[Techtaffy Newsdesk]

FIS, a provider of banking and payments technology, has signed a definitive agreement to mFoundry. FIS holds a 22 per cent interest in the company, and anticipates paying approximately $120 million in cash to acquire the remaining 78 per cent ownership interest.

The transaction, subject to customary regulatory approvals and contractual closing conditions, is expected to close by the end of the first quarter.

MFoundry is a provider of mobile banking and mobile payments services, and is headquartered in Larkspur, California.