Velti Buys UK's Mobile Interactive Group for $25M
MIG serves 300 customers, including PepsiCo, Skype and Sony.
Mobile ad firm Velti has acquired U.K.-based rival Mobile Interactive Group (MIG) for $25 million. MIG’s offerings include mobile marketing, commerce and billing services.
MIG serves approximately 300 customers, including PepsiCo, Skype and Sony, in 44 countries. It claims gross billings above $100 million, more than $20 million in 2010 net revenues, and a headcount in excess of 160. Its platform supports mobile, social, and mobile/TV consumer interactions for both smartphones and feature phones.
Publicly-held Velti offers a mobile ad platform, mGage, that aggregates inventory from a large network of app and website publishers. It also supports private exchanges through a white label offering geared toward agencies, publishers, and ad networks. MGage was built largely on technology it acquired last year through the acquisition of Mobclix.
Under the deal’s terms, Velti will fork over $20 million in cash at closing and, depending on MIG’s performance this year and next, pay up to $34 million more by 2013. MIG’s senior execs will join Velti’s global management.
