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Local Tech Wire
DURHAM, N.C. – Venture capital backed , which bolted from Durham for Washington state in March 2008 and laid off hundreds of workers in the Triangle, is now looking to go public.
The company has filed plans for an initial public offering with a goal of raising $250 million. ()
If successful, Motricity would trade on the Nasdaq under the symbol MOTR.
According to a filing with the Securities and Exchange Commission, Motricity said the funds would be used of capital spending and investments.
In 2009, Motricity reported $117.1 million in revenue. That total was up from $100 million in 2008, but the company is still not profitable, it said in the filing.
Launched in 2001, Motricity has raised more than $400 million from investors. Among them are billionaire Carl Icahn, New Enterprise Associates, Technology Crossover Ventures and southeast backers Wakefield and Noro-Moseley Partners.
