Rumors Of Major Cutbacks Swirl Around Motricity — What’s The Deal?

Emotions are running high after rumors surfaced that Durham, N.C.-based Motricity might be cutting up to a third of its 650-person workforce and may relocate its headquarters to the Seattle-area following its $135 million purchase of Bellevue-based InfoSpace’s mobile division. Given the flurry of comments we received on our original post detailing the shake-out, we thought now would be a good time to provide some context and background on the two companies since company officials have yet to fill in the details.

Motricity Fast Facts:

— Ryan Wuerch, the company’s current chairman and CEO, founded Nashville, Tenn,-based PowerByHand in 2001, which later became Motricity following a number of mergers and acquisitions.

— Has raised more than $380 million in venture capital, including funds from investor activist Carl Icahn. That included a $180 million round in December to fund the $135 million all-cash acquisition of InfoSpace (NSDQ: INSP) mobile services business. Its next move could be to file for an initial public offering.

— Motricity

loading

Comments have been disabled for this post