mFoundry Acquired for $120 Million in Cash for Its Mobile Banking Tech
The original developer behind the Starbucks mobile application, mFoundry, has been acquired by FIS, which already owned a 22 percent stake in the company. FIS said it will pay $120 million in cash for the remaining stake, meaning the entire deal was worth around $165 million. Other investors in the nine-year-old company include MasterCard, Intel Capital, Motorola Mobility, PayPal, Bank of America and Ignition Partners. MFoundry had 850 clients, many of which were banks that deployed the company’s technology inside of their mobile apps.