Velti moves to SaaS model

AIM-quoted Velti, which recently joined Nasdaq, reported a jump in revenues in 2010. Revenues for the mobile phone marketing services provider grew from $90m to $116.3m. In 2009, the fourth quarter revenues accounted for nearly three-quarters of the total for the year. In 2010, the fourth quarter was still significant but there was more earned earlier in the year. However, the mix of revenues is changing and there is a greater proportion of Software-as-a-Service revenues and lower software licence revenues, which tend to be generated at the end of the year. Pre-exceptional profit of $8.9m was turned into a loss of $2m in 2010. That was mainly down to higher interest and amortisation charges and more being spent on R&D. Velocity Comp