ValueClick announced the acquisition of mobile advertising network Greystripe. The acquisition will provide ValueClick with immediate scale in the U.S. mobile advertising market, worth $1.1 billion and expected to nearly double by 2013.
Greystripe’s mobile ad platform serves billions of rich media impressions to over 30 million users through more than 3,500 applications and mobile websites across major mobile platforms (namely Android and iOS). The company has built strong relationships with Fortune 500 advertisers across key brand advertising verticals, including retail, consumer products, entertainment, technology and automotive. Headquartered in San Francisco, Greystripe also has offices in New York, Chicago, Los Angeles, Detroit and Seattle.
Under the terms of the deal, ValueClick paid approximately $70 million in cash for Greystripe, which management team and employee base will be retained by ValueClick, with the business running as a wholly-owned subsidiary within ValueClick Media…
Earlier investors in Greystripe include Steamboat Ventures, Monitor Ventures, Peacock Equity and Incubic Venture Capital.