| [April 25, 2006] |
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Motricity Lands $40 Million in Funding; Leader in Mobile Marketplace Management Accelerates Expansion
DURHAM, N.C. --(Business Wire)-- April 25, 2006 -- Motricity, a global leader in mobile marketplace management, today announced that it has received an additional $40 million in funding to fuel the company's aggressive expansion in the mobile content industry. The funding round was led by Advanced Equities Inc. with participation from other existing investors including New Enterprise Associates and Technology Crossover Ventures.
"The new customers that we've recently won are seen as leaders in the mobile operator, device manufacturer and media & entertainment industries, and we have others that we have yet to announce," said Ryan Wuerch, chairman and chief executive officer at Motricity. "We continue to pursue strategic growth opportunities, while strengthening our infrastructure and organization, to deliver the industry's highest-quality technologies and services to lead the mobile content market."
Over the past few months, Motricity has signed agreements with various customers, including Alltel, Virgin Mobile, Sony Ericsson and BET. Strong and increasing consumer demand for high-quality, personalized content on mobile devices is creating significant opportunities for Motricity to support carriers, content providers, media & entertainment companies, MVNOs and other partners in the management of the mobile ecosystem with its Fuel 5 suite of services.
"There is increasing demand for segmented, personalized mobile content as a result of increasing availability of quality content services," said Dwight Badger, CEO of Advanced Equities Inc. "As an existing Motricity investor, we continue to believe that Motricity is the company best suited to address this emerging market and achieve exponential growth in the coming years."
With this round, Motricity has raised more than $120 million to date. This capital has fueled revenue growth and helped Motricity expand to more than 300 employees. The company's headquarters are located in Research Triangle Park, N.C., with additional offices in San Diego, London, Munich and Beijing.
Motricity's consumer-centric, managed services approach to mobile content delivery and its success to-date has made the company a trusted partner to today's leading wireless carriers, media & entertainment companies, MVNOs, MNOs and handset manufacturers, including BET, Cingular, Verizon Wireless, China Unicom, O2, Amazon.com, Palm and Sprint. Motricity's Fuel managed suite of services has earned several mobile industry accolades this year, including being named 2005 Premium Mobile Content Platform of the Year by Frost & Sullivan and receiving the 2006 GSM Association Award for Best Service Delivery Platform. Motricity was also named 2005 Private Company of the Year by the North Carolina Technology Association (NCTA).
About Motricity, Inc.
As a global leader in Mobile Marketplace Management, Motricity provides technology and solutions that enable consumers to receive the right mobile content at the right time, every time. Motricity's Fuel mobile content delivery platform 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 is a leader in powering mobile communities and by offering such technologies and services that unify the mobile content ecosystem, Motricity creates compelling user experiences and delivers profitable mobile content offerings for partners such as BET, Cingular, Verizon Wireless, China Unicom, O2, Amazon.com, Palm and a network of consumer Web sites, including eReader.com, PalmGear.com and PocketGear.com. Motricity is headquartered in Research Triangle Park, N.C., and has offices in Beijing, London, Munich and San Diego. For more information, visit www.motricity.com.
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