Velti, a large provider of mobile marketing and advertising technology, has filed a registration statement with the SEC for a proposed IPO of its ordinary shares on the NASDAQ stock market. The company hopes to raise an estimated $200 million.
In a move that would mark the first IPO from a sole mobile marketing provider in the U.S., Velti plans to use the net proceeds to repay its outstanding indebtedness and to fund its strategic plan for global expansion. The company also plans to bolster its newly released mGage platform.
Velti has been trading on the AIM stock exchange in London for four years now, and the company said it expects to trade under the symbol VELT on the NASDAQ. The company has been posting impressive revenue numbers as well, indicating in the filing that its annual revenue has grown to $90 million in 2009, a year-over-year increase of 45 percent from $62 million in 2008.
“We believe our integrated, easy-to-use, end-to-end platform is the most extensive mobile marketing and advertising campaign management platform in the industry,” said Velti in the F-1 form filed with the SEC. “Our platform further enables brands, advertising agencies, mobile operators and media companies to plan, execute, monitor and measure mobile marketing and advertising campaigns in real time throughout the campaign lifecycle.”
Velti has worked hard to integrate its platform into the heart of the mobile value-chain which lies with mobile operators. The company says 14 out of the top 20 global mobile operators are using its platform, with over 450 total brands, agencies and carriers using its technology in 35 countries.