Mar 30, 2023

Social Mobile Secures $35 Million Credit Facility from Citi®

by

Social Mobile is pleased to announce that it has secured a $35 million senior credit facility from Citi.

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 clients to bring smart devices to market quickly and efficiently, while also taking the burden of deploying and supporting these devices off their plate.

Benjamin Yogel

“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.”

Already a major player in the enterprise mobility space, Social Mobile has over 11 million users worldwide in Europe, USA, Canada, Africa, and Latin America. They have developed custom mobile devices and mobility solutions servicing a wide range of industries from healthcare and retail, to government and non-profits and include clients such as DoorDash, Uber Eats, the U.S. Air Force, and more.

Social Mobile is approximately 1 of only 100 a Google Mobile Services (GMS) partners, offering new and innovative ways to leverage the Android operating system that have enabled them to pioneer new products and solutions that many have never seen or considered possible. Recognizing the power and flexibility of the Android OS, they supercharge it by creating solutions dedicated to the unique and challenging environments in which their clients operate, and offer the option to use their proprietary mobile device management system.

Through Social Mobile’s work as an OEM, managed service provider, and consultancy, Social Mobile has become the industry’s best aggregator of resources, helping clients control their own destiny for over a decade. Some of the company’s strategic partners are android, Google, AT&T, Honeywell, and Tech Mahindra, among others.

Robert Morcos

CEO, Robert Morcos, founded Social Mobile in 2011. A Floridian at heart, Robert grew up in Miami, attended Florida State University on an academic scholarship, and now headquartered Social Mobile in Hollywood, FL. Robert has been involved in every aspect of the business, including manufacturing, design, development, retail, distribution, and consulting.

The drastic growth of the company over the last decade has allowed Robert to hire some pretty impressive new leadership including President, Ed Shulman, CTO Mike Burr and and recent hire, Jai Rao, Social Mobile’s Chief Engineering Officer, who has worked with several multinational OEMs launching world-class products.

He has also attracted new Advisory Council members such as Douglas Smith, who previously was appointed by President Barack Obama to serve as the Assistant Secretary for the Private Sector at the U.S. Department of Homeland Security (DHS). Both Jai and Douglas are key to Social Mobile’s strategic growth; Jai from a product design and development perspective and Douglas from a policy/government relations perspective.

Social Mobile’s 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.

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

The company also 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.