Google Inc. (NASDAQ: GOOG) agreed to acquire AdMob, a provider of display ads for mobile telephones, for $750 million in stock, according to Wall Street Journal.
AdMob, founded in 2006 by Omar Hamoui, serves targeted mobile ads for small companies and large advertisers like Coca-Cola (NYSE: KO) and Procter & Gamble (NYSE: PG). Its backers include venture capital firms Sequoia Capital and Accel. The company, which is based in San Mateo, CA, provides a market for advertisers to buy space on Web sites geared for mobile devices.
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Google already has a mobile ad delivery system, DoubleClick Mobile, which it got with its $3.2 billion acquisition of DoubleClick Inc. in 2008. Google said buying AdMob will give it more expertise in a market that is expected to grow rapidly over the next several years, according to Associated Press.
Google's market capitalization is about $175 billion. Meanwhile, AdMob is a Silicon Valley start-up which Google product-development executive Susan Wojcicki said is generating "impressive" revenue growth.
Google shares rose $9.84, or 1.8 percent, to $560.94 in afternoon trading.
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