----

----

| (Mark One)                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------|
| x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                      |
|                                                                                                                |
| For the quarterly period ended March 31, 2011                                                                       |
|                                                                                                                |
| or                                                                                                                  |
|                                                                                                                |
| o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                     |
|                                                                                                                |
| For the transition period from __________________________________________to________________________________________ |
|                                                                                                                |
| Commission File Number: 001-34844                                                                                   |
|                                                                                                                |
| MediaMind Technologies Inc.                                                                                         |
| (Exact name of registrant as specified in its charter)                                                              |
| Delaware                                                                                                                                                                                                                                                                                                                                                                                                | 52-2266402                           |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                          | (I.R.S. Employer Identification No.) |
|                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |
| 135 West 18th Street (5th Floor), New York, NY                                                                                                                                                                                                                                                                                                                                                          |  10011                          |
| (Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                | (Zip Code)                           |
|                                                                                                                                                                                                                                                                                                                                                                                                    |
| (646) 202 - 1320                                                                                                                                                                                                                                                                                                                                                                                        |
| (Registrant’s telephone number, including area code)                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                    |
| (Former name, former address and former fiscal year, if changed since last report)                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                    |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                           |
|   x Yes      o No                                                                                                                                                                                                                                                                                                                                     |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  |
|  o Yes      o No                                                                                                                                                                                                                                                                                                                                 |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.                                                                 |
|  Large accelerated filer o                                                                                                                                                                                                                                                                                                                                                                    |  Accelerated filer o       |
|                                                                                                                                                                                                                                                                                                                                                                                                    |
| Non-accelerated filer  x(Do not check if a smaller reporting company)                                                                                                                                                                                                                                                                                                                         | Smaller reporting company o          |
|                                                                                                                                                                                                                                                                                                                                                                                                    |                                 |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).                                                                                                                                                                                                                                                          |
|   o Yes       x No                                                                                                                                                                                                                                                                                                                                    |
| Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of May 13, 2011, there were 19,022,183 shares outstanding of the registrant’s common stock.                                                                                                                                                           |

----

|                                                                                                                                                                                             |   | PAGENUMBER |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|
| PART I. FINANCIAL INFORMATION                                                                                                                                                                    |   | 3          |
|                                                                                                                                                                                             |   |       |
| Item 1. Financial Statements                                                                                                                                                                     |   | 3          |
|       Condensed Consolidated Balance Sheets as of December 31, 2010 and March 31, 2011 (unaudited)                                                                      |   | 3          |
|       Condensed Consolidated Statements of Income for the Three Months ended March 31, 2010 and 2011 (unaudited)                                                   |   | 5          |
|       Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2010 and 2011 (unaudited)                                               |   | 6          |
|       Notes to Condensed Consolidated Financial Statements for the Year ended December 31, 2010 and for the Three Months ended March 31, 2010 and 2011 (unaudited) |   | 8          |
|                                                                                                                                                                                             |   |       |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                              |   | 18         |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                                                                                               |   | 26         |
| Item 4. Controls and Procedures                                                                                                                                                                  |   | 27         |
|                                                                                                                                                                                             |   |       |
| PART II. OTHER INFORMATION                                                                                                                                                                       |   | 28         |
|  Item 1. Legal Proceedings                                                                                                                                                                  |   |       |
| Item 1A. Risk Factors                                                                                                                                                                            |   | 28         |
| Item 2. Unregistered Sale of Equity Securities and Use of Proceeds                                                                                                                               |   | 28         |
| Item 3. Defaults Upon Senior Securities                                                                                                                                                          |   | 28         |
| Item 4. (Removed and Reserved)                                                                                                                                                                   |   | 28         |
| Item 5. Other Information                                                                                                                                                                        |   | 28         |
| Item 6. Exhibits                                                                                                                                                                                 |   | 29         |
| SIGNATURES                                                                                                                                                                                       |   | 30         |

----

PART 

Item 

TECHNOLOGIES 

|                                           |   | December 31, |    |   | March 31, |   |
|------------------------------------------------|--------|--------------|---------|--------|-----------|--------|
|                                           |   | 2010         |    |   | 2011      |   |
|                                           |   |         |    |   | Unaudited |   |
| ASSETS                                         |   |         |    |   |      |   |
|                                           |   |         |    |   |      |   |
| CURRENT ASSETS:                                |   |         |    |   |      |   |
| Cash and cash equivalents                      |   | $            | 21,484  |   |      | $      | 16,538 |   |
| Short-term deposits                            |   |         | 75,873  |   |      |   | 84,621 |   |
| Restricted cash                                |   |         | 1,180   |   |      |   | 1,185 |   |
| Trade receivables, net                         |   |         | 25,604  |   |      |   | 23,270 |   |
| Other accounts receivable and prepaid expenses |   |         | 2,926   |   |      |   | 6,503 |   |
|                                           |   |         |    |   |      |   |   |   |
| Total current assets                           |   |         | 127,067 |   |      |   | 132,117 |   |
|                                           |   |         |    |   |      |   |   |   |
| LONG-TERM ASSETS:                              |   |         |    |   |      |   |   |   |
| Marketable securities (Note 7)                 |   |         | 2,043   |   |      |   | 2,034 |   |
| Deferred taxes                                 |   |         | 2,146   |   |      |   | 567 |   |
| Severance pay fund                             |   |         | 2,267   |   |      |   | 2,530 |   |
| Other long-term assets                         |   |         | 1,092   |   |      |   | 1,136 |   |
|                                           |   |         |    |   |      |   |   |   |
| Total long-term assets                         |   |         | 7,548   |   |      |   | 6,267 |   |
|                                           |   |         |    |   |      |   |   |   |
| PROPERTY AND EQUIPMENT, NET                    |   |         | 5,014   |   |      |   | 7,066 |   |
|                                           |   |         |    |   |      |   |   |   |
| INTANGIBLE ASSETS AND GOODWILL                 |   |         | -       |   |      |   | 1,592 |   |
|                                           |   |         |    |   |      |   |   |   |
| Total assets                                   |   | $            | 139,629 |   |      | $      | 147,042 |   |

