Velti (LSE: VEL), a leading global provider of mobile marketing and advertising technology, today announced the acquisition of Media Cannon, Inc. ("Media Cannon"), a developer of mobile advertising tools and technology, for an undisclosed sum.
This acquisition provides Velti with a complementary technology platform and proprietary solutions that enable an even richer mobile advertising and mobile Internet user experience, as well as a series of mobile marketing "post click" interactions. The Media Cannon platform also delivers carrier-class infrastructure, API access, transcoding, support and reporting tools for mobile campaign development, delivery and evaluation.
"We're pleased to acquire an innovative company such as Media Cannon, which has forged relationships with well-known brands, advertising agencies and Tier-1 wireless carriers in the U.S.," said Alex Moukas, CEO of Velti. "Together with our acquisition of Ad Infuse last year, this deal illustrates the strength of our commitment to the U.S. market. Media Cannon's technology provides a rich mobile media experience and we're very pleased to be integrating it into the Velti mGage(tm) platform, as well as welcoming onboard the company's team and its customers."
In addition to the acquired technology, all of Media Cannon's management team and staff will be integrated into Velti's San Francisco office, bringing to the company highly skilled mobile professionals.
"Joining Velti is a natural fit with our core business strengths," said Jacob Litke, CEO of Media Cannon. "This is a compelling combination of our best in class technology and customer base, with one of the leading global mobile marketing innovators. We are excited about what we can do together."
