Wireless - Wednesday, October 17, 2007
Motricity Finalizes $135M Deal To Buy Infospace Mobile
Motricity has closed its long rumored buyout of the mobile unit owned by InfoSpace. Motricity will pay $135M in cash. This is a huge deal for a private company, even though Motricity has raised more than $180M from Carl Icahn, Technology Crossover Ventures, New Enterprise Associates, and others. CEO Ryan Wuerch said that the company is in the process of raising a round worth about $185M to finance the InfoSpace deal.
Infospace Mobile provides mobile search, storefronts, and messaging services.Because InfoSpace is public, we know that InfoSpace Mobile narrowed its loss to $3.6M in the quarter ended June 30 from $7.7M in the same period a year ago. Revenue for the latest quarter were $30.7M which is down about !45M from the prior year's quarter.
Read - announcement
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