Larkspur, California-based mobile banking developer mFoundry has been acquired by mobile financial services firm FIS, in a deal worth $120M in cash. FIS said that it acquired the remaining 78 percent ownership of mFoundry it did not already own in the deal. mFoundry was backed by Apax Partners, Bank of America, GRP Partners, Ignition Partners, Intel Capital, MasterCard, Motorola, NCR, and Paypal. mFoundry's software has been adopted by banks, credit unions, payments processors and retailers nationwide, and has more than 850 clients, according to FIS. FIS is based in Jacksonville, Florida.