Velti dials up Ad Infuse
ADOTAS — Velti has acquired Ad Infuse, a personalized mobile advertising company.
Terms were not diclosed. Nor were any numbers made public on how many employees from Ad Infuse will stay. According to a spokeswoman, all “Ad Infuse employees will now be Velti employees; there will not be any layoffs. Ad Infuse has approximately 30 employees, which will be added to Velti’s existing 400 employees.”
Velti now has a presence in US, Europe, China, India and Middle East. The mobile advertising and marketing company has operations in 35 countries with a reach of over two billion consumers and some of the world’s major advertising and media agencies, brands, operators and publishers as its customers, including Microsoft, Disney, Unilever, Orange, Singtel, MasterCard and CBS.
According to the company, Velti had good 2008 revenue , up 164% on 2007, and profits growth: sales reached $70 million, with an EBITDA of $17 million. Revenues in the first quarter of 2009 are expected to be more than 50% higher than Q1 2008. Velti’s balance sheet continues to demonstrate strong cash and net assets positions and the company will fund the acquisition in cash using existing and pre-arranged resources. Management expects that following modest dilution in 2009, the transaction will be EPS enhancing in 2010, the first full year after closing.
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