Qualcomm Enters Mobile Banking
Qualcomm (QCOM) - Get QUALCOMM Incorporated 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
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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.
