On Monday, ValueClick announced it’s latest acquisition. For the hefty price of $70 million, ValueClick has acquired Greystripe, a well-known and thriving brand-focused mobile advertising network.
According to the formal announcement of the acquisition, the purchase will provide ValueClick immediate scale in the US mobile advertising market, a $1.1 billion market that is expected to nearly double by 2013.
Greystripe’s proprietary advertising platform serves billions of rich media impressions to over 30 million users of touch-driven devices through more than 3,500 application titles and mobile websites across all major mobile platforms, the company says.
“Greystripe accelerates ValueClick’s move ‘up the marketing funnel’ with brand advertisers and gives ValueClick Media immediate scale and expertise in the large and fast-growing mobile ad market,” said Jim Zarley, chief executive officer of ValueClick. “We see great traffic and revenue synergies between ValueClick and Greystripe, and we’re looking forward to working closely with the Greystripe team to take full advantage of the opportunities that this combination offers.”
Greystripe has built a successful foundation for business by slowly cultivating relationships with Fortune 500 advertisers across key brand advertising verticals, including retail, consumer products (CPG), entertainment, technology, and automotive.
“All of us at Greystripe are proud of our accomplishments, and joining ValueClick positions us to accelerate our rapid growth in mobile brand advertising,” said Michael Chang, chief executive officer of Greystripe. “We are thrilled to continue to serve our major brand clients as a mobile rich media leader while leveraging ValueClick’s breadth and depth in online marketing.”