Mumbai, India: Velti plc announced today that the Company has closed the sale of its mobile marketing business to affiliates of GSO Capital Partners LP (“GSO”), the credit division of Blackstone.
The transaction includes the sale of business lines operated by Velti Inc. and Air2Web Inc. in the U.S., Air2Web India, Velti DR Limited followed by Mobile Interactive Group, Ltd. in the U.K., and Velti Netherlands B.V. in the Netherlands.
“We are very excited about this next chapter and moving forward with GSO,” commented Jay Sheth, SVP & GM – Mobile Marketing BU and President & CEO,Velti India. “Under the new ownership, GSO provides us greater financial stability and the resources needed to continue to grow our business and improve our customers’ experience. GSO understands and believes in our business.”
“Velti India has always enjoyed a leadership position in the market,” reportedly said, Deepak Goyal, Vice President, Sales & Marketing, Operator Relations, MM Sales India. “2013 was a landmark year for the company as our revenues grew by more than 100% making us the largest mobile marketing & messaging solutions Company in India. We are confident that the new ownership will further accelerate the growth we have been enjoying in India.”
The remainder of the Company’s business lines, primarily consisting of its Performance Marketing Business Unit operated out of Greece and with business in Central and Eastern Europe and the Middle East, will continue to operate normally.