This week, Velti successfully completed its acquisition of the remaining equity ownership interest of the parent company of CASEE – the largest mobile ad exchange and mobile ad network in China.
In 2008, Velti acquired 33 percent of CASEE, which was founded just two years previously. At the time, the ownership stake enabled Velti to execute campaigns for global brands in China, a move that helped the company form an important piece of its global expansion strategy.
According to details released Monday, Velti paid approximately $8.4 million in cash for the remaining interest in CASEE.
But the same week that Velti is welcoming the addition of the entire CASEE team, Velti is simultaneously bidding farewell to Jerry Goldstein who is retiring after serving as a member of the Company’s Board of Directors since 2006.
“On behalf of the Board and the Company, I thank Jerry for his many years of distinguished service to Velti and his tireless efforts to help position the Company for success,” said Alex Moukas, Chief Executive Officer of Velti. “Jerry has long been a valued adviser to the Company, and we wish him only the best in his retirement.”