Modiv Media, aka MobileLime, was acquired by Florida-based Catalina Marketing Corporation for an undisclosed amount of money, the companies announced today. Modiv, the Quincy-based mobile marketing business, was the Massachusetts Innovation & Technology Exchange Best Commerce Game Changer winner last year. Modiv's applications reportedly influence millions of shoppers each month. Their mobile apps are said to drive over $1 billion in retail sales annually.
Modiv was founded in 2001 and is said to be a proven provider of mobile commerce solutions. The acquisition by Catalina, the leader in precision consumer marketing, makes sense. Earlier this year Modiv launched a service that allows brands and retailers the ability to offer coupons to shoppers from any couponing source then share the mobile coupons on Facebook. Modiv also launched an iPhone application that allows shoppers the capability to scan and pay for products at Stop & Shops without having to go up to a register.
Modiv's former CEO will now serve as the senior vice president of mobile commerce at Catalina. The Modiv employees will stay in the Quincy area, but the company is seeking new office space to expand in the Boston Innovation District.
Complex business deals involving the purchase or sale of a company require a steady hand and an eye on the bottom line. The timing and consideration of all risks are paramount. Taxation and regulatory aspects of such deals, especially across state lines, can have a major impact on the final contracts. Managing the employee clauses and keeping Modiv's development and manufacturing business here in Massachusetts is the way to go.
Source: Mass High Tech, "Florida marketer buys Modiv Media," Patricia Resende, April 30, 2012.