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Qualcomm Enters Mobile Banking

Qualcomm (QCOM - Get Report) 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 - Get Report) 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.

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