Mobile Monday Boston Reports Over $565 Million Invested in Boston Mobile Companies in 2008

Mobile Emerges as a Leading Local Technology Cluster & Worldwide Industry Hotbed
BOSTON--(Business Wire)--
Mobile Monday Boston, the professional organization for mobile and wireless in
the Boston area, today released a report detailing the half of a billion dollars
invested in local mobile organizations in 2008. Despite concerns about an
economic downturn and a slowdown in venture capital investment, Mobile Monday
Boston reports that investment in mobile is on the rise, with over $565 million
invested in the space in 2008. To view the report, visit
http://www.momoboston.com/bostons-mobile-industry/2008/. This report will be
discussed at tonight's Mobile Monday Boston event, "Compelling Mobile Business
Models," 7pm at the Langham Hotel in Boston.

"While not immune to the economic downturn, mobile software and services will
continue to be a key area for investment over the next 18 months, due to long
product development cycles and only a slightly muted growth rate in sales of
smartphones," said Chris Hazelton, research director of mobile & wireless with
The 451 Group. "Investors are still excited about the mobile space, and with a
significant academic and technology base, Boston is the place to watch for
acquisitions and investments in mobile."

The Mobile Monday Boston figures include venture capital investment, IPO and
acquisition dollars. The $565 million invested locally in 2008 is a 45% increase
over investment in 2007.

"Boston is an excellent place to develop a mobile company," said Jeffrey Glass,
Managing Director, Bain Capital Ventures. "We have the brightest young minds
coming out of our local universities, and long history of wireless startup
success, an excellent and supportive community of entrepreneurs, and a thriving
environment for networking."

There are 24 different types of mobile companies in Boston, from advertising to
location, social networking to infrastructure, enterprise to music. In 2002,
only five local mobile companies received venture investment. In 2008, 45
companies received investment.

One of these companies is Vlingo, which received $20 million in investment in
2008. "Vlingo was started here because Boston has the right human resources,
investment dollars, and entrepreneurial community," said Dave Grannan, CEO of
Vlingo.

"Boston is a worldwide hotbed of mobile business, development, and education,"
said Kate Imbach, co-founder and organizer of Mobile Monday Boston. "We are
thrilled to publish this research, which shows Boston leading the way for the
mobile industry."

About Mobile Monday Boston

Mobile Monday Boston is the locally-run chapter of a global community of
professionals and enthusiasts interested in mobile and wireless. The mission of
Mobile Monday is to promote, discuss and share knowledge on mobile technologies
with the community through monthly presentations, demos, and networking events.
For more information, please visit http://www.momoboston.com/.

Winkowski Public Relations
Beth Winkowski, 978-649-7189
bwinkowski@att.net

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