Sunday, February 24, 2008

Motricity May Slash As Many As 200 Employees; May Move To Bellevue: Report

"Motricity, one of the biggest mobile content and applications firm in U.S. now after the buyout of Infospace’s mobile division last year, may now slash as many as 200 jobs out of its workforce of 650, reports WRAL, citing sources. Motricity is also considering moving its headquarters out of Durham, NC to Bellevue, Wash, where Infospace’s mobile unit was based.
This comes after a big round of funding as well, where it raised $185 million, out of which $135 million was used to finance the acquisition. The round was led by Advanced Equities, Carl Icahn and New Enterprise Associates. Steve Elfman, former EVP of InfoSpace’s mobile services business unit, and now the president and COO of Motricity, is based in Bellevue as well.
The combination of the two companies has resulted in significant duplication, the story says, and rumors have been going on for weeks internally, though no action has been taken yet. "

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