Motricity Acquires M7 Networks
August 3, 2005
DURHAM, NC and LA JOLLA, CALIF. - August 3, 2005
Motricity, the leading global provider of mobile content and solutions, has acquired La Jolla, California-based M7 Networks. M7 Networks is the recognized leader in advanced wireless services that connect wireless operators, content providers and end users around games, music and other mobile content communities. M7 Networks was founded in 2000 with funding from Enterprise Partners Venture Capital, QUALCOMM, and Sienna Ventures. Terms of the deal were not disclosed.
The acquisition brings together two leading companies in the mobile content industry, both of which were featured among this year’s “Top 15 Global Wireless Companies” by FierceWireless, an internationally recognized publication covering the wireless and mobile Internet market.
“The influence of mobile communities is equivalent to that of the online communities surrounding eBay, Amazon or AOL...” said Ryan Wuerch, chairman and CEO of Motricity. “By creating and supporting mobile communities, we are helping wireless carriers, content providers, media companies, portals and other partners accelerate adoption of new content through user-to-user interaction generated demand.”
“M7 Networks offer us the opportunity to expand our reach with wireless subscribers, strengthen key partnerships and create new ones,” explained Wuerch. “The addition of mobile community and advanced e-commerce capabilities to Motricity’s proven Fuel mobile content delivery platform will allow Motricity partners to reliably deliver a higher volume of valuable content to the right users. And, our business models, philosophies and cultures could not be better aligned.”
Carl Eibl, managing director of Enterprise Partners Venture Capital and chairman of the board of M7 said, “We are very pleased with the strategic potential represented by this transaction. Carriers need a single platform partner to mediate between content publishers and the global carrier network, and Motricity has developed the best global solution available today, as evidenced by the penetration success of their clients. M7 gives Motricity an additional powerful lever to further accelerate the adoption of mobile content through its market-leading mobile community services. ”
Following the completion of the acquisition, M7 Networks will become a division of Motricity and will maintain an office in La Jolla, California expanding the company’s West Coast presence as it grows nationally and internationally.
About M7 Networks
M7 Networks is a neutral, trusted partner providing solutions and services for the creation and management of intelligent mobile communities. M7 connects wireless operators, content providers and end users around a wide variety of data-related content such as games and music. M7's services provide a foundation for increased brand awareness and loyalty, an enhanced end user experience, and incremental revenue streams. Based in La Jolla, California, M7 Networks was founded in 2000 with funding from Enterprise Partners Venture Capital, QUALCOMM, and Sienna Ventures. For more information, visit www.m7networks.com or e-mail info@m7networks.com.
About Motricity
Motricity’s technology solutions enable consumers to receive the right personalized mobile content on the right device at the right time. Motricity creates a compelling user experience and delivers more profitable mobile content offerings for partners such as Cingular Wireless, Verizon Wireless, China Unicom, O2, Amazon.com, palmOne and a network of consumer websites, including eReader.com and PalmGear.com. Motricity is headquartered in Research Triangle Park, N.C., and has offices in Beijing, London, Munich and San Francisco. For more information, please visit www.motricity.com.
About Enterprise Partners Venture Capital
Enterprise Partners Venture Capital was founded in 1985 and is the largest venture firm headquartered in Southern California, with over $1.1 billion in capital under management. The firm is currently investing its sixth fund and focuses on wireless technologies, digital media, software services, semiconductors and the life sciences.
For more information, please visit www.epvc.com.