Wednesday, October 1, 2008

Connecticut Innovations lures ShopText with $1M

By Mass High Tech Staff

Connecticut Innovations, the Nutmeg state’s quasi-public authority responsible for technology investing, has invested $1 million in mobile commerce technology developer ShopText Inc., bringing the company from New York to South Norwalk, Conn.

According to a statement from Governor M. Jodi Rell, the deal represents the ninth company the state has recruited from outside its borders over the past two years.

As part of the deal, Maneesh Sagar, director of investments for Connecticut Innovations will serve on ShopText’s board. Sagar also serves on the board of directors of other portfolio companies in the mobile applications and retail space, including Keisense Inc. in Hartford, Netkey Inc. of East Haven, Retail Optimization Inc. of New Haven and LegiTime Technologies Inc. of Westport.

ShopText’s technology is a text messaging software platform that lets businesses connect with customers and distribute promotions, coupons and other marketing material. The platform works in conjunction with text message codes placed in advertisements, billboards and other environments that, when entered into a handset, direct consumers to promotions. The company counts Proctor & Gamble, General Mills, Universal Music and Conde Nast among its customers.