Carl Icahn Invests $50 Million in Motricity
Funding Fuels Motricity’s Continued Growth and Expansion
DURHAM, N.C.--(BUSINESS WIRE)--Motricity, a leading provider of mobile content services and solutions, today announced the completion of $50 million in equity funding from Carl Icahn, through an affiliated company, along with the appointment of Brett Icahn, an investment analyst with Icahn Associates and affiliated companies, to the Motricity board of directors.
“They are well positioned for dominance in mobile content, a sector for which we forecast strong growth in the coming years.”
“Carl has proven himself as one of the leading investors of all time, with an incredible ability to identify top performing companies and drive shareholder value,” said Ryan Wuerch, Motricity chairman and CEO. “This investment bolsters our balance sheet and positions us to continue to aggressively grow the business and consolidate the industry.”
Over the past year, Motricity’s business has expanded substantially, quadrupling its customer base to include some of the leading wireless operators and media and entertainment companies, including Cingular, Alltel, Sprint, Tracfone, MTV, BET, NBC, Universal Music Group, Warner Music Group, Turner and several others.
“Motricity has an excellent management team and leading technology,” said Carl Icahn. “They are well positioned for dominance in mobile content, a sector for which we forecast strong growth in the coming years.”
Advanced Equities Inc. served as advisors on this deal.
Motricity is a leading provider of mobile content services and solutions that enable consumers to receive the right content at the right time, every time. Motricity’s solutions create compelling end user experiences and deliver mobile content offerings for partners such as MTV, BET, CBS, NBC, Turner, Cingular, Alltel, Sprint Nextel, Palm and others. Motricity’s mobile content delivery platform, Fuel™, received the 2006 GSM Association Award for “Best Service Delivery Platform” and was also named “2005 Premium Mobile Content Platform of the Year” by Frost & Sullivan. Motricity’s recent acquisition of GoldPocket Wireless extends Fuel’s capabilities, adding messaging aggregation to more than 200 million mobile subscribers and marketing campaign management to its suite of solutions. Motricity is headquartered in Durham, N.C., and has offices in Los Angeles and Munich. For more information, visit www.motricity.com.