NewSpring Capital Leads Equity Investment in Mobiquity, Inc.
June 05, 2013
RADNOR, PA - June 5, 2013 - NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Growth Capital III, the firm's dedicated technology and business services growth equity fund, led a $12.0 million Series B equity financing in Mobiquity, Inc. ("Mobiquity") with a $9.0 million investment. Existing investors also joined NewSpring in the financing.
Based in Wellesley, MA, Mobiquity is a mobility-focused professional services company which provides development services for enterprise-class mobile solutions and applications. Its services include mobile integrating strategies, user experience design, and mobile application development covering building, deployment and management. The Company develops mobile applications for enterprises across a variety of verticals including retail, healthcare, financial services, insurance, manufacturing, media & entertainment, and defense.
"By focusing on strategy, user-centric design and integration - and hiring some of the most talented visionaries in mobile - Mobiquity has stormed into the enterprise mobility market delivering innovation and business value for our growing roster of clients," said Bill Seibel, Mobiquity founder, chairman, and chief executive officer. "Q1 2013 has been our best quarter to date, during which we expanded our footprint and development capabilities into Atlanta and Gainesville and grew our product portfolio. This new round of funding will allow us to continue to expand in line with surging client demand."
Mike DiPiano, managing general partner of NewSpring, who now joins Mobiquity's board of directors, said, "There is huge demand as enterprises move from opportunistic mobile projects to strategic, transformative initiatives. Mobiquity is perfectly poised to deliver value as its approach uniquely unites vision and strategy with design and UX prowess, and fundamentally integrates mobile solutions with essential business processes and IT infrastructures."
To learn more, visit www.mobiquityinc.com.