Velti, a provider of software platforms, applications and services for mobile network operators, media and retailer brands in Greece and the Balkan region, has started trading on AIM under the ticker symbol “VEL”.
The company has raised £10 million before expenses, via a placing, to fund expansion. 10 million shares were priced at a pound each, raising an estimated net figure of £8.5 million. The company had a market capitalisation at listing of £29.1 million.
Velti says it addresses increased demand in the Balkan region for mobile content, and employs 90 people. The company made €4.9 million in revenue in 2005. Operator clients include Vodafone Greece and OTE, both of who have expansion strategies into the Balkans.