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  • Action Engine Raises $20 Million to Accelerate Mobile Software Business

    July 31st, 2007 No comments

    Action Engine Corporation, The On-Device Portal Company, recently announced it has raised $20 million of equity in its latest round of venture funding. This round brings the total funding raised to date to $65 million and was led by current investor, Baker Capital, with participation from other current investors: Northwest Venture Associates and The Spangler Group.

    The funding will be used to accelerate investment in the companys sales, marketing and customer implementation functions. Action Engine pioneered the technology for delivering mobile on-device portal (ODP) solutions to media companies and mobile operators in 2000. ODPs are downloadable clients that reside on the wireless phone, which are developed with an underlying mission to make content, like music, city guides and video, easier to discover and use.

    In 2007 Action Engine has continued to secure a number of key clients and launch ODP solutions with major media brands, such as MSNBC.com and TiVo. We look forward to closing and successfully launching additional top tier media companies, which will reinforce Action Engines position as the industrys dominant ODP software supplier, said Scott G. Silk, president and CEO of Action Engine. This is an exciting time to be leading the ODP revolution, and we are pleased that our investors have expressed such confidence in our future.

    According to a recently published report from wireless research and consulting firm, ARCchart, the ODP market is now poised for aggressive growth and is forecast to reach $1.4 billion by 2009 with a compounded annual growth rate of 166%. Action Engine also participates in the mobile advertising market with its integrated Mobile Advertising Engine. According to the research firm, Strategy Analytics, this segment of the market is projected to reach $14.4 billion by 2011.

    Bena Roberts, senior analyst at BKI Media, added, On-Device Portal technology is starting to shake-up the mobile market in a big way. Action Engine is positioned as the leading ODP provider in the U.S., and this additional funding will likely strengthen its foothold going forward.

    As pioneers of ODP technology, Action Engine occupies a unique position in a market that is showing significant potential, said P. Kevin Kilroy, partner of New York-based Baker Capital. They are capturing market share faster than anyone else in the industry, and this additional funding will help them continue that momentum.

    Action Engine, the On-Device Portal (ODP) Company, enables media companies and network operators to build, deploy, and manage highly personalized and intuitive suites of mobile applications that deliver a superior user experience. Action Engines best-in-class ODP platform incorporates intelligent mobile advertising, support for mass market handsets and broad management capabilities that increase profitability, lower cost of ownership and drive brand-awareness. As the acknowledged market leader in ODP technology, Action Engines award-winning software has been successfully deployed by numerous companies including MSNBC.com, TiVo, Sprint, Verizon Wireless, smarTVideo, SingTel, Optus, and Globe Telecom.

    For more information, please visit www.actionengine.com

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