Mobile marketing and advertising technology companyVelti has closed the sale of its India, US and UK mobile marketing businesses and certain part of its US-based advertising businesses to affiliates of GSO Capital Partners LP, the credit division of the PE firm Blackstone. Velti has over 150 employees in India, with offices in Mumbai, Chennai, Delhi and Bangalore. On December 2oth 2013, the company had received a court approval for the sale of Velti Inc and Air2Web Inc in the US, Air2Web India, Velti DR Limited and Mobile Interactive Group, Ltd in the UK, and Velti Netherlands BV in the Netherlands. The financial terms of the agreement were not disclosed. As part of the transaction, GSO has also committed to provide up to $25 million in debtor-in-possession financing, including a $10 million cash infusion to support the operations included in the proposed sale. Velti had acquired mobile marketing and CRM company Air2Web for around $19 million in 2011. Velti had also tied up with HT Media to form a mobile marketing joint venture called HT Mobile in November 2008. HT Digital had bought out Velti’s stake for a undisclosed nominal price in February 2013. Focus Areas in India In an email to MediaNama, Velti India President and CEO Jay Sheth is quoted as saying that GSO provides the company with greater financial stability and resources needed to grow the business. Deepak Goyal, Vice President, Sales & Marketing, Operator Relations, MM Sales India adds that Velti saw revenues grow over 100% in 2013, staking the claim that it is the largest mobile and messaging solutions Company in India. Asia and Africa…
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