Mobile Industry Experts Launch Verivo Software

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The company also announced that it has secured $17 million in growth capital funding to furtherboost sales

WALTHAM, MA, Jan. 10, 2012 - (PressReleasePoint) - The Pyxis Mobile team today announced the launch of Verivo Software, the enterprise mobility company,dedicated to helping businesses drive their mobile initiatives and impacting theirbottom-line. Verivoleverages Pyxis Mobile’s assets and technology, along with its new and expandedbusiness model, product line and management team.Only Verivo’s enterprise mobility platform empowers companies tobuild, deploy and manage apps quickly and easily to meet today’s market demands.

The company also announced that it has secured $17 million in growth capital funding to furtherboost sales, fuel marketing programs and accelerate its product development roadmap as it expands its global presence.

The decision to transform Pyxis Mobile intoVerivo started 16 months ago, under the leadership of CEO Steven Levy. Pyxis Mobile has evolved from a company that used its proprietary technology to design and sell mobile apps, primarily to the financial services industry, to directly offering its mobile platform to companies.

Now Verivo, building on Pyxis Mobile’s technology success, offers acomplete mobilitysolutiondesigned to meet the needs of multiple industries -- from life sciences and manufacturing to automotive and transportation.

Over the past year the company has been incrementally executing on its new strategy, increasing the scope of its offerings and generating strong results. In 2011, the company reported an increase in license bookings of 220 percent and revenue run rate of 50 percent. Its employee-base grew 50 percent and customer-base increased by 170 percent. Companies that recently joined Verivo’s client roster includes International SOS, CSX Corporation, Constellation Energy Group and Federal Deposit Insurance Corporation (FDIC).

“Verivo is all about accelerating business results, and the increased demand for our innovative technology confirms that companies prefer to take control of their mobile initiatives,” said Steven Levy, CEO, Verivo Software. “While we’ve demonstrated strongmomentum, our expanded business plan requires additional capital to further accelerate and strengthen our products and programs to better serve the needs of our global community.”

The latest round of funding is led by Commonwealth Capital Ventures, with participation from Pyxis Mobile’s existing investors, including Ascent Venture Partners and Egan-Managed Capital.

Verivo will use the funds to:
• Open new offices in Europe and Asia. • Develop products to further enable companies to launch better apps, faster. • Explore new partnerships and M&A opportunities. • Recruit additional software experts. • Expand its platform and application program interface (API) for third-party developers.

Groundswell of Support
Customers and partners are fully supporting the transition and are benefiting from Verivo’s expanded business scope and strong platform capabilities.

CSX, a leading transportation supplier, was looking for a mobile solution that would allow the company to create an app once, integrate it with various back-end data sources and run it on multiple platforms. CSX chose Verivo’s software platform to drive the company’s mobility strategy. The team has already designed six apps for internal and external clients and several more apps are in the works for 2012.

“Using Verivo’s mobility platform, we could develop the mobile apps quickly, deploy them across multiple devices simultaneously and centrally update applications on all major mobile devices,” said Jon Yuan, solutions architect, CSX Corporation. “In addition, the software frees us from device specific development tools, so our team is able to focus on business processes and drive value to our end users.”

AT&T, one of Verivo’s technology partners, can now offer added value to their customers.

“Working closely with Verivo has allowed us to help businesses accelerate mobile application development and lay the foundation for empowering a mobile workforce with business apps,” said Chris Hill, vice president, Advanced Mobility Solutions, AT&T Business Solutions. “Verivo’s expanded mobility platform and pricing model will enable delivering of mobile application platforms to even more businesses and organizations.”

About Verivo Software
A leading provider of enterprise mobility software, Verivo Software helps companies accelerate their business results. Its unique technology empowers teams to centrally build, deploy, manage and update their mobile apps – rapidly, securely and across multiple devices. Hundreds of companies in numerous industries around the world rely on Verivo’s platform to drive their mobility initiatives. To learn more, visit www.verivo.com.