Velti is making headlines Wednesday morning in response to yesterday’s announced acquisition of Mobile Interactive Group (MIG), the UK’s largest mobile marketing company.
To close the deal, Velti will cough up $25 million – $20 million of which comes in cash. According to published reports, the company may ultimately pay up to an additional $34 million by 2013. That figure, however, will largely depend on the performance of MIG, which has set up shop in the UK, U.S., Netherlands, Belgium and Australia.
Without question, the acquisition expands Velti’s lead as the world’s largest mobile marketing company in terms of revenue, customers, consumer reach and technology holdings.
A leading mobile marketing and advertising technology provider for brands, advertising agencies, mobile operators and media, Velti is understandably excited about bring MIG into the fold.
Current management will continue to operate MIG.
“The acquisition of MIG combined with the resources of Velti, creates a strong resource for brands, mobile operators and media companies around the world,” says Alex Moukas, CEO of Velti. “This acquisition also solidifies our leadership in mobile marketing, a $16 billion category that many predict will almost double to $30 billion in the next few years. We believe we are very well positioned to take a healthy share of this market and bring unique scale and depth to our partners around the world.”
MIG offers mobile marketing, mobile commerce and mobile billing services in 44 countries around the world.
