Firethorn

Finances on the Phone

A burgeoning frontier in the world of wireless technology is mobile commerce. Qualcomm has been working for years to leverage its expertise in network operations management and data communications into this new market. The challenge has been to find a way to enter the marketplace that supersedes early efforts by others in the industry that left consumers, carriers, and financial institutions skeptical of mobile commerce solutions.

The acquisition of Firethorn Holdings, LLC, a market leader in the mobile commerce space, enabled Qualcomm to get over this hurdle.

“ Our wireless devices are getting better and faster. We want to harness that technological power and turn it into fiscal power for the individual. ”

- Tripp Rackley

Firethorn Founder

The acquisition combines Firethorn’s mobile banking experience and market relationship with Qualcomm’s technological strength and global reach. As Qualcomm’s 10th independent division, Firethorn will enable Qualcomm to leapfrog the competition and lead the mobile commerce market.

The Mobile Consumer Wallet

Firethorn, based in Atlanta, was founded in 2002 by Tripp Rackley. Rackley’s initial concept for the business came out of his own need to manage his “wallet”—multiple credit cards, gift and loyalty cards, and cash wrapped in a rubber band. “I wanted a way to incorporate my financial needs into my ever-present cell phone,” he says. “I wanted a mobile wallet.”

Telecom and Finance: Bridging the Gap

Rackley’s vision was dependent on bringing together two of the largest industries: telecom and financial services—both extremely competitive and highly regulated. “Creating the Firethorn Network was more difficult than anything I’ve ever tried to do, but it was worth it,” he says.

With remarkable persistence and dedication to relationship building, Firethorn signed the nation’s two largest wireless carriers (AT&T and Verizon Wireless) and four of the top 10 financial institutions (Wachovia, SunTrust Bank, Regions and Citi Cards).

By the end of 2008, the Firethorn technology—a single, secure, embedded, carrier-certified application—will be pre-loaded on more than 10 million wireless devices. The solution, already live, allows users to view accounts, transfer funds, and receive and pay bills anytime, anywhere, and from virtually any wireless handset.

Perfect Match

Part of the successful symbiosis between Qualcomm and Firethorn was the ease with which the cultures merged together. Aside from their shared focus on innovation, customer partnerships, and being a leader in the marketplace, there is also an integral dedication to the employees.

“This was critically important,” says Rackley. “In the process of accelerating our business, I didn’t want to sacrifice the integrity of my team.”

Opportunities for the Company, Opportunities for the People

“The thought of transitioning from a small start-up to a multinational Fortune 500 was overwhelming, but it’s been nothing but a positive experience,” says Vanessa Shapiro, marketing communications coordinator and one of Firethorn’s original 55 employees.

“As a company, Firethorn gained knowledge, talent, and resources. As an individual, I feel I’ve gained tremendous opportunities. With all of Qualcomm’s amazing professional development resources, I feel it’s opened not just a door, but a whole house.”

The acquisition also opened doors to the international market. “We’ve expanded our international potential,” says Kelly Buday, director of marketing. “Now that we’re part of Qualcomm, the door to the international market has just been thrown wide open.”

Convenience and Spending Power

“We’re in business to solve a consumer problem: lack of convenience,” says Rackley. “Our wireless devices are getting better and faster. We want to harness that technological power and turn it into fiscal power for the individual.”