By Julie Earle-Levine
Sito Mobile, which helps companies advertise through text messages and location-based marketing, is targeting a group that sends hundreds of messages a day — millennials.
Jerry Hug, the company’s CEO, told our Julie Earle-Levine that major brands are realizing they use mobile devices to reach key markets like Generation Y.
He says 77 million millennials in the US are the largest segment of smartphone owners.
Competitors in the space include Millennial Media, X ad and Hipcricket. Hug says Sito is close to finalizing a deal to acquire Hipcricket, paying $4.5 million in cash.
Last year, Sito had $10 million in revenues. The fastest-growing portion was its location-based ad business. Hugs expects to double in size and scale this year.