Google buys mobile advertising company AdMob for $750 million
Google announced that it has reached an agreement to buy AdMob, a California-based company that presents itself as the “world’s largest mobile advertising marketplace.”
Founded in 2006 by entrepreneur Omar Hamoui, AdMob will be sold to Google for $750 million in stock.
By acquiring AdMob, Google will further enhance its experience in mobile advertising. As mobile advertising continues to grow, Google will be able to offer more effective tools for creating, serving and evaluating mobile ads formats.
The transaction is subject to customary closing conditions, however, both Google and AdMob have approved it.
More details on the deal can be found here.
An interesting article over at Business Insider points out that Google agreed to pay that much money ($750 million) for AdMob because Apple may have also been interested in buying the company, since “AdMob has 80% of in-app advertising on iPhone.”
Via Press release
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(December 29th, 2009)
