Social Mobile Secures $35 Million Credit Facility from Citi®

Social Mobile, a leader in delivering custom enterprise mobility solutions, is pleased to announce that it has secured a $35 million senior credit facility from Citi.

“Social Mobile has never received outside capital to grow its business until now. This credit facility from Citi is a significant milestone for our company,” said Benjamin Yogel, Chief Financial Officer of Social Mobile. “It will allow us to accelerate our growth plans and put us in a position to enter the M&A space that will further strengthen our market position.”

Social Mobile is a mobility solutions provider focused on providing services critical to organizations looking to deploy and/or bring to market innovative mobile products. They design, engineer, and manufacture turnkey solutions that enable our clients to bring smart devices to market quickly and efficiently, while also taking the burden of deploying and supporting these devices off their plate.

The funding announcement comes at a time when headlines are dominated by layoffs in the technology industry, and a looming recession and reduced spending by businesses on both talent and IT are under scrutiny. Social Mobile leadership has ensured that the company is in a strong position both financially and strategically to continue its growth into the future.

Social Mobile ONE: A Device-as-a-Service (DaaS) Offer

The company recently launched Social Mobile ONE, a DaaS offer combining its hardware, software, managed services, and wireless connectivity solutions into a monthly, per device subscription. With IT budgets under increased tightening and a looming recession, enterprises can benefit from an OpEx based model and still secure mobile devices for their business without heavy capital expenditure.