On the 7th of November Google has signed a definitive agreement to acquire AdMob, a mobile display ad technology provider, for $750 million in stock. Some time ago Google said it would be back on the acquisition path.
“Mobile advertising has enormous potential as a marketing medium and while this industry is still in the early stages of development, AdMob has already made exceptional progress in a very short time,” said Susan Wojcicki, Vice President of Product Management at Google. “AdMob is the quintessential Silicon Valley startup – generating impressive year on year revenue growth – and we’re excited to welcome this talented team to Google.”
“I think people underestimate how important ads have been to funding the development of innovative content on the Internet. Our goal all along at AdMob has been to make it possible for developers and publishers to bring their products and ideas to mobile with the same business model,” said Omar Hamoui, Founder and CEO of AdMob. “We’re proud of the progress we’ve made towards accomplishing this goal, and joining Google will only accelerate this process, ultimately leading to very real benefits for end users around the world. As publishers and developers generate more revenue from their mobile products, they will invest more, and their mobile offerings will become richer, more creative and more robust.”
“Attracting the world’s top engineering talent and people with entrepreneurial vision to Google has always been crucial to our success. AdMob’s proven track record in innovating at speed will help maintain that culture – which is why we are so excited to be working with them,” added Vic Gundotra, Vice President of Engineering at Google.
Both companies have approved the transaction, which is subject to customary closing conditions.
AdMob was founded in 2006 and calls itself: “The world’s largest mobile advertising marketplace, offering solutions for discovery, branding and monetization on the mobile web. Mobile devices are a critical media platform and we are building the tools to let every business on earth leverage mobile.”
Here’s more information from the Admob website and the Google blog:
Google to Acquire AdMob
admob.com | November 10, 2009
Quote: This morning we announced that AdMob has signed a definitive agreement to be acquired by Google. I’m obviously excited, and not only for our customers, partners, and employees. I’m excited because I believe this will be an important moment for everyone involved in producing, consuming, or monetizing engaging products on mobile. The truth is that the mobile industry has had no shortage of creative energy, amazing products, and talented entrepreneurs. But until now, it has always felt like those of us involved in this space played second fiddle to our online brethren. I believe that time is over.On November 9, 2009 Google announced an agreement to acquire AdMob, a mobile display ad technology provider, for $750 million. This acquisition will enhance Google’s existing expertise and technology in mobile advertising, while also giving advertisers and publishers more choice in this growing new area.
Official Google Blog: Investing in a mobile future with AdMob
googleblog.blogspot.com | November 10, 2009
Quote: We’re happy to announce today that we have signed an agreement to acquire AdMob, a mobile display advertising company based in San Mateo, CA. AdMob is a great Silicon Valley story – founded in 2006 by Omar Hamoui when he couldn’t find good ways to generate traffic for his mobile site. Over the past few years, Omar and his talented team have built a thriving company with great mobile advertising products, and we are looking forward to having them join the Google team and work with us on the future of mobile advertising.