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CommerceTel Corp. (MFON)
CommerceTel Corp. is an award-winning provider of proprietary mobile marketing technologies and solutions. The company is the inventor of Mobivity, a unique, enterprise-grade platform empowering brands to engage mobile consumers by way of multiple channels. CommerceTel is a developer of technology that connects consumers to brands. They create opportunities for brands, marketers, and content owners, via their suite of services and technologies. CommerceTel has their corporate headquarters in San Diego, California.
The company's Mobivity is a cloud-based solution providing broad mobile communications and extensive CRM features. It is integrated with multiple tier-one PSTN/ IP carriers and micropayment processing facilities as well as with carrier premium SMS billing systems. Customers include CNN, Disney, Sony Pictures, AT&T, Verizon, USA Network, numerous professional sports franchises, the Golf Channel, and NBC Universal. The goal of Mobivity is to innovate in the way businesses view and use local area marketing.
Concerning their patented technology, CommerceTel is the developer of C4. This is a unique, enterprise-grade platform, combining the powerful capabilities of both voice and SMS text messaging to connect consumers to brands. The company delivers a suite of services designed to facilitate and monetize consumer interaction with television, radio, print, and web content.
Earlier this week, CommerceTel announced that they completed a private financing for $4,303,568 (New Notes) with accredited investors. The financing consisted of approximately $2,612,400 of new funds and $1,691,168 principal amount plus accrued but unpaid interest outstanding under previously issued 10 percent Senior Secured Bridge Notes that were converted into the New Notes. The company will use the proceeds to increase sales infrastructure, accelerate technology and IP plans, and for prospective corporate development opportunities.
Mr. Dennis Becker, CommerceTel's President & CEO, explained, "We are delighted to secure additional capital at a competitive rate. With significant organic and external growth opportunities available to us, we can focus our attention on growing our business. This financing will accelerate investments in our technology and sales infrastructure to capture additional market share and build on our continued organic growth."
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