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Qualcomm to Acquire Mobile Banking Leader Firethorn

Thu, 11/15/2007 - 9:36am
Qualcomm Incorporated announces it has agreed to acquire Atlanta-based Firethorn Holdings, LLC, a 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 employees will remain in Atlanta supporting its existing financial institution and operator partners for mobile commerce applications. The Firethorn team will continue to be led by Firethorn's current CEO, Tripp Rackley, and will be overseen by Len Lauer, executive vice president and group president of Qualcomm. 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.

www.qualcomm.com
858-587-1121

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