Share This Story  |   Comments (0)

Motricity Inc. is putting the finishing touches on a $185 million round of private funding, Ryan Wuerch, chairman and CEO of the mobile content software company, tells Tech Confidential.

The company expects to complete the deal in the "coming weeks," a spokeswoman said. Leading the round in Motricity are financier Carl Icahn and investment bank Advanced Equities Inc., which previously invested in the company. Also joining the round are previous investors Cyrus Capital Partners and New Enterprise Associates, while additional investors may include previous backers Intel Capital, Massey Burch Capital Corp., Noro-Moseley Partners, Technology Crossover Ventures and Wakefield Group.

Excluding this funding, Motricity has raised investment of more than $220 million. Icahn, who could not be reached for comment, in March plunked down $50 million in Motricity.

Motricity will use $135 million of the new round to fund its acquisition of the mobile services business of InfoSpace Inc. Announced Monday, the deal will strengthen Motricity's technology and enable it to pursue larger customers, Wuerch says.

"It's a transaction that I have been working toward for almost two years," he adds.  - Cheryl Meyer

See Aug. 11 story from TheDeal.com
See Oct. 15 press release from Motricity.com
See Oct. 15 story from Tech Confidential.com

 

Also From Tech Confidential

• EA's deadline for Take-Two offer looms. What's next?
• Sponsored post: Enabling Electric and Hybrid Vehicle Markets Summit
• Finisar goes bargain hunting, buys Optium
• Yahoo! rejects Icahn slate
• Yahoo! stuck in spin cycle

Tech Confidential Home Page

---

Post a comment

Name:

Email Address:

URL:

Remember personal info?

Comments: (you may use HTML tags for style)

Please only click "Post" once. It may take a few moments to process.