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Microsoft Makes Foray Into Finance With Acquisition of MileIQ Mileage Tracker App Developer

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Microsoft has announced its acquisition of Mobile Data Labs, the San Francisco-based startup behind the top-grossing MileIQ app.

According to Microsoft, the mileage-tracking app has more than 1 million users, and it has been at the top of the finance app food chain on the App Store for the last 20 months consecutively. What founders CEO Chuck Dietrich and CPO Dan Bomze had in mind when they made the app was a way to make mileage reimbursements simple.

"In the U.S. alone, there are over 55 million small business employees, entrepreneurs and other mobile professionals. This 'self-directed workforce,' as Mobile Data Labs calls them, are always seeking ways to reduce time and effort spent on administrative chores like mileage, expenses, time tracking and reimbursement," Rajesh Jha, corporate VP for Outlook and Office 365 says via a blog post.

To simplify things, Mobile Data Labs made an app that uses the phone's sensors, which the developers call smart drive-detection technology, to log and calculate the cost of trips.

Take note that the mileage-tracking app won't be going anywhere, as this merger only entails integration of Microsoft-based tools with it. The details of the deal were not disclosed, however.

Dietrich is thrilled about the partnership, which could lead to more features on the app or new innovative apps.

"By partnering with Microsoft, our horizon and momentum are now even bigger — and our ability to deliver excellent products, delightful experiences and personalized service is greater than ever," he writes in a blog post.

Earlier this year, Mobile Data Labs raised $12.11 million in Series A in funding, where Trinity Ventures led the round. In total, the startup garnered $15.11 million in two rounds, including investors such as SV Angel and Charles River Ventures. Other investors include Tom Hulme, general partner of Google Ventures Europe, and Marc Benioff, CEO and founder of Salesforce.com.

The MileIQ app is available on the App Store and Play Store for free.

Hit up the video demonstration below to see how the money-saving app benefits users.

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