Microsoft has bought Mobile Data Labs, the company that makes the popular business app MileIQ, for an undisclosed amount.
Thursday’s deal will help Microsoft continue to stay relevant in the mobile realm. MileIQ, an app available on both Android and iOS, is used to track mileage that salesmen, business travelers and other professionals accumulate as they drive for business. The app makes it easier and faster to submit travel reimbursement requests and travel expense deductions because the app tracks activity automatically.
Fortune reports that Mobile Data Labs was founded only two years ago in San Francisco by Dan Bomze and Chuck Dietrich and that they recently got over $15 million in venture funding.
Rajesh Jha, corporate vice president of Microsoft Outlook and Office 365, said in an announcement on November 5 that MileIQ uses the sensors in devices to gather travel information and that can save both time and money.
Mobile Data Lab’s MileIQ app takes advantage of sensors in modern mobile devices to automatically and contextually capture, log and calculate business miles, allowing users to confidently claim tax deductions. That data can add up to significant savings, in both time and money, for workers that spend a significant part of their day behind the wheel.
Jha also states that the average subscriber to MileIQ logs $547 worth of deductions per month and that the paid app has been the highest grossing finance app available in the iTunes store for the last 20 months.
In fact, the average MileIQ subscriber is able to deduct $547 per month in business miles, putting money back in their pockets. MileIQ counts over 1 million users and has been the top-grossing finance app in the iTunes store for 20 months straight.
Microsoft has been buying quite a few apps lately. Last December it acquired an email app for Android and iOS, Acompli. Microsoft has also this year bought the Sunrise calendar app as well as the maker of Wunderlist, a to-do app.
Keeping at the forefront of technological advances, Microsoft also showed off its augmented reality headset in hand-on demonstrations last month.