Motricity projects IPO to raise $101 million

Mobile content solutions provider Motricity plans to raise roughly $101.3 million from an initial public offering of 6.75 million shares priced at $14 to $16 each. Motricity--which will file for a Nasdaq listing under the symbol MOTR--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, according to a Reuters report. For the three months ended March 31, Motricity reported total revenues of $29.08 million and incurred a net loss of $1.53 million.

Motricity filed for an initial public offering to raise up to $250 million in January 2010. The firm's mCore platform offers mobile operators tools to manage their mobile content, web, messaging and marketing efforts--per the SEC filing, Motricity provides mobile data services to more than 30 million subscribers worldwide. The company first indicated plans to file for an IPO in mid-2009, telling FierceMobileContent that as the industry continues its evolution towards a more open device model, there is going to be a big opportunity for companies that can figure out how to deliver targeted personalized content and monetize it without alienating the customer.

"We have a tremendous amount of data passing through our infrastructure," chief strategy and marketing officer Jim Ryan said at that time, adding that Motricity will work with carriers to aggregate that data in a secure manner and contending that the key to success is letting customers control their own information. "The only person controlling the end user is the end user," Ryan said.

For more on the Motricity IPO:
- read this Reuters article

Related articles:
Motricity files for $250 million IPO
Can Motricity reinvent itself?
AT&T replacing Motricity with Amdocs?
Motricity sells smartphone and D2C businesses