----

|                                                                                                                                                                                                                                                                     |   | December 31, |    |   | March 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|--------|-----------|--------|
|                                                                                                                                                                                                                                                                     |   | 2010         |    |   | 2011      |   |
|                                                                                                                                                                                                                                                                     |   |         |    |   | Unaudited |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                                                                                     |   |         |    |   |      |   |
|                                                                                                                                                                                                                                                                     |   |         |    |   |      |   |
| CURRENT LIABILITIES:                                                                                                                                                                                                                                                     |   |         |    |   |      |   |
| Trade payables                                                                                                                                                                                                                                                           |   | $            | 756     |   |      | $      | 1,994 |   |
| Employees and payroll accruals                                                                                                                                                                                                                                           |   |         | 3,996   |   |      |   | 5,750 |   |
| Other accounts payable                                                                                                                                                                                                                                                   |   |         | 5,094   |   |      |   | 3,103 |   |
|                                                                                                                                                                                                                                                                     |   |         |    |   |      |   |   |   |
| Total current liabilities                                                                                                                                                                                                                                                |   |         | 9,846   |   |      |   | 10,847 |   |
|                                                                                                                                                                                                                                                                     |   |         |    |   |      |   |   |   |
| LONG-TERM LIABILITIES:                                                                                                                                                                                                                                                   |   |         |    |   |      |   |   |   |
| Deferred taxes, net                                                                                                                                                                                                                                                      |   |         | -       |   |      |   | 269 |   |
| Accrued severance pay and other employee accruals                                                                                                                                                                                                                        |   |         | 3,413   |   |      |   | 3,859 |   |
| Other long term liability                                                                                                                                                                                                                                                |   |         | -       |   |      |   | 640 |   |
|                                                                                                                                                                                                                                                                     |   |         |    |   |      |   |   |   |
| Total long-term liabilities                                                                                                                                                                                                                                              |   |         | 3,413   |   |      |   | 4,768 |   |
|                                                                                                                                                                                                                                                                     |   |         |    |   |      |   |   |   |
| STOCKHOLDERS' EQUITY (Note 3):                                                                                                                                                                                                                                           |   |         |    |   |      |   |   |   |
| Stock capital:                                                                                                                                                                                                                                                           |   |         |    |   |      |   |   |   |
| Common stock of $ 0.001 par value -                                                                                                                                                                                                                                 |   |         |    |   |      |   |   |   |
| 88,000,000 shares authorized at December 31, 2010 and March 31, 2011; 21,692,207 and 22,067,003 shares issued at December 31, 2010 and March 31, 2011, respectively; 18,530,503 and 18,905,299 shares outstanding at December 31, 2010 and March 31, 2011, respectively. |   |         | 22      |   |      |   | 22 |   |
| Additional paid-in capital                                                                                                                                                                                                                                               |   |         | 109,927 |   |      |   | 113,843 |   |
| Treasury stock at cost (3,161,704 shares of Common stock)                                                                                                                                                                                                                |   |         | (23,213 | )      |      |   | (23,213 | ) |
| Accumulated other comprehensive gain (loss)                                                                                                                                                                                                                              |   |         | (440    | )      |      |   | 142 |   |
| Retained earnings                                                                                                                                                                                                                                                        |   |         | 40,074  |   |      |   | 40,633 |   |
|                                                                                                                                                                                                                                                                     |   |         |    |   |      |   |   |   |
| Total stockholders' equity                                                                                                                                                                                                                                               |   |         | 126,370 |   |      |   | 131,427 |   |
|                                                                                                                                                                                                                                                                     |   |         |    |   |      |   |   |   |
| Total liabilities and stockholders' equity                                                                                                                                                                                                                               |   | $            | 139,629 |   |      | $      | 147,042 |   |

----

TECHNOLOGIES 

|                                                                                                   |   | Three months endedMarch 31, |   |
|--------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                                   |   | 2010                        |   |   | 2011 |   |
|                                                                                                   |   | Unaudited                   |   |
|                                                                                                   |   |                        |   |   |   |   |
| Revenues                                                                                               |   | $                           | 16,001 |   |   | $ | 18,878 |   |
| Cost of revenues                                                                                       |   |                        | 881    |   |   |   | 1,568 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Gross profit                                                                                           |   |                        | 15,120 |   |   |   | 17,310 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Operating expenses:                                                                                    |   |                        |   |   |   |   |   |   |
| Research and development                                                                               |   |                        | 2,261  |   |   |   | 2,952 |   |
| Selling and marketing                                                                                  |   |                        | 10,048 |   |   |   | 11,565 |   |
| General and administrative                                                                             |   |                        | 1,975  |   |   |   | 2,387 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Total operating expenses                                                                               |   |                        | 14,284 |   |   |   | 16,904 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Operating income:                                                                                      |   |                        | 836    |   |   |   | 406 |   |
| Financial income, net                                                                                  |   |                        | 82     |   |   |   | 393 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Income before taxes on income                                                                          |   |                        | 918    |   |   |   | 799 |   |
| Taxes on income                                                                                        |   |                        | 358    |   |   |   | 240 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Net income                                                                                             |   |                        | 560    |   |   |   | 559 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Accretion of Preferred stock dividend preference                                                       |   |                        | (518   | ) |   |   | - |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Net income attributable to Common stockholders                                                         |   | $                           | 42     |   |   | $ | 559 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Net earnings per share (Note 4):                                                                  |   |                        |   |   |   |   |   |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Basic                                                                                                  |   | $                           | 0.00   |   |   | $ | 0.03 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Diluted                                                                                                |   | $                           | 0.00   |   |   | $ | 0.03 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Weighted average number of shares of Common stock used in computing earnings per share (in thousands): |   |                        |   |   |   |   |   |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Basic                                                                                                  |   |                        | 8,459  |   |   |   | 18,648 |   |
|                                                                                                   |   |                        |   |   |   |   |   |   |
| Diluted                                                                                                |   |                        | 11,303 |   |   |   | 21,775 |   |

