Friday, January 22, 2010

Motricity Files For IPO

Bellevue-based Motricity filed for an IPO late Friday, saying in a filing with the SEC that it is looking to raise up to $250M in an IPO on the NASDAQ Global Market as "MOTR". The IPO is being underwritten by Goldman, Sachs & Co., J.P. Morgan, Barclays Capital, Deutsche Bank Securities, RBC Capital Markets, Baird, and Pacific Crest Securities. Motricity is a developer of mobile web portal, messaging, and other data services for the wireless industry. The firm is venture backed by Advanced Equities, Carl C. Icahn, New Enterprise Associates, and Technology Crossover Ventures. According to the firm's S-1, the company reported a net loss of $78M on revenues of $103.15M in 2008, and a net loss of $10.8M on revenues of $88.74M for the nine months ended September 30, 2009.