Dallas, Texas 11/07/2013 (Financialstrend) – Velti Plc (NASDAQ:VELT) announced that it is selling-off its mobile-marketing business in the U.S, India and Britain. A Blackstone Group LP division will be buying the business. The company has also filed for bankruptcy under the Chapter 11 for its rest of its operations in the United States. The company has suffered an entire year of heavy losses and has a mountain-load of unpaid bills. The dismal economic condition that prevailed in Cyprus and Greece dealt a string blow on Velti Plc (NASDAQ:VELT). In the 2013 Q2, the company has written-off receivable that topped $100B.
In Wednesday’s trading, Velti Plc (NASDAQ:VELT) rose by 29.27%. The opening price of the shares was $0.13, which climbed to an intraday high of $0.18 and dipped to a close of $0.15. Approximately 15.95 million shares were traded on Wednesday while an average volume of 2.39 million shares were traded over a 30 day period. The 52-week low of Velti Plc (NASDAQ:VELT) shares is $0.07 and its 52-week high is $7.18. Velti Plc (NASDAQ:VELT) has a market capitalization of $14.07 million.
About the company
Velti Plc (NASDAQ:VELT) is a global-provider of mobile marketing & advertising technology &solutions. Velti mGage, its platform allows the company’s customers to use mobile & media, like television, radio, print and outdoor -advertising to reach, target, and engage consumers via mobile-Internet applications. It converts consumers into their own customers, and continues to manage this relationship through its mobile-channel. Velti Plc (NASDAQ:VELT)’s mGage platform provides various agencies 7 companies a set of tools such as analytics & reporting, &business intelligence. On 23 January 2012, Velti Plc (NASDAQ:VELT) completed acquiring the remaining-interests of CASEE. On 14 November 2011, Velti Plc (NASDAQ:VELT) completed acquiring Mobile Interactive Group Limited. On 4 October 2011, Velti Plc (NASDAQ:VELT) completed acquiring Air2Web, Inc.