DBED-backed Acuity Mobile sells to Navteq Corp.

A mobile advertising firm backed in part with Maryland taxpayer money was sold Monday to a subsidiary of Finish telecom giant Nokia Corp.

Greenbelt-based Acuity Mobile, founded in 2000, sold to Chicago navigation system manufacturer Navteq Corp. for an undisclosed sum.

The 18-person Acuity received a $50,000 infusion from the Maryland Department of Business and Economic Development’s Challenge Investment Fund in February 2008. Navteq also made an investment in Acuity in March 2008.

It’s uncertain if Acuity will remain headquartered in Maryland. Navteq would not disclose additional information beyond a press release.

Acuity’s patented mobile advertising technology delivers ads, coupons and news to mobile devices. The company was co-founded by Barry Glick, the founder of MapQuest.

Navteq executives said in a news release the acquisition will expand the company’s advertising capabilities.

- By Ryan Sharrow | BizJournals

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