Groupon Inc.’s better-than-expected IPO on Friday illustrated the rising market demand for social media-enhanced mobile apps as well as its massive potential for future growth, said On the Move Systems CEO Patrick Brown.
Groupon raised $700 million with its IPO, offering 35 million shares at $20 per share. It was the largest IPO by an Internet company since Google raised $1.7 billion in 2004. Groupon’s share prices closed at $26.11, up 30.55 percent.
“Groupon set a new standard for mobile technology IPOs last week,” Brown said. “Savvy investors obviously believe in the unlimited market potential of these mobile app innovators, and OMVS is hard at work developing the kind of technology breakthroughs we believe could someday lead to a high valuation of our own.”
Since its 2008 inception, Groupon has become the global market leader in the group buying, or social couponing, space. The company uses a free mobile application to spread the word on its daily deals, which only become valid after a predetermined number of people sign on to claim the discount. The app model has proven popular enough to make Groupon one of the fastest-growing companies in history.
“Groupon’s innovative usage of mobile applications as marketing tools has proven key to its success,” Brown said. “Users are able to receive daily deals on their smartphones and tablets anywhere with wireless access. That’s the kind of functionality that gives technology startups an edge.
“At OMVS, we’re working to develop the next generation of apps to revolutionize mobile marketing.”
For more information on OMVS Interactive’s mobile applications business plan, please visit www.onthemovesystems.com/investor-relations.
OMVS is dedicated to producing next-generation mobile technology to compete in an industry that includes Groupon Inc., (NASDAQ: GRPN), Glu Mobile Inc. (NASDAQ: GLUU), Convio, Inc. (NASDAQ: CNVO) and KongZhong Corp. (NASDAQ: KONG).
About On the Move Systems, Inc.
On the Move Systems, Inc. (OTCBB:OMVS.ob - News) is focused on the development of cutting-edge technology across a broad spectrum of industries. The company is currently exploring exciting new opportunities in the solar energy, clean technology, and mobile communications technology sectors. For more information, please visit our website at www.onthemovesystems.com.
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