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{{Infobox company
| name   = Velti
| logo   = Velti logo.png
| logo_size = 160px
| type   = Former [[Public company]]
| industry       = [[Mobile marketing|Mobile Marketing]] and Advertising
| founded        = London, UK (2001)
| hq_location   = Dublin, Ireland
| num_employees      = 500+ (250+ technical staff, 250+ business staff)
| key_people     = Alex Moukas, Chairman
| products       = Velti Inspire, Velti Excite
| services       = • Mobile CRM<br />• Loyalty solutions<br />• Large scale promotions for mobile operators
| homepage       = {{URL | www.velti.com}}
}}
'''Velti''' is a [[mobile marketing]] company offering its services to mobile operators and brands. The company was founded in 2001, went public in London in 2006<ref>{{Cite web|url=https://gigaom.com/2006/04/10/velti-to-raise-17-million-in-ipo-on-aim/|title = Velti to Raise $17 Million in IPO on AIM|date = 10 April 2006}}</ref> and on NASDAQ in 2011.<ref>{{cite web| url=http://www.nasdaq.com/article/the-best-ipos-so-far-of-2011-cm61740 | access-date=2024-01-07 | title=The Best IPOs (So Far) of 2011}}</ref> In 2013 [[The Blackstone Group|Blackstone]], acquired the assets of Velti and the company was taken private.<ref>{{Cite news|url=https://www.reuters.com/article/velti-blackstone/velti-to-sell-businesses-to-blackstone-us-ops-file-for-bankruptcy-idUSL3N0IP1VV20131104|title=Velti to sell businesses to Blackstone, US ops file for bankruptcy|date=2013-11-04|work=Reuters|access-date=2017-11-17}}</ref>
== History ==
Velti was founded in 2001 by Alex Moukas<ref>{{cite web|url=http://insiders.morningstar.com/trading/executive-profile.action?t=VELT&PersonId=PS00006ZD9&flag=Executive&insider=Alex_Moukas |title=Alex Moukas of Velti PLC Executive Profile |publisher=Insiders.morningstar.com |access-date=2011-03-18}}</ref>  and Chris Kaskavelis<ref>{{cite news|url=https://people.forbes.com/profile/chris-kaskavelis/151778 |archive-url=https://web.archive.org/web/20110303055134/http://people.forbes.com/profile/chris-kaskavelis/151778 |url-status=dead |archive-date=March 3, 2011 |title=Chris Kaskavelis Profile - Forbes.com |publisher=People.forbes.com |access-date=2011-03-18}}</ref>  as a software and [[Application service provider|ASP]] provider serving the [[Telecommunications industry|telecommunications]] industry. The same year, [[Nicholas Negroponte]], then the laboratory chairman of [[MIT Media Lab|Massachusetts Institute of Technology's Media Lab]], joined the company as a non-executive director. In 2002, Velti gained [[Vodafone]] as a customer. By the end of that year, the company had reached 35 employees.{{source?|date=April 2023}}
After a 2006 [[initial public offering]] on the [[London Stock Exchange]]'s [[AIM market|AIM Market]],<ref>{{cite web|author=Rafat Ali @rafatali |url=http://moconews.net/article/velti-to-raise-17-million-in-ipo-on-aim/ |title=Velti To Raise $17 Million in IPO on AIM |publisher=mocoNews |date=2006-04-10 |access-date=2011-03-18}}</ref> Velti further expanded its U.S. operations with the opening of an office in New York. A San Francisco office was created the following year. Velti was one of the 10-best performing IPOs in London Stock Exchange's AIM in 2007.<ref>{{Cite web |url=http://www.velti.info/press_release/pdfs/Velti%20among%20the%20ten%20best%20performing%20IPOs%20on%20the%20London%20Stock%20Exchange%20June%2021%202007.pdf |title=Velti among the ten best performing IPOs on the London Stock Exchange (AIM) for the period 2006-2007 |access-date=2015-07-01 |archive-date=2015-07-01 |archive-url=https://web.archive.org/web/20150701123349/http://www.velti.info/press_release/pdfs/Velti%20among%20the%20ten%20best%20performing%20IPOs%20on%20the%20London%20Stock%20Exchange%20June%2021%202007.pdf |url-status=dead }}</ref>
Beginning in 2007, Velti entered into a series of joint ventures and partnerships with the [[Interpublic Group]] to create Ansible, a mobile marketing joint venture.<ref>{{cite web|url=http://www.clickz.com/clickz/news/1696709/ipg-launches-mobile-agency-ansible |title=IPG Launches Mobile Agency Ansible |date=17 July 2007 |publisher=ClickZ |access-date=2011-03-18}}</ref>
In 2008, Velti opened a new office in Beijing and made an investment in CASEE.<ref>{{cite web| url=http://www.brandrepublic.com/news/811630/CASEE-receives-US6m-investment-Velti/?DCMP=ILC-SEARCH |title=CASEE receives US$6m investment from Velti - Brand Republic News |publisher=Brandrepublic.com |date=2008-05-23 |access-date=2011-03-18}}</ref> In India, Velti partnered with HT Media Limited, India's second-largest media group, on a mobile marketing joint venture called HT Mobile Solutions.<ref>{{cite web|url=http://www.livemint.com/2008/11/21142127/HT-Media-forms-mobile-marketin.html |title=HT Media forms mobile marketing JV with Velti Plc - Corporate News |publisher=livemint.com |date=2008-11-21 |access-date=2011-03-18}}</ref> 2008 also saw the opening of a new Velti office in Moscow.<ref>{{cite web|url=http://www.investegate.co.uk/article.aspx?id=200807010700139528X |title=Velti PLC Announcements &#124; Velti PLC: Trading Statement |publisher=Investegate |access-date=2011-03-18}}</ref>