----

TECHNOLOGIES 

|                                                                                   |   | Three months endedMarch 31, |   |
|----------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                   |   | 2010                        |   |   | 2011 |   |
|                                                                                   |   | Unaudited                   |   |
| Cash flows from operating activities:                                                  |   |                        |   |   |   |   |
|                                                                                   |   |                        |   |   |   |   |
| Net income                                                                             |   | $                           | 560    |   |   | $ | 559 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                        |   |   |   |   |   |   |
| Depreciation                                                                           |   |                        | 384    |   |   |   | 693 |   |
| Compensation related to options granted to employees                                   |   |                        | 972    |   |   |   | 1,239 |   |
| Decrease in trade receivables                                                          |   |                        | 3,500  |   |   |   | 2,782 |   |
|     Increase in other accounts receivable, prepaid expenses             |   |                        | (327   | ) |   |   | (1,940 | ) |
| Decrease (increase) in deferred taxes                                                  |   |                        | (382   | ) |   |   | 1,263 |   |
|     Increase in other long-term assets                                  |   |                        | (72    | ) |   |   | (25 | ) |
| Increase (decrease) in trade accounts payable                                          |   |                        | (281   | ) |   |   | 819 |   |
| Increase (decrease) in employee and payroll accruals                                   |   |                        | (370   | ) |   |   | 1,733 |   |
|     Decrease in other payables                                |   |                        | (257   | ) |   |   | (2,471 | ) |
| Increase in accrued severance pay and other employee accruals, net                     |   |                        | 298    |   |   |   | 147 |   |
| Increase in accrued interest                                                           |   |                        | (30    | ) |   |   | (151 | ) |
| Excess tax benefit from stock-based compensation                                       |   |                        | -      |   |   |   | (968 | ) |
| Gain on disposal of property and equipment                                             |   |                        | (51    | ) |   |   | - |   |
|                                                                                   |   |                        |   |   |   |   |   |   |
| Net cash provided by operating activities                                              |   |                        | 3,944  |   |   |   | 3,680 |   |
|                                                                                   |   |                        |   |   |   |   |   |   |
| Cash flows from investing activities:                                                  |   |                        |   |   |   |   |   |   |
|                                                                                   |   |                        |   |   |   |   |   |   |
| Investments in short-term deposits                                                     |   |                        | (88    | ) |   |   | (43,140 | ) |
| Expiration of short-term deposits                                                      |   |                        | -      |   |   |   | 34,538 |   |
| Acquisition of business activity                                                       |   |                        | -      |   |   |   | (650 | ) |
| Purchase of property and equipment                                                     |   |                        | (1,188 | ) |   |   | (2,188 | ) |
| Proceeds from sale of property and equipment                                           |   |                        | 11     |   |   |   | - |   |
|                                                                                   |   |                        |   |   |   |   |   |   |
| Net cash used in investing activities                                                  |   |                        | (1,265 | ) |   |   | (11,440 | ) |
|                                                                                   |   |                        |   |   |   |   |   |   |
| Cash flows from financing activities:                                                  |   |                        |   |   |   |   |   |   |
|                                                                                   |   |                        |   |   |   |   |   |   |
| Proceeds from exercise of stock options and warrants                                   |   |                        | 207    |   |   |   | 1,708 |   |
| Excess tax benefit from stock-based compensation                                       |   |                        | -      |   |   |   | 968 |   |
|                                                                                   |   |                        |   |   |   |   |   |   |
| Net cash provided by financing activities                                              |   |                        | 207    |   |   |   | 2,676 |   |
|                                                                                   |   |                        |   |   |   |   |   |   |
| Increase (decrease) in cash and cash equivalents                                       |   |                        | 2,886  |   |   |   | (5,084 | ) |
| Effects of exchange rate changes on cash and cash equivalents                          |   |                        | (97    | )  |   |   | 138 |   |
| Cash and cash equivalents at the beginning of the period                               |   |                        | 15,363 |   |   |   | 21,484 |   |
|                                                                                   |   |                        |   |   |   |   |   |   |
| Cash and cash equivalents at the end of the period                                     |   | $                           | 18,152 |   |   | $ | 16,538 |   |

----

|                                              |   | Three months endedMarch 31, |   |
|---------------------------------------------------|--------|-----------------------------|--------|
|                                              |   | 2010                        |   |   | 2011 |   |
|                                              |   | Unaudited                   |   |
| Supplemental disclosure of cash flow information: |   |                        |   |   |   |   |
|                                              |   |                        |   |   |   |   |
| Cash paid during the period for:                  |   |                        |   |   |   |   |
|                                              |   |                        |   |   |   |   |
| Taxes on income paid                              |   | $                           | 1,811  |   |   | $ | 1,481 |   |
|                                              |   |                        |   |   |   |   |   |   |
| Interest paid on taxes on income                  |   |                        | -      |   |   | $ | 5 |   |
|                                              |   |                        |   |   |   |   |   |   |
| Income interest received                          |   | $                           | 16     |   |   | $ | 193 |   |
|                                              |   |                        |   |   |   |   |   |   |
| Non-cash activities:                              |   |                        |   |   |   |   |   |   |
|                                              |   |                        |   |   |   |   |   |   |
| Purchase of property and equipment                |   | $                           | 452    |   |   | $ | 540 |   |
|                                              |   |                        |   |   |   |   |   |   |
| Acquisition of business activity                  |   | $                           | -      |   |   | $ | 942 |   |

