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Monday, November 09, 2009

Google to Acquire AdMob for $750 Million

By Kathryn Glass

FOXBusiness

Internet advertising behemoth Google Inc. (GOOG) has taken additional steps to invest in the world of mobile advertising, announcing Monday that it will acquire AdMob, the start-up, California-based mobile advertising company founded in 2006 by Omar Hamoui, in an all-stock transaction worth $750 million.

Google’s Android software for mobile devices is already in use by many users, and the company said its acquisition of AdMob is another way it plans to expand its business in the mobile space, specifically into mobile display and in-application ads.

The takeover will give the tech giant yet another channel through which it can offer advertising via mobile; the company has already forayed into the mobile advertising market with DoubleClick Mobile, which it took on with the purchase of DoubleClick, Inc. back in 2008.

Shares of Google rose $10.75 or 1.95% on Monday, to close at $561.85 per share.

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