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Wireless Services Secures $30 Million in Financing, Acquires Mobile Media North America1 September 2006
Wireless Services Corp. today announced it closed a $30.75 million series C round of funding. A portion of the proceeds were used to acquire Mobile Media North America. With the acquisition, Wireless Services has changed its corporate name to SinglePoint to reflect the new focus and will remain headquartered in Bellevue, Wash.
SinglePoint represents the marriage of proven mobile messaging technology with industry-leading campaign management and production tools. "The result is a mobile messaging and marketing company with the reliability required by carriers and the flexibility to drive marketing promotions," said Rich Begert, who will remain as president and CEO of SinglePoint.
Seattle-based Ignition Partners led the funding round and was joined by new investor Rally Capital Services LLC. Pre-existing investors participating include Northwest Venture Associates, Madrona Venture Group LLC, Intel Capital and SeaPoint Ventures.
"We see SinglePoint's years of experience in this space and strong leadership giving the company an edge to capitalize on the prospect of triple-digit growth in the mobile content market over the next few years," said Adrian Smith with Ignition Partners.
The mobile messaging marketplace has changed dramatically in the past six months through mergers and acquisitions. Delivering content direct-to-consumer is expected to be a billion dollar business in a year, Begert said. "With SinglePoint we have addressed shortcomings in the content aggregator model and positioned ourselves to take advantage of the direction the market is moving and expanding," he said.
SinglePoint can deliver any kind of message, regardless of format, to any subscriber in North America. SinglePoint currently delivers more than 700 million messages per month and has the ability to handle tens of thousands of messages per second during high-traffic scenarios such as interactive television text-to-vote campaigns. SinglePoint provides a scalable platform for content owners, media companies and advertisers to create, deliver and confirm premium mobile messages and capitalize on interactive TV messaging campaigns.
"We have an experienced group of investors who are knowledgeable about the wireless industry and realize mobile messaging is rapidly expanding," Begert said. "The new funding underscores investor confidence in our business strategy and allows us to aggressively acquire and develop technology that carriers, media and enterprises need to further extend their reach into the mobile marketplace."
"We are seeing just the tip of the iceberg for mobile marketing. The U.S. broadcast media's use of mobile applications and interactivity was once an add-on before a commercial break. Now it occupies four or five minutes during a 30-minute show," said Doug Busk, vice president of Marketing & Product Strategy for SinglePoint. "Media, carriers and enterprises are looking for companies experienced in this space that can ensure reliable message delivery as well as handle the millions of messages generated from these campaigns."
About SinglePoint
SinglePoint is a simple, powerful way for content owners to create, connect and confirm the delivery of wireless messages to mobile consumers. It combines a proven reliable message delivery service with the leading producer and distributor of branded, made-for-mobile entertainment, interactive TV formats and mobile marketing concepts. Today, SinglePoint is engaged with an audience of more than 220 million mobile users throughout North America working in partnership with mobile network and portal operations, media companies, brand managers and agencies. For more information, please visit http://www.gosinglepoint.com .
Source: prnewswire
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