Motorola Inc. will score $4.4 billion in accumulated earnings in the third and fourth quarters thanks to a federal tax incentive. The company said the incentive will add $200 million to its net income in the third quarter. The incentive comes from the American Jobs Creation Act of 2004, which provides a one-time tax incentive for U.S. multinational companies to repatriate accumulated earnings from their foreign subsidiaries. In its most recent Securities and Exchange Commission filing, Motorola said it approved its repatriation plan in July and intends to add $4.4 billion in accumulated earnings during the third and fourth quarters. Motorola’s stock was up slightly on the news to about $21.86 per share.
InCode, a wireless technology and business consulting firm, said it has acquired Stockholm, Sweden-based Northstream, which provides advisory services to wireless companies. Northstream co-founders Bengt Nordstrom and Jonas Twingler will become chief strategy officer and managing director of the Technology and Strategy Group EMEA, respectively.
PacketHop Inc. said it raised $10 million in its third round of financing. The company said it will use the funds to bring its PacketHop Communication System to market. The product is a mobile mesh solution that works with off-the-shelf Wi-Fi-enabled mobile devices. The round was led by GF Private Equity Group, and previous investors including U.S. Venture Partners, Mayfield and ComVentures, participated. The company said it has raised $25 million to date. PacketHop also announced it has moved its headquarters from Belmont, Calif., to Redwood City, Calif.
Intercasting Corp., a location-aware media networking operator, said it raised $5.5 million in its first round of financing. The company said it plans to use the funds for business growth, product development and marketing initiatives, as well as to move toward the introduction of its Rabble mobile blogging and social networking application. The round was co-led by Avalon Ventures and Masthead Venture Partners.
