Ignition Partners Gets Exit At mFoundry

Seattle-based venture capital firm has some good news, finally, as one of its portfolio firms had a successful exit today. Larkspur, California-based mobile banking developer mFoundry has been acquired by mobile financial services firm FIS, in a deal worth $120M in cash, FIS announced this morning. mFoundry is one of Ignition's portfolio companies, and Rich Tong sits on the company's board of directors. An exit is a positive for Ignition, which recently revealed a plan to scale back on its new fund and restructure its partners.