Action Engine raises USD20m to on-device portal apps
Rating: aggressive growth, GRRRRR
By Annie Turner
Action Corporation, which specialises in on-device portals announced it has raised USD20m of equity in its latest round of venture funding. This round was led by current investor, Baker Capital, with participation from other current investors: Northwest Venture Associates and The Spangler Group. It brings the funding raised to date to USD 65m.
The company says that the funding will be used to accelerate investment in the company’s 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 mobile phone to make content, like music, city guides and video, easier to discover and use.
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.” ARCchart, the ODP market is now poised for aggressive growth and is forecast to reach USD 1.4bn by 2009 with a compounded annual growth rate of 166% while Strategy Analytics reckons this segment of the market is projected to reach USD 14.4bn by 2011. Action Engine has recently signed up MSNBC.com and TiVo as clients.
The last word goes to our very own Bena Roberts, senior analyst at BKI Media, who says, “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 US, and this additional funding will likely strengthen its foothold.”
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