| BALTIMORE, MD Wed, Feb 27, 2008 Governor Martin O’Malley announced today that Acuity Mobile Inc., an innovative mobile marketing firm, has received a $50,000 investment from the Maryland Department of Business and Economic Development (DBED). The company, whose patented technology was recently featured on the TODAY show, is the developer of the Embedded Mobile Advertising Platform (EMAP), which delivers sponsored content and offers, like ads, coupons and news, to mobile phones. The investment will be made through DBED’s Challenge Investment Program, which is designed to assist small start-up companies in the high technology sector, and will be used to boost the company’s product development, sales and marketing efforts.
Founded in 2000, Acuity Mobile opened its new headquarters in Greenbelt in June 2007. The firm moved into a larger building to accommodate additional research and development resources and its rapid expansion in the U.S. market.
“Maryland’s ability to attract and grow cutting edge companies like Acuity Mobile speaks to the strength of our business climate and highly educated workforce,” said Governor O’Malley. “Strategic investments in our workforce and technology sector will ensure that Maryland is well positioned for tomorrow’s economy.”
“Acuity Mobile is a company on the rise and we applaud the state for recognizing our market potential and technology leadership by making this investment,” said Gregg Smith, CEO of Acuity Mobile. “Doing business in Maryland gives us great access to talent and resources and we look forward to a promising future.”
Acuity Mobile is well positioned to take advantage of future market trends. According to a recent report by ABI Research, mobile marketing is expected to grow to more than $24 billion worldwide in 2013, jumping from just $1.8 billion in 2007. The company is supported by partners NAVTEQ, a global mapping leader that recently made an equity investment, and Acxiom Corp., one of the largest data warehousing companies in the world.
About Acuity Mobile, Inc.
Acuity Mobile's Embedded Mobile Advertising Platform (EMAP) is the only mobile marketing solution that delivers Spot Relevance™ - the ability to target content delivery to the right person, at the right time, in the right location. Built on patented technology, EMAP is a flexible, intelligent solution that enables the delivery of relevant content based on user preferences, location, and time, effectively improving marketing response rates, lowering marketing costs, and driving more revenue. For more information, visit www.acuitymobile.com
About DBED’s Challenge Investment Program
DBED’s Challenge Investment Fund provides financing for small start-up technology companies to cover a portion of the initial costs associated with bringing new products to market. Companies are required to provide matching funds to be eligible for the State funding. Since its inception, the Challenge Investment Program has provided more than 100 emerging technology companies with initial financing support for the commercialization of new technology-driven products. To be eligible, a company must have no more than 25 employees and annual sales revenues of $1 million or less. Companies that meet agreed-upon milestones may receive up to $150,000 in assistance from the Challenge Investment Program. For more information, visit www.choosemaryland.org.
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