdings L.L.C.

Firethorn’s technology links financial institutions and mobile network operators, allowing users to check bank balances and transfer funds from their handsets. The 6-year-old start-up has scored several impressive wins in recent weeks, including deals with AT&T Mobility and Verizon Wireless, RCR Wireless reports.

Firethorn’s operations will remain in Atlanta and will be overseen by Len Lauer, Qualcomm’s executive VP and group president. Qualcomm said it hopes the acquisition will help banks drive consumer adoption of mobile banking services as well as mobile payments.

“The combination of Qualcomm’s technology strength, global reach and operator relationships make this an extremely powerful development in the world of m-commerce,” Lauer said.

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