Shares in mobile marketing and advertising technology provider Velti PLC (AIM: VEL) soared today after it announced much-improved results for the full year to end-December and that it filed for a listing on the Nasdaq technology exchange.
Velti was trading up more than 21 percent in afternoon deals.
The company said it benefited from increasing demand for its technology and services from existing and new customers in 2009, increasing revenues to US$90 million from US$49.5 million in 2008, and adjusted EBITDA up at US$26.9 million from US$7.0 million a year earlier.
Velti ascribed its growth to the continued adoption of its performance-based solutions and its Software-as-a-Service (SaaS) model and the continued investment in global footprint, which resulted in customer growth in China, India, US and Europe through its local operations, joint ventures and equity investments in each geography.
In a separate statement, the company said it has filed a registration statement with the US Securities and Exchange Commission for a proposed initial public offering of its ordinary shares.
Jefferies & Company Inc will act as sole book-running manager for the offering with RBC Capital Markets Corporation and Needham & Company LLC acting as co-lead managers, and ThinkEquity LLC and Cannacord Genuity acting as co-managers.
The shares to be sold in this offering are proposed to be sold by Velti and certain Velti shareholders. The number of ordinary shares to be sold in the proposed offering and the offering price have not yet been determined.
Velti plans to use the new funds to repay all of its outstanding debt and for general corporate purposes and working capital, including funding its strategic plan for global expansion and making further investments and acquisitions to enhance and broaden its technology solutions, including its recently introduced mGage platform.