UK-based MIG offers mobile marketing, mobile commerce and mobile billing services in 44 countries and has operations in the UK, US, Netherlands, Belgium and Australia. It made $20m in revenue in 2010.
The company’s technology platform is used by more than 300 companies including Skype, Vodafone, O2, PepsiCo, ITV, FIVE, Fremantle, BBC, Sony, Barclaycard, Marks & Spencer and NewLook.
It also provides mobile interactive services for several broadcasters in Europe, including ITV, and Asia Pacific.
Velti will pay a minimum consideration of $25m and further payments of a maximum $34m depending on MIG’s performance through to 2013.
MIG’s management will join Velti’s global management teams and will continue to operate the business.
Alex Moukas, chief executive of Velti, said: "This acquisition solidifies our leadership in mobile marketing, a $16 billion category that many predict will nearly double to $30 billion in the next few years.
"We’re definitely well positioned to take a healthy share of this market and bring unique scale and depth to our partners around the world."
Barry Houlihan, chief executive and founder of MIG, said: "The complementary strategic capabilities, geographic footprint and innovative customer solutions of our two companies creates a global mobile marketing powerhouse."
MIG’s acquisition comes two months after it bought micro-payments company Zaypay and also .
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