Velti Buys Marketing Company Mobile Interactive Group For As Much As $60M

Mobile marketing agency Velti has acquired Mobile Interactive Group (‘MIG’), the UK’s largest mobile marketing company. Velti will pay $25 million plus as much as $34 million over time by 2013, for a total of $59 million.

MIG offers mobile marketing, mobile commerce and mobile billing services in 44 countries and has operations in the UK, US, Netherlands, Belgium and Australia. The company’s technology platform is used by more than 300 enterprise customers including Skype, Vodafone, O2, PepsiCo, ITV, FIVE, Fremantle, BBC, Sony, Barclaycard, Marks & Spencer and NewLook. MIG’s mobile interactive technology is used by broadcasters in Europe and Asia Pacific for real-time social media interactions through the mobile platform.

MIG saw more then $100 million in gross billings and more than $20 million in net revenues in 2010. The company also recently bought mobile payments startup ZayPay.

Velti, which is a public company on the NASDAQ under the symbol VELT, offers a SaaS technology platform that allows agencies and brands to plan, manage, and optimize mobile advertising and marketing campaigns in real time.