Technology
Qualcomm Enters Mobile Banking
Scott Moritz
11/14/07 - 07:37 AM EST
Qualcomm (QCOM) says it will pay $210 million for Firethorn a wireless banking tech shop.
The move by the San Diego wireless tech giant marks a shift in product strategy toward services and away from its core mobile phone networking business. Other wireless firms like handset leader Nokia(NOK) have also broadened their plans into services like email, music sales and navigation.
Qualcomm expects the deal for the Atlanta mobile banking outfit to shave about 2 cents from its 2008 profits.
"Qualcomm is a recognized technology leader and this acquisition is a strong endorsement of the strategic importance of mobile commerce," Firethorn CEO Tripp Rackley said in a press release Wednesday.