Tech company takes big baby steps

The latest version of 'what recession?' stars a Gulf Coast mobile software firm.

In fact, things are going so well at Sarasota-based MobileBits the company just embarked on its second multimillion-dollar capital raise. The first one, completed late last year, brought in $7 million. The firm now seeks another $10 million from outside investors.

“Our offering to investors is a lot less risky than it used to be,” says Walter Kostiuk, who founded the firm and is now chairman and president. That's because Kostiuk says the firm now has recurring revenue from its software, which provides answers and targeted ads on mobile phones for user's search questions. The firm announced $1 million in new contracts earlier this year.