Rating: Velti obviously sets course for world domination
Quite obviously, there’s nothing holding back Velti as it continues to grow substantially. The company has just added another feather in its cap by acquiring Mobile Interactive Group (MIG) which is acknowledged as the UK’s largest mobile marketing company. Velti has continued to solidify its position as a worldwide mobile marketing and advertising leader through three previous acquisitions. These included: – mobile ad exchanges Mobclix and CASEE, plus mobile CRM solutions provider, Air2Web. Also today [November 16th 2011], Velti has released its Q3 2011 results which show revenues of $38.2 million. This is an increase of 85 per cent from Q3 2010. Velti will pay a minimum consideration of $25 million for MIG.With all of this activity, Velti claims it has become the world’s largest mobile marketing company based on revenue, customers, consumer reach and technology holdings
The company claims its acquisition of MIG will help it to expand by giving its customers access to MIG’s mobile/broadcast interactive platform.
MIG currently offers mobile marketing, mobile commerce and mobile billing services in 44 countries. Its technology is utilised by leading names such as Skype, Vodafone, and O2.
MIG’s mobile interactive technology is also used by broadcasters in Europe and the Asia Pacific region. Deloitte recently named MIG as the fastest growing privately owned technology firm in Europe.
Barry Houlihan, CEO of MIG, commented, “The complementary strategic capabilities, geographic footprint and innovative customer solutions of our two companies create a global mobile marketing powerhouse.”
Alex Moukas, CEO with Velti, observed, “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.”
MIG’s chief advantage has been in deploying its technology in high growth areas like real-time mobile and social interactions via smartphones but also with support for featurephones, too.