Motricity renews mobile web platform deal with Verizon

Mobile content solutions provider Motricity will continue its multi-year relationship with Verizon Wireless, delivering personalized, relevant user experiences across the operator's feature phones and smartphones. Motricity's mCore platform powers the Verizon Mobile Web default portal, which features an intuitive navigation wheel for more efficient, customizable access to social media sites, email services, news and entertainment, applications and music. The contract extension is a significant development for Motricity--Verizon Wireless (NYSE:VZ [1])and rival operator AT&T (NYSE:T [2]) together account for 79 percent of its revenues.

Roughly five months after first filing for an initial public offering intended to raise $250 million, Motricity finally began trading on the NASDAQ Global Market in mid-June, offering 6 million shares of common stock priced at $10 per share. Motricity previously projected an offering made up of 6.75 million shares valued at $14 to $16 apiece. The company said the proceeds of the IPO are earmarked to fund investments and product/technology acquisitions, with the remaining net proceeds going into short-term, interest-bearing investment grade securities.

For more on the Motricity/Verizon Wireless extension:
- read this release [3]

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