Motricity boosts deal with Verizon Wireless in run-up to IPO

Leading up to its initial public offering last month, which raised about $60 million, Motricity Inc. (MOTR) has successfully renewed its deal with Verizon Wireless (VZ), according to a filing with the U.S. Securities and Exchange Commission.
The agreement for WAP 2.0 hosting, which dates back to June 24, 2004, has been extended to June 30, 2012. Verizon Wireless can extend the deal for an additional two years and that will occur automatically unless Verizon provides notice. In the filing, Motricity said it also “revised certain commercial terms of the agreement for providing and hosting the portal and for device profiling, editorial, search and advertising integration and other mobile services and their related fees.”
According to mocoNews, the deal with Verizon Wireless comprised about 20% of Motricity’s business in 2009 and its deal with AT&T Mobility, which is due to expire later this year, accounted for 53% of its business.