Headquartered in Athens, Velti is a provider of software platforms, applications and services mainly for the mobile telecoms industry. A major growth area for the company is the provision of mobile application services, such as promotions, ringtones and wallpaper, which enable media, affinity groups and retailers to access the mobile marketing channel.
Flotation is a natural step for Velti, which is the first Greek technology company to be admitted to AIM. The £10 million of new capital raised will allow it to expand within the Balkan region, primarily targeting Romania, Bulgaria and Turkey. This will be achieved through current relationships such as OTE International and Vodafone and new partnerships created with local providers. The Company plans to expand in the mobile content market, taking advantage of the growing trend of mobile network operators utilizing third party applications service providers.
Alexandros Moukas, Chief Executive Officer of Velti, commented: “We are delighted with the positive response we have received from investors. Our highly qualified and experienced management team can now implement our strategy to become a leader in our chosen markets and to produce strong returns for investors.”
Oriel Securities is the nominated adviser and broker to the company.