Mobile marketer Velti acquires Mobile Interactive Group for $59 million
Velti claims the move - which TechCrunch reports will see the firm fork out an initial fee of $25 million, plus an additional $34 million by 2013 cements the company as the world's largest mobile marketing firm based on revenue, customers, consumer reach and technology holdings.
Mobile match up
"This acquisition of MIG combined with the resources of Velti, creates a strong resource for brands, mobile operators and media companies around the world," said Velti CEO Alex Moukas.
"This acquisition also solidifies our leadership in mobile marketing, a $16 billion category that many predict will nearly double to $30 billion in the next few years. We're definitely well positioned to take a healthy share of this market and bring unique scale and depth to our partners around the world."
For its part, MIG which employs more than 160 staff members claims the two parties are a perfect fit.
"The complementary strategic capabilities, geographic footprint and innovative customer solutions of our two companies creates a global mobile marketing powerhouse," added MIG founder and CEO Barry Houlihan.
"Velti will drive significant economies of scale and innovation for our existing customers."
MIG offers mobile marketing, mobile commerce and mobile billing services across 44 countries including the UK, US, Netherlands, Belgium and Australia, with partners including Vodafone, O2 and Sony.