The funding, which boosts total investments in Motricity to a Triangle record of $216 million, will allow the company to pursue acquisitions that broaden its technology base and its share of a rapidly consolidating industry.

It also puts a heavyweight investor on the company's side as it prepares to court Wall Street. Icahn, a self-described shareholder activist, is notorious for buying large stakes in companies, then building value by agitating for strategic change.

In Motricity's case, Icahn says he's betting on a company poised to lead in an exploding industry.

"Motricity has an excellent management team and leading technology," he said in a statement. "They are well positioned for dominance in mobile content, a sector for which we forecast strong growth in the coming years."

Icahn's deep pockets and financial savvy will help Motricity compete on an equal footing with larger, publicly held rivals such as VeriSign and Qualcomm, especially when it comes to acquisitions, said Motricity CEO Ryan Wuerch. Icahn has a reputation for consolidating industries.

"His stature enables us to be very aggressive in our pursuit of any company or opportunity that's in front of us," he said.

Motricity is evaluating several targets, Wuerch said.

Privately held Motricity, which provides technology that helps people buy and receive games, graphics, ring tones and music on their mobile phones, is one of the region's fastest-growing technology companies, despite recent cost-cutting efforts that included layoffs.

Its promise has attracted $166 million in investment since July 2005, but none from investors of Icahn's stature.

Icahn had wanted to be part of a funding group last year, and his relationship with Motricity continued after that round closed, Motricity officials said. Several other large investors also have pursued Motricity over the past few months, Wuerch said.

The board picked Icahn for his success in business and investing and his emphasis on creating shareholder value.

"Carl Icahn's probably one of the greatest investors of all time," said Steve Nelson, a member of Motricity's board and managing director in Chapel Hill with Wakefield Group, a venture capital firm. "He's a very smart, very shrewd investor. ... It's a stamp of approval that somebody with Mr. Icahn's track record would select Motricity."

Icahn already has weighed in substantially on the company's strategy, Nelson said.

But although Motricity wants Icahn to be vocal, he won't control the company in the same way he has taken over publicly held companies, Wuerch said.

Icahn holds a "single-digit" percentage stake in Motricity, making him one of the company's top five shareholders. His son, Brett, an investment analyst with Icahn Associates, will be one of 10 directors on Motricity's board making the company's strategic decisions, Wuerch said.

Icahn is also sure to be an asset as Motricity prepares for a potential public offering of stock. The company has selected Goldman Sachs and Morgan Stanley to lead its IPO process.

Calculating the company's value based on Icahn's $50 million investment, Motricity could be worth more than $500 million if it goes public or is purchased.

To streamline its business for public investors, the company cut about 65 jobs in a reorganization late last year. It expects to become profitable this year. Since late 2005, Motricity also has signed customers including MTV, BET and Universal Music Group.

Motricity isn't yet on public investors' radar screens, but it's a safe bet that Icahn's association with the company will draw investors' attention, said David Menlow, president of IPO Financial Network.

"It's worth a second look, just on the basis that he's in there, and his reputation for making sure very little, if anything, is wasted," Menlow said. "Carl Icahn is a person that can squeeze a quarter hard enough to make George Washington cry."