Recognition Group Press Release
October 25, 2002February 26, 2002.
Recognition Group Press Release
- Mobilocity Acquires
kpe: Acquisition Extends Mobilocity's Capabilities in Delivering Client
Solutions Through Multiple Channels
NEW YORK--February 26, 2002--Mobilocity, Inc., a professional services firm
providing mobile technology solutions, today announced the acquisition of
travel and lifestyle industries. The combination of the two companies
provides its clients with a comprehensive approach to applying technology in
order to reach customers, employees or partners through multiple channels.
The combined company will offer solutions that incorporate digital branding,
communications strategy, website development, mobile strategy, custom
application development and systems integration.
With clients in the U.S., Europe and South America, New York-headquartered
Mobilocity offers professional services across a range of market segments.
Mobilocity has delivered mobile solutions for industry leaders such as
Bertlesmann, J.P. Morgan Chase and Hewlett-Packard. The company was founded
in February of 2000 and later secured financial backing from financial
services giants J.P. Morgan Chase and Morgan Stanley as well as global
investors such as Siemens and Cambridge Samsung.
"The acquisition of
consistently provided its clients with industry-leading digital branding and
communications solutions,
interactive development," said Larry D. Clark, chief executive officer of
Mobilocity. "This acquisition creates a powerful, competitive company that
offers an even broader capability and stronger expertise to our combined
client base."
Electronics e-Solutions Company LLC, Neiman Marcus, Ralph Lauren Polo.com,
Princess and About Inc. By providing a blend of digital strategy, design and
development to world-class brands,
channels to market to consumers.
consistent quality in delivering digital solutions, including a top rating
from Adweek's Interactive Agency Report Cards. Second Frontier Capital
Partners, the private equity arm of restructuring advisory firm Recognition
Group, and Grey Global Group, have recently provided financial backing for
the company.
"There is great potential for companies to use emerging technologies today
to enhance brand, solve business issues or better communicate with target
audiences," said Kevin Labick, former chief executive officer of
will assume the new role of vice president of solutions for
leveraging the restructuring performed by the Recognition Group and
combining our capabilities with those of Mobilocity, we are now better
positioned to deliver that expertise and help companies reap the benefits of
their technology investments."
"The Recognition Group is very pleased with this next stage in the life
cycle of
and managing director responsible for the
"This represents a positive outcome for
investors and a continuation of the firm's tradition in providing strong
client service."
worldwide full-service marketing communications companies. "We are pleased
to see
continue within Mobilocity's family. They form an excellent team which will
have our continued support," said Steven Felsher, vice chairman, CFO and
treasurer of Grey Global Group
Both companies are privately held; financial terms of the acquisition were
not disclosed.
ABOUT MOBILOCITY AND
Mobilocity, Inc. provides professional services that create business value
through the strategic application of technology. With its proven mobile
solutions expertise, Mobilocity helps companies integrate technologies to
operate more efficiently, communicate more easily and collaborate more
effectively. Through its subsidiary
branding, communications strategy and interactive development. Mobilocity
customizes solutions that leverage the latest technologies by drawing upon
its extensive network of partners and its Mobility Lab?. Clients include
J.P. Morgan Chase, Siemens, Hewlett-Packard and Autodesk. For further
information, visit the company's Web site at www.mobilocity.com.
ABOUT RECOGNITION GROUP AND SECOND FRONTIER CAPITAL PARTNERS
Second Frontier Capital Partners, LLC (SFCP) is the private equity arm of
restructuring advisory firm Recognition Group, LLC, a firm focused on
turnarounds of small and mid-sized companies. SFCP invests in companies with
at least $10 million in annualized revenues, where immediate operational
triage and/or workout of financial obligations leads to current or near term
positive cash flow. SFCP takes control stake investments, and assumes
interim management responsibility as part of its financial workout and
operational turnaround process. SFCP is opportunistic in its industry
approach but targets industries where it has relevant operational
experience. These include enterprise software, government-focused
technologies, telecom services provision, and interactive marketing
services. For further information about SFCP or Recognition Group, please
visit www.recognitiongroup.com.
For further information please contact:
Mobilocity, Inc.
Matthew Friel
Tel: (212) 607-0731
Fax: (212) 607-0716
mfriel@mobilocity.com
The statements contained herein, other than historical information, are or
may be deemed to be forward-looking statements and involve factors, risks
and uncertainties, many of which are outside the control of the Company,
that may cause actual results in future periods to differ materially from
such statements. These factors, risks and uncertainties include market
acceptance and availability of new products; rapid technological change
affecting products; the impact of competitive products and pricing; and the
availability of sufficient financial resources to enable the Company to
expand its operations. The information contained herein represents
management?s best judgment as of the date hereof based on information
currently available; however, the Company does not intend to update this
information to reflect developments or information obtained after the date
hereof and disclaims any legal obligation to the contrary.