----

| NOTE 1:- | GENERAL |
|----------|---------|

|   | a. | MediaMind Technologies Inc. ("the Company") is a global provider of digital advertising campaign management solutions to media agencies and advertisers. The Company provides its customers with an integrated campaign management platform ("MediaMind") that helps advertisers and agencies simplify the complexities of managing their advertising budgets across multiple digital media channels and formats, including online, mobile, rich media, in-stream video, display and search. MediaMind provides the Company's customers with the ability to plan, create, deliver, measure, track and optimize digital media campaigns. The Company markets its services through wholly-owned subsidiaries in Israel, the United Kingdom, France, Germany, Australia, Spain, Hong Kong, Japan, Mexico and Brazil. The subsidiaries provide marketing and distribution services for the Company's solutions and services to its customers worldwide. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | On March 31, 2011, the Company completed the acquisition of its selling agent in Italy, for a total consideration of $ 1,592, out of which $650 in cash and $942 subject to future performance. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Initial Public Offering ("IPO"): On August 10, 2010 the Company completed the IPO of its Common stock on the Nasdaq Capital Market. The Company issued 5,413,703 shares of Common stock, including 413,703 shares derived from exercise of the underwriters' over-allotment at a price of $ 11.50 per share for total gross proceeds of $ 62,258 or approximately $ 55,962 in net proceeds after deducting underwriting discounts and commissions of $ 3,795 and other offering costs of $ 2,501. Immediately prior to closing of the IPO each outstanding Convertible Preferred Shares was converted into 2.1068 Common stock based on the than effective conversion rate calculated as of the closing date. As none of the holders of the preferred stocks chose to redeem its holdings rather than to convert, no holder was entitled to receive accretion specified in the preferred stocks' terms. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| NOTE 2:- | SIGNIFICANT ACCOUNTING POLICIES |
|----------|---------------------------------|

|   | a.  | Use of estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
|--------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| NOTE 2:- | SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
|----------|-----------------------------------------|

|   | b. | Interim financial information: The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2010 included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2010. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Principles of consolidation: The condensed consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Fair value measurements: The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments:The carrying amounts reported in the balance sheet for cash and cash equivalents, bank deposits, trade receivables, other accounts receivable, trade payables and other accounts payable approximate their fair values due to the short-term maturities of such instruments.The Company measures the fair value based on guidance of ASC 820, "Fair Value Measurements and Disclosures", which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| NOTE 2:- | SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
|----------|-----------------------------------------|

|   | Level 1 - | quoted prices in active markets for identical assets or liabilities; |
|--------|-----------|----------------------------------------------------------------------|

|   | Level 2 - | significant other observable inputs based on market data obtained from sources independent of the reporting entity; |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------|

|   | Level 3 - | inputs that are unobservable (for example cash flow modeling inputs based on assumptions). |
|--------|-----------|--------------------------------------------------------------------------------------------|

| NOTE 3:- | STOCKHOLDERS' EQUITY |
|----------|----------------------|

|   | a. | Stock split: On July 23, 2010, the Company's Board of Directors and Stockholders approved an amendment to its Certificate of Incorporation ("the Amendment") to affect the 2:1 stock split. Following the Amendment and until the closing of the IPO on August 10, 2010, the Company's authorized shares consisted of 19,200,000 shares of Common stock and 2,100,000 shares of Preferred stock. After the closing of the IPO, the Company filed an Amendment and Restated Certificate of Incorporation ("the Second Amendment"). Following the Second Amendment, the Company's authorized shares consist of 88,000,000 shares of Common stock and 1,000,000 shares of Preferred stock. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| NOTE 3:- | STOCKHOLDERS' EQUITY (Cont.) |
|----------|------------------------------|

|   | b. | Stock options: The following assumptions were used to estimate the fair value of the stock options granted during the three months ended March 31, 2010 (unaudited) and 2011 (unaudited): |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                 |   | Three months endedMarch 31, |        |
|------------------------------------------------------|--------|-----------------------------|-------------|
|                                                 |   | 2010                        |        |   | 2011 |   |
|                                                 |   | Unaudited                   |        |
|                                                 |   |                        |        |   |   |   |
| Risk free interest                                   |   |                        | 4.43%-5.33% |   |   |   | 1.99%-2.72% |   |
| Dividend yields                                      |   |                        | 0%          |   |   |   | 0% |   |
| Volatility                                           |   |                        | 80%         |   |   |   | 64%-74% |   |
| Expected term (in years)                             |   |                        | 5-7         |   |   |   | 5.04-7 |   |
| Weighted average fair value of Options at grant date |   |                        | $11.16      |   |   |   | $8.02 |   |

|   |   | The Company recognizes compensation expense for the value of its awards, net of estimated forfeitures.Estimated forfeitures are based on actual historical pre-vesting forfeitures.The following table sets forth the total stock-based compensation expense resulting from stock options included in the condensed consolidated statements of income. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                   |   | Three months endedMarch 31, |   |
|----------------------------------------|--------|-----------------------------|--------|
|                                   |   | 2010                        |   |   | 2011 |   |
|                                   |   | Unaudited                   |   |
|                                   |   |                        |   |   |   |   |
| Cost of revenues                       |   | $                           | 4      |   |   | $ | 9 |   |
| Research and development expenses      |   |                        | 188    |   |   |   | 252 |   |
| Selling and marketing expenses         |   |                        | 451    |   |   |   | 541 |   |
| General and administrative expenses    |   |                        | 329    |   |   |   | 437 |   |
|                                   |   |                        |   |   |   |   |   |   |
| Total stock-based compensation expense |   | $                           | 972    |   |   | $ | 1,239 |   |

