Velti Agrees to Buy U.K.'s Mobile Interactive Group For Up to $59 Million in Cash and Earnouts
Velti, a publicly-traded mobile advertising company, agreed to buy the U.K.’s Mobile Interactive Group or MIG in a deal worth up to $59 million in cash and earnouts.
Velti will pay $25 million (of which $20 million is cash) at the deal’s closing. Then it may pay up to $34 million through 2013 based on MIG’s performance. The deal is based on a multiple of 7.5 on MIG’s earnings before interest, taxes, depreciation and amortization.
MIG, which has 160 employees, saw more than $100 million in gross billings and more than $20 million in net revenues last year.
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