Qualcomm Enters Mobile Banking

Wireless tech titan to pay $210 million for Firethorn
Publish date:

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


(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.