|   |   | The expected option term represents the period that the Company’s stock options are expected to be outstanding and was determined based on the simplified method permitted by SAB 110 as the average of the vesting period and the contractual term. The risk-free interest rate is based on the yield from U.S. Treasury zero-coupon bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| NOTE 3:- | STOCKHOLDERS' EQUITY (Cont.) |
|----------|------------------------------|

|                                                           |   | Number of options |      |   | Weighted average exerciseprice |   |   | Weighted average remaining contractual term(years) |   |   | Aggregate intrinsicvalue |   |
|----------------------------------------------------------------|--------|-------------------|-----------|--------|--------------------------------|--------|--------|----------------------------------------------------|--------|--------|--------------------------|--------|
|                                                           |   |              |      |   |                           |   |   |                                               |   |   |                     |   |
| Outstanding at January 1, 2011                                 |   |              | 6,129,506 |   |                           |   | 5.74   |                                               |   |   |                     |   |   |   |
| Granted                                                        |   |              | 569,000   |   |                           |   | 15.08  |                                               |   |   |                     |   |   |   |
| Exercised                                                      |   |              | (374,796  | )      |                           |   | 4.56   |                                               |   |   |                     |   |   |   |
| Forfeited and cancelled                                        |   |              | (24,049   | )      |                           |   | 12.10  |                                               |   |   |                     |   |   |   |
|                                                           |   |              |      |   |                           |   |   |                                               |   |   |                     |   |   |   |
| Outstanding at March 31, 2011 (unaudited)                      |   |              | 6,299,661 |   |                           |   | 6.59   |                                               |   |   | 6.62                     |   |   |   | 47,100 |   |
|                                                           |   |              |      |   |                           |   |   |                                               |   |   |                     |   |   |   |   |   |
| Vested and expected to vest at March 31, 2011 (unaudited) |   |              | 5,762,087 |   |                           |   | 6.06   |                                               |   |   | 6.39                     |   |   |   | 45,839 |   |
|                                                           |   |              |      |   |                           |   |   |                                               |   |   |                     |   |   |   |   |   |
| Exercisable at March 31, 2011 (unaudited)                      |   |              | 4,338,049 |   |                           |   | 4.34   |                                               |   |   | 5.56                     |   |   |   | 41,197 |   |

----

| NOTE 3:- | STOCKHOLDERS' EQUITY (Cont.) |
|----------|------------------------------|

| Exercise price |   |   | Options outstandingas ofMarch 31, 2011 |   |      | Weighted average remaining contractual life (years) |   |   | Weighted average exercise price |   |   | Options exercisable as ofMarch 31, 2011 |   |   | Weighted average exercise price of exercisable options |   |
|----------------|--------|--------|----------------------------------------|--------|-----------|-----------------------------------------------------|--------|--------|---------------------------------|--------|--------|-----------------------------------------|--------|--------|--------------------------------------------------------|--------|
|           |   |   |                                   |   |      |                                                |   |   |                            |   |   |                                    |   |   |                                                   |   |
| $              | 0.001  |   |                                   |   | 285,236   |                                                |   |   | 0.56                            |   |   | $                                       | 0.001  |   |                                                   |   | 285,236 |   |   | $ | 0.001 |   |
| $              | 0.005  |   |                                   |   | 340,036   |                                                |   |   | 0.81                            |   |   | $                                       | 0.005  |   |                                                   |   | 340,036 |   |   | $ | 0.005 |   |
| $              | 1.35   |   |                                   |   | 274,284   |                                                |   |   | 3.36                            |   |   | $                                       | 1.35   |   |                                                   |   | 274,284 |   |   | $ | 1.35 |   |
| $              | 1.94   |   |                                   |   | 6,000     |                                                |   |   | 3.84                            |   |   | $                                       | 1.94   |   |                                                   |   | 6,000 |   |   | $ | 1.94 |   |
| $              | 2.00   |   |                                   |   | 16,962    |                                                |   |   | 4.08                            |   |   | $                                       | 2.00   |   |                                                   |   | 16,962 |   |   | $ | 2.00 |   |
| $              | 2.10   |   |                                   |   | 40,000    |                                                |   |   | 4.57                            |   |   | $                                       | 2.10   |   |                                                   |   | 40,000 |   |   | $ | 2.10 |   |
| $              | 2.13   |   |                                   |   | 345,720   |                                                |   |   | 4.75                            |   |   | $                                       | 2.13   |   |                                                   |   | 345,720 |   |   | $ | 2.13 |   |
| $              | 2.55   |   |                                   |   | 378,220   |                                                |   |   | 5.26                            |   |   | $                                       | 2.55   |   |                                                   |   | 378,220 |   |   | $ | 2.55 |   |
| $              | 5.11   |   |                                   |   | 797,032   |                                                |   |   | 7.93                            |   |   | $                                       | 5.11   |   |                                                   |   | 451,790 |   |   | $ | 5.11 |   |
| $              | 5.65   |   |                                   |   | 1,589,156 |                                                |   |   | 6.50                            |   |   | $                                       | 5.65   |   |                                                   |   | 1,539,682 |   |   | $ | 5.65 |   |
| $              | 6.32   |   |                                   |   | 230,806   |                                                |   |   | 6.51                            |   |   | $                                       | 6.32   |   |                                                   |   | 163,972 |   |   | $ | 6.32 |   |
| $              | 7.05   |   |                                   |   | 277,438   |                                                |   |   | 6.23                            |   |   | $                                       | 7.05   |   |                                                   |   | 219,940 |   |   | $ | 7.05 |   |
| $              | 8.75   |   |                                   |   | 457,720   |                                                |   |   | 8.61                            |   |   | $                                       | 8.75   |   |                                                   |   | 171,202 |   |   | $ | 8.75 |   |
| $              | 13.10  |   |                                   |   | 108,860   |                                                |   |   | 8.93                            |   |   | $                                       | 13.10  |   |                                                   |   | 29,438 |   |   | $ | 13.10 |   |
| $              | 13.45  |   |                                   |   | 292,783   |                                                |   |   | 9.65                            |   |   | $                                       | 13.45  |   |                                                   |   | 19,791 |   |   | $ | 13.45 |   |
| $              | 14.95  |   |                                   |   | 125,000   |                                                |   |   | 9.82                            |   |   | $                                       | 14.95  |   |                                                   |   | 5,216 |   |   | $ | 14.95 |   |
| $              | 15.12  |   |                                   |   | 444,000   |                                                |   |   | 9.80                            |   |   | $                                       | 15.12  |   |                                                   |   | 18,102 |   |   | $ | 15.12 |   |
| $              | 16.88  |   |                                   |   | 290,408   |                                                |   |   | 8.99                            |   |   | $                                       | 16.88  |   |                                                   |   | 32,458 |   |   | $ | 16.88 |   |
|           |   |   |                                   |   |      |                                                |   |   |                            |   |   |                                    |   |   |                                                   |   |   |   |   |   |   |   |
|           |   |   |                                   |   | 6,299,661 |                                                |   |   |                            |   |   |                                    |   |   |                                                   |   | 4,338,049 |   |   |   |   |   |

