Motricity Also Received Investment From Velocity; Miller Joins Board
Velocity Interactive Group, the investment group led by Jon Miller (ex-AOL (NYSE: TWX) CEO) and Ross Levinsohn (ex-Fox Interactive Head) has become an investor in Motricity...this was part of the big December round of $185 million. The investment was discretely mentioned in a press release today that was focused on Miller joining Motricity's board. No other details were released, so there's no word on how much Velocity invested. A Motricity spokesman didn't immediately return phone calls requesting comment.
In the Velocity release, Miller is credited with turning around AOL by restructuring its core business lines and helping the company deliver record annual profit growth of 21 percent. Motricity itself is in the middle of a restructuring. Following the purchase of InfoSpace, it announced last week, that it would meld the two company's products together, leaning heavily on the InfoSpace mCore platform, lay off 250 people at its headquarters at Durham, N.C. and relocate to Bellevue to be with InfoSpace (NSDQ: INSP). The investment also follows comments by Icahn this week that questioned whether he should have made the investment, although he reaffirmed his faith in the technology.
Motricity's CEO Ryan Wuerch, said in the release: "He understands the complexity of our ecosystem and how to structure a business that scales. He'll add substantial value to Motricity as we continue to grow."
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