MobileBits raises $5 million

SARASOTA -- MobileBits Holdings Corp. (symbol: MBIT) raised $5 million in an equity sale this week. The company did not identify the members of its “select group of investors” in a release announcing the deal.

Earlier this month, MobileBits announced that it would move its corporate headquarters from Sarasota to Los Angeles, following its acquisition of Pringo, a software company specializing in social media integration.

MobileBits is also a software company. Its products allow clients to connect to customers using mobile software that targets specific smartphone users.

Walter Kostiuk, MobileBits' founder, is chairman, president, and chief strategy officer of the combined company, while Majid Abai, founder of Pringo, is CEO.

MobileBits said it would put the $5 million toward general corporate purposes, including advertising, marketing, product development, and acquisitions.