Mobile app development powerhouse MEDL Mobile announced yesterday that it’s gone public, marking the first and only publicly-traded mobile application development firm to date.
MEDL is an interesting company that has its hands in just about every corner of the mobile app space. The company bills itself as a “developer, incubator, marketer and aggregator of mobile apps.” The company’s main focus is monetizing mobile apps through four revenue-generating platforms; the development of customized apps for third parties; the incubation of mobile apps from a library of more than 75,000 original app concept submissions; the sale of advertising and sponsorship opportunities directly to brands and via mobile advertising networks; and the acquisition of apps from other developers. In other words, if you do anything within the mobile apps space, MEDL mobile has a service they can offer you.
In connection with its public offering, the company raised approximately $2.5 million through the sale of common stock, leaving 40,000,000 shares. The company said the proceeds will be used primarily for business development; further development of the company’s intellectual property and technology; and general working capital. “This represents a major milestone for our company,” said Andrew Maltin, CEO of MEDL Mobile. “I am pleased to have completed this transaction, as it enables us to create greater value, broaden our investor base and create a public market for our stock. As a publicly-traded company, we believe that we will be in a better position to take advantage of the growing opportunities emerging in the mobile industry.”