This site uses cookies; by continuing to use our site you agree to our use of cookies. More details in our privacy policy. Close

 

 

Mobile marketing group sold out of administration 15 January 2014

Mobile marketing provider Velti UK has been sold out of administration, securing 98 jobs.

Rob Harding and Nick Edwards of Deloitte were appointed to the companies comprising the group, Velti DR Limited and Mobile Interactive Group Limited, on 6 January.

Following their appointment, the joint administrators secured a sale of the business and assets relating to Velti UK’s mobile marketing business to GSO MMBU Private Company Limited. This buyer is an affiliate company of credit-oriented alternative asset managers GSO Capital Partners.

The sale ran parallel to an acquisition by GSO of Velti’s broader global mobile marketing business in the United States.

Harding said: “Following the Chapter 11 filing of certain of the broader Velti group companies on 4 November 2013, this sale ends a period of uncertainty for employees, customers and other key business partners.”

Surash Patel, senior vice president and general manager of Velti UK, added: “We are excited to be taking the business forward under the new ownership of an affiliate of GSO, who are supportive of our growth ambitions and truly value the innovative market leading solutions that we provide to our customer base.

“Following the sale, the mobile marketing businesses in the UK, UK and India will continue normal operations and will continue to fulfil all customer obligations/payments in line with normal schedules.”

DLA Piper assisted Deloitte in the sale process.

Rick Chesley, who advised from the US side, said: “We are delighted to have advised Velti plc and its subsidiaries, and subsequently the UK administrators, on the successful sale of the Group’ss MMBU assets.”

The Velti group’s non-mobile marketing operations continue to operate as usual outside of the insolvency proceedings under the control of their prior management.

 

 

blog comments powered by Disqus