payvia acquires Mogreet to link mobile transactions with marketing campaigns
Mobile payments company payvia announced today it acquired Mogreet, which provides mobile video and rich media messaging engagement solutions used by marketers, retailers and others including ABC, Bloomingdales, Cox Media Group, Emmis Communications, Fox Television, and Gamefly. As part of the transaction, Mogreet founder and CEO James Citron will become payvia's CMO.
"Our mobile payments offer resonates strongly with the market because it is built on our proprietary carrier connected technology that gives us a unique ability to understand consumer mobile usage," explained Darcy Wedd, CEO of payvia. "Our clients have told us they also need a simpler way to link targeted mobile transactions to their marketing campaigns. By integrating Mogreet's solutions on our platform we answer that need. Mogreet is way ahead of its competition in terms of technology and expertise so this acquisition will accelerate our ability to drive up mobile's share of the $252 billion e-commerce market with an unrivalled solution that simplifies revenue generation via mobile."
Mogreet's Citron said that the merger of the two companies will allow advertisers to both market through mobile messaging and drive payments through mobile due to payvia's payments technology.
The acquisition is notable for both companies. Mogreet has worked in the wireless industry for close to a decade, and in 2012 raised $4.1 million. payvia meantime has worked to integrate itself into the carrier-billing space; last year payvia introduced a new digital payments platform enabling consumers to purchase digital goods and services using their mobile phone and charge the transaction to their monthly Sprint Nextel (NYSE:S) or T-Mobile US (NYSE:TMUS) bill.
payvia said it operates the largest direct carrier connected messaging and mobile payments platform in the United States, "engaging with 120 million unique mobile users and processing billions of mobile messages every year." The company said it has so far paid out over $2 billion in global mobile commerce revenues to merchants and developers worldwide.
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