In 2009, Velti announced the acquisition of Ad Infuse, a provider of personalized mobile advertising in the U.S. increasing the company's headcount to more than 400, including more than 200 technology staff.<ref>{{cite web|url=http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=105937 |title=MediaPost Publications Mobile Marketing Company Velti Acquires Ad Infuse 05/13/2009 |publisher=Mediapost.com |access-date=2011-03-18}}</ref>
In 2010, the company announced the acquisition of Mobclix,.<ref>{{cite web|url=http://www.marketwire.com/press-release/Velti-Acquires-Mobclix-LSE-VEL-1328116.htm |title=Velti Acquires Mobclix |publisher=Marketwire.com |date=2010-10-01 |access-date=2011-03-18}}</ref>  A second 2010 acquisition added Media Cannon,<ref>{{cite web|author= Dean Takahashi |url=https://venturebeat.com/2010/06/03/velti-acquires-media-cannon-to-expand-its-mobile-ad/ |title=Velti acquires Media Cannon to expand its mobile ad business |publisher=VentureBeat |date=2010-06-03 |access-date=2011-03-18}}</ref> a developer of mobile advertising tools and technology. By the end of 2010, Velti had grown to more than 500 employees in 30 countries.{{source?|date=April 2023}}
In January 2011, Velti completed an initial public offering of 12 million common stock shares on [[NASDAQ]] under the trading symbol VELT. The IPO raised approximately $150 million, according to ROAMdata (Boston-based subsidiary of [[Ingenico]]).<ref>{{cite web|last=Mages |first=Kenneth G. |url=http://mcommerce.roamdata.com/?p=36333 |title=Mobile Ad Firm Velti Raises $150 Million In U.S. IPO « ROAM DATA Smart mCommerce News |publisher=Mcommerce.roamdata.com |date=2011-01-28 |access-date=2011-03-18}}</ref> In September 2011, Velti acquired Air2Web Inc a mobile customer relationship management technology company based in Atlanta for $19 million.<ref>{{Cite web|url=https://www.bizjournals.com/atlanta/news/2011/09/26/air2web-sold-to-velti.html|title=Air2Web sold to Velti for $19M |website=bizjournals.com|access-date=2018-06-05}}</ref>
After the company's London and NASDAQ listings, its revenues grew from $90m in 2009 to $116m in 2010 to $189m in 2011 to $270m in 2012.<ref>{{Cite web|url=http://www.velti.com/press_release/mar-12-12.php|title=Home}}</ref>
== Sale to Blackstone and Delisting from Nasdaq ==
In late summer 2013, Velti was forced to write down nearly $111 million of AR, reducing its headcount by almost 20% and placing Mobclix on the chopping block to raise spare cash. These actions led to a severe stock drop.<ref>{{cite web|last=Edwards |first=Jim |url=http://www.businessinsider.com/how-velti-one-of-the-largest-mobile-ad-companies-on-the-planet-lost-130-million-2013-9 |title=How Velti, One Of The Largest Mobile Ad Companies On The Planet, Lost $130 Million « |publisher=BusinessInsider |date=2013-09-02 |access-date=2013-10-16}}</ref>
On November 4, 2013, Velti sold its assets to GSO, the credit division of Blackstone. The US subsidiary asset sale was done under chapter 11, while the all subsidiary (including the US) and the parent company continued normal operations.<ref>{{cite news| url=https://www.bloomberg.com/news/2013-11-04/velti-u-s-unit-files-for-bankruptcy-protection-in-delaware.html | work=Bloomberg | title=Velti U.S. Unit Files for Bankruptcy Protection in Delaware}}</ref>
On December 16, 2013, Velti voluntarily de-listed from the Nasdaq market in order to complete the sale of assets to Blackstone: "The voluntary decision to delist from NASDAQ was taken following the Company's review of several factors, including its previously disclosed noncompliance with the minimum bid price requirements of NASDAQ.."<ref>{{Cite web |url=http://investors.velti.com/releasedetail.cfm?ReleaseID=809980 |title=Velti PLC Announces Voluntary Delisting from NASDAQ (NASDAQ:VELT) |access-date=2013-12-17 |archive-date=2014-03-28 |archive-url=https://web.archive.org/web/20140328163250/http://investors.velti.com/releasedetail.cfm?ReleaseID=809980 |url-status=dead }}</ref> Velti shares are now traded on the OTC market.<ref>{{Cite web|url=http://www.otcmarkets.com/stock/VELTF/quote|title = OTC Markets &#124; Official site of OTCQX, OTCQB and Pink Markets}}</ref>
Velti currently operates in 10 countries, is profitable and its main customers include Vodafone, T-Mobile, Orange, Movistar, Airtel, Pepsico, MBC and Nestle.<ref>{{Cite web|url=http://www.velti.com/mobilemarketingoperator.php|title=Home}}</ref> Velti does not provide financial statements since 2013.<ref>{{Cite web|url=http://www.velti.com/20141105170152763.pdf|title=Home}}</ref>
==References==
{{reflist}}
[[Category:Mass media companies of the United States]]