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Icahn Invests $50M

Carl Icahn invests $50M in mobile content services provider Motricity

February 27, 2007

1 Min Read

DURHAM, N.C. -- Motricity, a leading provider of mobile content services and solutions, today announced the completion of $50 million in equity funding from Carl Icahn, through an affiliated company, along with the appointment of Brett Icahn, an investment analyst with Icahn Associates and affiliated companies, to the Motricity board of directors.

"Carl has proven himself as one of the leading investors of all time, with an incredible ability to identify top performing companies and drive shareholder value," said Ryan Wuerch, Motricity chairman and CEO. "This investment bolsters our balance sheet and positions us to continue to aggressively grow the business and consolidate the industry."

Over the past year, Motricity’s business has expanded substantially, quadrupling its customer base to include some of the leading wireless operators and media and entertainment companies, including Cingular, Alltel, Sprint, Tracfone, MTV, BET, NBC, Universal Music Group, Warner Music Group, Turner and several others.

"Motricity has an excellent management team and leading technology," said Carl Icahn. "They are well positioned for dominance in mobile content, a sector for which we forecast strong growth in the coming years."

Motricity Inc.

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