----

| NOTE 4:- | NET EARNINGS PER SHARE The following table sets forth the computation of the basic and diluted earnings per share: |
|----------|-------------------------------------------------------------------------------------------------------------------------|

|   | a. | Numerator |
|--------|----|-----------|

|                                                                            |   | Three months endedMarch 31, |   |
|---------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                            |   | 2010                        |   |   | 2011 |   |
|                                                                            |   | Unaudited                   |   |
|                                                                            |   |                        |   |   |   |   |
| Net income as reported                                                          |   | $                           | 560    |   |   | $ | 559 |   |
|                                                                            |   |                        |   |   |   |   |   |   |
| Deduct:                                                                         |   |                        |   |   |   |   |   |   |
|                                                                            |   |                        |   |   |   |   |   |   |
| Accretion of series A-1 Preferred stock dividend preference                     |   |                        | (518   | ) |   |   | - |   |
|                                                                            |   |                        |   |   |   |   |   |   |
| Numerator for basic  and diluted net income per share of Common stock |   | $                           | 42     |   |   | $ | 559 |   |

|   | b. | Denominator (in thousands) |
|--------|----|----------------------------|

| Weighted average number of shares of Common stock        |   |   | 8,459  |   |   |   | 18,648 |   |
|----------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|
| Denominator for basic income per share of Common stock   |   |   | 8,459  |   |   |   | 18,648 |   |
|                                                     |   |   |   |   |   |   |   |   |
| Add:                                                     |   |   |   |   |   |   |   |   |
|                                                     |   |   |   |   |   |   |   |   |
| Employee stock options and warrants                      |   |   | 2,844  |   |   |   | 3,127  |   |
|                                                     |   |   |   |   |   |   |   |   |
| Denominator for diluted income per share of Common stock |   |   | 11,303 |   |   |   | 21,775 |   |

----

| NOTE 5:- | GEOGRAPHIC INFORMATION |
|----------|------------------------|

|                                                             |   | Three months endedMarch 31, |   |
|------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                             |   | 2010                        |   |   | 2011 |   |
|                                                             |   | Unaudited                   |   |
| Revenues:                                                        |   |                        |   |   |   |   |
| United States                                                    |   | $                           | 4,142  |   |   | $ | 5,552 |   |
| Europe, Middle East and Africa (EMEA) (excluding United Kingdom) |   |                        | 5,799  |   |   |   | 6,052 |   |
| United Kingdom                                                   |   |                        | 2,482  |   |   |   | 2,638 |   |
| Asia Pacific (APAC)                                              |   |                        | 2,586  |   |   |   | 3,322 |   |
| Latin America                                                    |   |                        | 637    |   |   |   | 791 |   |
| Canada                                                           |   |                        | 355    |   |   |   | 523 |   |
|                                                             |   |                        |   |   |   |   |   |   |
|                                                             |   | $                           | 16,001 |   |   | $ | 18,878 |   |

----

| NOTE 5:- | GEOGRAPHIC INFORMATION (Cont.) |
|----------|--------------------------------|

|   | The following table sets forth long-lived assets by geographic area: |
|--------|----------------------------------------------------------------------|

|               |   | December 31, |   |   | March 31, |   |
|--------------------|--------|--------------|--------|--------|-----------|--------|
|               |   | 2010         |   |   | 2011      |   |
|               |   |         |   |   | Unaudited |   |
| Long-lived assets: |   |         |   |   |      |   |
| United States      |   | $            | 2,165  |   |      | $      | 3,086 |   |
| Europe             |   |         | 503    |   |      |   | 514 |   |
| Israel             |   |         | 2,179  |   |      |   | 3,216 |   |
| Other              |   |         | 167    |   |      |   | 250 |   |
|               |   |         |   |   |      |   |   |   |
|               |   | $            | 5,014  |   |      | $      | 7,066 |   |

| NOTE 6:- | DERIVATIVE INSTRUMENTS |
|----------|------------------------|

----

|   | Marketable securities with contractual maturities of one year through five years are as follows: |
|--------|--------------------------------------------------------------------------------------------------|

|                 |   | December 31, 2010 |   |
|----------------------|--------|-------------------|--------|
|                 |   | Amortized cost    |   |   | Gross unrealized gains |   |   | Gross unrealized losses |   |   | Fairvalue |   |
|                 |   |              |   |   |   |   |   |   |   |   |   |   |
| Corporate debentures |   | $                 | 2,043  |   |   | $ | 55 |   |   | $ | - |   |   | $ | 2,098 |   |

|                 |   | March 31, 2011 (unaudited) |   |
|----------------------|--------|----------------------------|--------|
|                 |   | Amortized cost             |   |   | Gross unrealized gains |   |   | Gross unrealized losses |   |   | Fairvalue |   |
|                 |   |                       |   |   |   |   |   |   |   |   |   |   |
| Corporate debentures |   | $                          | 2,035  |   |   | $ | 52 |   |   | $ | - |   |   | $ | 2,087 |   |

