Velti (VELT) Shares Up On Jeff Ross Chief Financial Officer Appointment

Velti (NASDAQ: VELT), the leading global provider of mobile marketing and advertising technology and solutions, today announced the appointment of Jeff Ross as the company’s Chief Financial Officer, effective Monday January 7, 2013. With more than 25 years of international finance experience, including at Sybase and PricewaterhouseCoopers, Ross is the fourth senior executive to join Velti’s top ranks in the past six months.

Ross joins Velti from Sybase, where he has been Chief Financial Officer since 2007 and was before Chief Accounting Officer and Corporate Controller, until a $6.8 billion acquisition by SAP. He was responsible for developing, communicating, and monitoring all financial aspects of the company’s overall strategic plan, including controlling, financial planning and analysis, corporate development, tax, treasury, and investor relations. Prior to his promotion to Chief Financial Officer, Ross was Chief Accounting Officer and Corporate Controller of Sybase.

“Jeff is a highly accomplished and respected financial executive in the technology industry and, we are thrilled to have him join our team,” said Alex Moukas, Velti Chief Executive Officer. “His track record of providing strategic leadership and driving balanced growth and cash generation will help us further Velti’s position as the leader in mobile marketing and advertising technology for brands and advertisers. Jeff will lead the initiatives we have already commenced reviewing our organization and customer base, remaining focused on cash generation, ongoing reduction of operating and capital expenses and growth in our key markets.”

“With the recent additions of Jeff as CFO, Harry Patz as Chief Revenue Officer, Jason Hoffman as SVP Product Management and Jesper Helt as SVP Human Resources, we are well positioned as we start the next stage of our development” added Moukas.

“Velti is playing a leading role in helping to shape the rapidly evolving mobile marketing and advertising industry, and is uniquely positioned with its extensive global presence and potential,” said Ross. “I am very excited to join the Velti team and lead the company’s financial operations, with a focus on cash flow generation and growth in key markets.”

Wilson Cheung, Velti’s current Chief Financial Officer, will remain with Velti and transition into a new role in its fast-growing Asian markets. “As we welcome Jeff to Velti, we also want to thank Wilson for all of the effort that he provided in the last 3 years,” said Moukas. “We look forward to his continued contributions and thank him for his commitment to a smooth transition to Jeff,” concluded Moukas.