Motricity Files for IPO
Bellevue, WA-based Motricity, a mobile software firm, has filed a form S-1 with the SEC, saying it plans to sell up to $250 million in an initial public offering. The company generated more than $100 million in revenue in 2008, and $117.1 million in the 12 months ending on September 30, 2009, but it is not profitable, according to the filing. Motricity was founded in 2001 and is backed by more than $400 million in venture funding from Carl Icahn, Technology Crossover Ventures, New Enterprise Associates, Advanced Equities, Intel Capital, and others. The company moved from North Carolina to Bellevue in March 2008, presumably to be closer to wireless customers like T-Mobile.