----

Item 

----

|   | ●  | Any change in the number of advertisers using our services. |
|--------|---------------|-------------------------------------------------------------|

|   | ●  | The extent to which our customers use our services. Customers may choose to adopt MediaMind as an end-to-end solution for all campaigns they run and across different channels of digital media they use (which customers we refer to as “platform customers”), or they can select MediaMind to run specific campaigns on a specific channel or specific publisher, or may only use us for a portion of the services that we offer (which customers we refer to as “non-platform customers”). Our customer engagements, with both platform and non-platform customers, could be pursuant to long-term agreements (usually twelve months) or on a per-campaign basis. We believe platform customers are more likely to buy additional services from us as they have increased exposure to the value of the capabilities and services that we provide. We have increased our revenues in standard display and tracking pixels, as a result of a strategy to provide additional services to existing platform customers. As an indicator for our progress in penetrating the platform category, we measure growth in volume of standard banners and tracking pixels, formats that customers manage from their end-to-end platform of choice. In 2010 relative to the prior year we have increased our volume of standard display and basic rich media impressions by 63% and our volume of tracking pixel impressions by 117%.  In the three months ended March 31, 2011 relative to the prior quarter we have increased our volume of standard display and basic rich media impressions by 68% and our volume of tracking pixel impressions by 106%. Another aspect of service utilization which we measure is the penetration and growth of our data driven products, which include our solutions for planning and buying, ad exchange trading, dynamic creative optimization, search engine analytics and tracking pixels. In the three months ended March 31, 2011 relative to the prior quarter we have increased the revenue from data driven products by 124%. |
|--------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ●  | The geographic distribution of our revenues. In 2010 we delivered campaigns across publishers in 64 countries and believe that geographic diversification is an important strength. In the three months ended March 31 2011, 46% of our revenues were from Europe, the Middle East and Africa (“EMEA”), 32% were from North America, 18% were from Asia Pacific and 4% were from Latin America In 2010, 50% of our revenues were from EMEA, 30% were from North America, 15% were from Asia Pacific and 5% were from Latin America. In some territories, we sell our services through local selling agents. We generally add a local selling agent in new territories where our exposure to the market and its potential is limited. We have a proven track record in growing our global presence through acquisitions of our successful local selling agents and we have done so in the Spanish and Australian markets.  During Q1 2011 we acquired our reselling partner in Italy. |
|--------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                |     | Three Months Ended March 31 |   |
|-------------------------------------|----------|-----------------------------|--------|
|                                |     | 2010                        |   |   | 2011 |   |
|                                |     | Amount                      |   |   | % of |   |   | Amount |   |   | % of |   |
| revenues                            | revenues |
|                                |     |                        |   |   |   |   |   |   |   |   |   |   |
|  Revenues                      |     |  $                     | 16,001 |   |   |   | 100 | % | $ | 18,878 |   |   |   | 100 | % |
|  Cost of revenues              |     |                        | 881    |   |   |   | 6 |   |   |   | 1,568 |   |   |   | 8 |   |
|                                |     |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Gross profit                  |     |  $                     | 15,120 |   |   |   | 94 | % |   | $ | 17,310 |   |   |   | 92 | % |
|                                |     |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Operating expenses:           |     |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Research and development      |     |  $                     | 2,261  |   |   |   | 14 | % | $ | 2,952 |   |   |   | 16 | % |
|  Selling and marketing         |     |                        | 10,048 |   |   |   | 63 |   |   |   | 11,565 |   |   |   | 61 |   |
|  General and administrative    |     |                        | 1,975  |   |   |   | 12 |   |   |   | 2,387 |   |   |   | 13 |   |
|                                |     |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Operating expenses            |     |                        | 14,284 |   |   |   | 89 |   |   |   | 16,904 |   |   |   | 90 |   |
|                                |     |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Operating income              |     |                        | 836    |   |   |   | 5 |   |   |   | 406 |   |   |   | 2 |   |
|  Financial income, net         |     |                        | 82     |   |   |   | 1 |   |   |   | 393 |   |   |   | 2 |   |
|                                |     |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Income before taxes on income |     |                        | 918    |   |   |   | 6 |   |   |   | 799 |   |   |   | 4 |   |
|  Taxes on income               |     |                        | 358    |   |   |   | 2 |   |   |   | 240 |   |   |   | 1 |   |
|                                |     |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net income                    |     |  $                     | 560    |   |   |   | 4 | % |   | $ | 559 |   |   |   | 3 | % |

