(NASDAQ: VELT), the leading global provider of mobile marketing and advertising technology, today announced it has closed a $27 million, 2-year deal to provide its mobile marketing technology to a major U.S. brand. Expected to commence in the next few weeks, this program will drive increased engagement with and long-term loyalty of the brand’s existing customers.
Technology underscoring this program is a game changer in the U.S. mobile industry, enabling brands to optimize mobile customer lifecycle management by using data to predict and optimize engagement. Engagement programs are increasingly popular; according to eMarketer, 57% of consumers said they would stick with a brand because of its loyalty program. Velti targets this market, connecting brands to interested customers by allowing the brand to develop valuable relationships through the creation of loyalty, retention and advocacy with customers from a multi-channel perspective, with the mobile channel taking the lead.
“This deal is emblematic of the significant traction we are seeing in the U.S., the single largest country for us in terms of revenues. There is a massive opportunity for brands to engage with existing customers and build lifelong relationships,” said Velti CEO Alex Moukas. “Using data to predict and optimize engagement is a vital step in executing the right strategy; our work with this brand is a perfect example of a brand using Velti mobile technology to manage the lifecycle of its existing customer base. The $27 million, 2-year deal also highlights our focus on cash generation, with net-30 payment days and monthly reconciliation and invoicing.”
Velti’s continued growth and innovation is helping shape the future of the industry and is enabling thousands of brands, agencies and publishers to create dynamic and engaging mobile marketing strategies. Velti has grown rapidly in the last two years, and in August, the company announced Q2 2012 revenues of $58.7 million, a 71 percent increase over Q2 2011, while doubling its Adjusted EBITDA.