• by Mark Walsh  @markfwal, November 15, 2011

Mobile marketing firm Velti Tuesday announced acquiring U.K.-based Mobile Interactive Group (MIG) for $25 million to further bolster its capabilities. 

MIG provides mobile marketing, m-commerce and mobile billing services in 44 countries, with operations in the U.S., Netherlands, Belgium and Australia, besides England. It boasts 300 enterprise customers include Skype, Vodafone, O2, and PepsiCo, according to the release. The 160-employee company had more than $100 million in gross billings and over $20 million in 2010 net revenues.

Velti said it will pay a minimum of $25 million, including $20 million in cash at closing. Depending on MIG’s performance, the company will pay up to an additional $34 million over time by 2013. MIG’s management will will continue to operate the business as a wholly owned subsidiary of Velti.

Founded in Greece in 2000, Velti has grown rapidly in the last few years through the acquisitions of U.S.-based mobile firms such as Ad Infuse and Media Cannon as well as mobile ad exchange Mobclix. In September, it bought CRM provider Air2Web for about $19 million in cash.

Velti, which began trading on the Nasdaq exchange earlier this year, separately on Tuesday reported third-quarter results of $600,000 in profit, or 1 cent per share, on revenue of $38.2 million. That compared to a loss of $6 million, or 16 cents a share, a year ago. Third-quarter revenue was up 85% from the year-earlier period. Velti also raised its 2011 revenue guidance to $180-$185 million.