Motricity on Friday filed for an initial public offering to raise $250 million. The company intends to apply for listing on the Nasdaq under the symbol MOTR, according to the filing with the Securities and Exchange Commission.
The company says it plans to use the net proceeds for working capital, general corporate purposes and for funding capital expenditures and acquisitions.
The company, based in Bellevue, Wash., provides a suite of hosted, managed service offerings, including mobile Web portal, storefront, messaging and billing support and settlement under a white-label deal with carriers. The company says its mCore platform provides mobile subscribers with access to more than 30 million unique pieces of third-party content or applications optimized for more than 2,000 different mobile phone models. Customers include the top five wireless carriers in the United States: Verizon Wireless, AT&T, Sprint, T-Mobile USA and TracFone Wireless.
The company originally began as Power By Hand in 2001 and the name was changed to Motricity in 2004. In 2007, the company acquired the mobile division of InfoSpace for $135 million.
For the 12 months ended Sept. 30, 2009, Motricity generated revenue of $117.1 million, but its net loss was about $10.8 million.