----

|                |   | 2010                                                             |   |   |  2011              |   |   | Quarter over |   |
|---------------------|--------|------------------------------------------------------------------|--------|--------|-------------------------|--------|--------|-------------------|--------|
|                |   | Amount                                                           |   |   | % of revenues |   |   | Amount            |   |   | % of revenues |   |   | Quarter Change |   |
|                |   |  (unaudited)(U.S. dollars in thousands, except percentages) |   |
| EMEA                |   |                                                             |   |   |                    |   |   |              |   |   |   |   |   |   |   |   |   |   |
| United Kingdom      |   | $                                                                | 2,142  |   |                    |   | 16     | %            |   | $ | 2,638 |   |   |   | 14 | %  |   | $ | 156 |   |   |   | 6 | %  |
| Other               |   |                                                             | 5,799  |   |                    |   | 36     |              |   |   | 6,052 |   |   |   | 32 |   |   |   | 253 |   |   |   | 4 |   |
| Total EMEA          |   |                                                             | 8,281  |   |                    |   | 52     |              |   |   | 8,690 |   |   |   | 46 |   |   |   | 409 |   |   |   | 5 |   |
| North America       |   |                                                             |   |   |                    |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| United States       |   |                                                             | 4,142  |   |                    |   | 26     |              |   |   | 5,552 |   |   |   | 29 |   |   |   | 1,410 |   |   |   | 34 |   |
| Canada              |   |                                                             | 355    |   |                    |   | 2      |              |   |   | 523 |   |   |   | 3 |   |   |   | 168 |   |   |   | 47 |   |
| Total North America |   |                                                             | 4,497  |   |                    |   | 28     |              |   |   | 6,075 |   |   |   | 32 |   |   |   | 1,578 |   |   |   | 35 |   |
| Asia Pacific        |   |                                                             | 2,586  |   |                    |   | 16     |              |   |   | 3,322 |   |   |   | 18 |   |   |   | 736 |   |   |   | 28 |   |
| Latin America       |   |                                                             | 637    |   |                    |   | 4      |              |   |   | 791 |   |   |   | 4 |   |   |   | 154 |   |   |   | 24 |   |
|                |   | $                                                                | 16,001 |   |                    |   | 100    | %            |   | $ | 18,878 |   |   |   | 100 | %  |   | $ | 2,877 |   |   |   | 18 | %  |

|             | 2010                                                                     |   | 2011 |   | Quarter over Quarter Change |   |
|------------------|--------------------------------------------------------------------------|--------|------|--------|--------------------------------------------|--------|
|             | (unaudited)                                                              |   |
|             | (U.S. dollars in thousands, except percentages) |   |
| Cost of revenues |                                                                     | $      | 881  |   |                                       | $      | 1,568 |   |   | $ | 687 |   |   |   | 78 | %  |

----

|                       |   | 2010                                            |   |   | 2011   |   |   | Quarter over Quarter Change |   |
|----------------------------|--------|-------------------------------------------------|--------|--------|--------|--------|--------|--------------------------------------------|--------|
|                       |   | (unaudited)                                     |   |
|                       |   | (U.S. dollars in thousands, except percentages) |   |
| Research and development   |   | $                                               | 2,261  |   |   | $      | 2,952  |                                       |   | $ | 691 |   |   |   | 31 | %  |
| Selling and marketing      |   |                                            | 10,048 |   |   |   | 11,565 |                                       |   |   | 1,517 |   |   |   | 15 |   |
| General and administrative |   |                                            | 1,975  |   |   |   | 2,387  |                                       |   |   | 412 |   |   |   | 21 |   |
|                       |   |                                            |   |   |   |   |   |                                       |   |   |   |   |   |   |   |   |
| Total operating expenses   |   | $                                               | 14,284 |   |   | $      | 16,904 |                                       |   | $ | 2,620 |   |   |   | 18 | %  |

|                  |   | 2010                                                                     |   |   | 2011   |   |   | Quarter over Quarter Change |   |
|-----------------------|--------|--------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------------------------------------------|--------|
|                  |   | (unaudited)                                                              |   |
|                  |   | (U.S. dollars in thousands, except percentages) |   |
| Financial income, net |   | $                                                                        | 82     |   |   | $      | 393    |                                       |   | $ | 311 |   |   |   | 379 | %  |

----

|            |   | 2010                                                                     |   |   | 2011   |   |   | Quarter over Quarter Change |   |
|-----------------|--------|--------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------------------------------------------|--------|
|            |   | (unaudited)                                                              |   |
|            |   | (U.S. dollars in thousands, except percentages) |   |
| Taxes on Income |   | $                                                                        | 358    |   |   | $      | 240    |                                       |   | $ | (118 | ) |   |   | (33 | )%  |

----

|   | ·  our plans to grow our business and customer base; |
|--------|----------------------------------------------------------------|
|   | ·  our ability to respond to new market development; |

|   | ·  our intent to migrate our non-platform customers to platform customers; |
|--------|--------------------------------------------------------------------------------------|
|   | ·  our expectations that our revenues will continue to increase;           |

|   | ·  our belief in the sufficiency of our cash flows to meet our needs for the next year; |
|--------|---------------------------------------------------------------------------------------------------|
|   | ·  our plans to invest in emerging media solutions;                                     |

|   | ·  our plans to continue to expand our international presence; and |
|--------|------------------------------------------------------------------------------|
|   | ·  our expectations regarding our future product mix.              |

----

Item 

----

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----

PART 

Item 

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Item 

| 10.1  | Sarit Firon Employment Agreement dated January 1, 2011. |
|------------|---------------------------------------------------------|

| 10.2  | Ofer Zadikario – salary update dated April 1, 2011. |
|------------|-----------------------------------------------------------|

| 10.3  | Andrew Bloom – salary update dated April 1, 2011. |
|------------|---------------------------------------------------------|

| 31.1  | Certification by the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|------------|-------------------------------------------------------------------------------------------------------------|

| 31.2  | Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|------------|-------------------------------------------------------------------------------------------------------------|

| 32.1 | Certification by the Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Certification by the Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

SIGNATURES

|               | MEDIAMIND TECHNOLOGIES INC. |                                                                                          |
|--------------------|-----------------------------|-----------------------------------------------------------------------------------------------|
|               |                        |                                                                                          |   |
|               | By:                         | /s/ Sarit Firon                                                                          |   |
|               |                        | Name: Sarit Firon                                                                             |   |
| Date: May 16, 2011 |                        | Title: Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |   |

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