Velti Buys Media Cannon

Velti, a mobile marketing services company, has bought Media Cannon Inc. a developer of mobile advertising tools and technology, for an undisclosed sum.

All of Media Cannon's management team and staff will be integrated into Velti's San Francisco office, said Velti.

This acquisition reportedly provides Velti with a complementary technology platform and proprietary systems.

“We're pleased to acquire an innovative company such as Media Cannon, which has forged relationships with well-known brands, advertising agencies and Tier-1 wireless carriers in the U.S.," said Alex Moukas, CEO of Velti, in a statement.