November 15, 2011 / 9:41 PM / 7 years ago

UPDATE 1-Velti to buy Mobile Interactive Group

* To pay $25 mln for deal, $20 mln of that in cash

* To pay up to $34 mln more by 2013, based on MIG’s show

* Q3 rev up 85 pct to $38.2 mln

* Raises FY11 rev outlook to $180-$185 mln

* Shares up 12 pct in extended trade

Nov 15 (Reuters) - Mobile marketing company Velti PLC said it bought UK’s privately held Mobile Interactive Group (MIG) to expand its markets and technology holdings.

Velti said it will pay at least $25 million for the deal, in a statement. This will include $20 million in cash.

The company may pay up to an additional $34 million by 2013, depending on the performance of MIG, which has operations in the UK, U.S., Netherlands, Belgium and Australia.

Its management will continue to operate MIG, which offers mobile marketing, mobile commerce and mobile billing services in 44 countries, Velti said.

Separately, Velti posted third-quarter results above market estimates and raised its 2011 revenue guidance to $180-$185 million.

Shares of the company were up 12 percent in extended trade. They closed at $8.75 on Tuesday on Nasdaq.

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