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Mobiquity Secures $3 Million Credit Facility to Support Continued Hyper-GrowthMobiquity Expands Working Capital to Continue Fast-Paced Company Expansion (February 28, 2012)
BOSTON, MA -- (Marketwire) -- 02/28/12 -- Mobiquity, Inc., a professional services firm specializing in user-centered design, build, deployment and management of innovative enterprise-class mobile solutions, today announced it has secured a $3 million credit facility from Comerica Bank's Technology & Life Sciences Division. Mobiquity will leverage the funds as working capital to help support the company's continued hyper-growth as a leading provider of mobile professional services.
- Since its launch in April 2011, Mobiquity has grown to more than 100 employees in four office locations including Wellesley, MA; Philadelphia, PA; Providence, RI and San Jose, Costa Rica
- The company continues to hire at a rapid pace to support strong customer demand for its range of mobile strategy, UX design, build and implementation services
- Mobiquity works with more than 70 mobile brand leaders, including the New York Post, Weight Watchers, Boston Scientific, MetLife and others
Comments on the News:
"Mobiquity is among the most exciting companies in the mobile industry, and we are pleased to provide this credit facility to the company to support their rapid growth," said William Sweeney, Senior Vice President for Comerica Bank's Technology and Life Sciences Division, Waltham, MA office.
"The pace of Mobiquity's growth to date is exceeding anything I've experienced in my long career of leading multi-million dollar professional services firms, like ZEFER and Cambridge Technology Partners," said Bill Seibel, founder and CEO of Mobiquity. "The Global 2000 is responding with enthusiasm to Mobiquity's range of services and our expertise in helping them harness the power of mobile as a disruptive business force. This working capital will help position Mobiquity to expand in additional geographies and focus on specific vertical markets including mHealth, financial services and insurance, media and entertainment and travel, transportation and hospitality."
Mobiquity is a professional services firm working with the Global 2000 to design, build deploy and manage enterprise-class mobile solutions. With Mobiquity, clients uniquely benefit from the breadth and depth of our cross-disciplinary teams to unleash the power of mobile. Our strategists map out how mobile technology can drive business innovation. Our user experience designers create apps that engage the user and promote the brand. And our development team builds integrated business solutions that drive success. Co-founded by consulting veteran Bill Seibel (COO, Cambridge Technology Partners, CEO, ZEFER) and leading mobile strategist Dr. Scott Snyder (President, Breakthru Advisors, CEO and President, Decision Strategies International), Mobiquity has teamed the leaders from the client-server and internet waves with those driving innovation in mobile today. To learn more, visit www.mobiquityinc.com.
About Comerica Bank's Technology and Life Sciences Division
Comerica Bank's Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. The Technology and Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast and its headquarters in Palo Alto, California. Comerica Bank is a subsidiary of Comerica Incorporated, a financial services company that is among the 25 largest U.S. banking companies, with assets of $61 billion as of December 31, 2011. For more information, visit www.comerica.com.
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