Qualcomm Purchases Firethorn Mobile Banking Firm

Qualcomm today announced that they have aquired mobile banking software firm Firethorn. The move will allow Qualcomm to create new offerings and expand their business model to include one of the leaders in online banking. The move comes at a time when money is pouring into the Mobility finance market.

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Early this week Motorola also announced that they would invest in merchant services, buying a stake in transaction based market leader ViVotech.

This newest move by Qualcomm will cost the chip manufacturer $210 million dollars in cash. The deal will give Qualcomm the ability to enable their

customers to check their online banking statement and to pay bills via their mobile devices. The company has announced that they will leave the companies current infrastructure in take, and Firethorn employees in Atlanta will continue to run their operations. According to Len Lauer, executive vice president and group president of Qualcomm, "The combination of Firethorn's mobile banking experience and market recognition with Qualcomm's technology strength, global reach and operator relationships make this an extremely powerful development in the world of mCommerce. The acquisition solidifies Qualcomm's commitment to the emerging mCommerce marketplace and 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."