Mobile advertising firm Vungle will be acquired by private equity firm Blackstone after the two groups said they had reached an agreement on Monday.
Financial details of the deal were not disclosed and terms aren’t yet fully worked out. However, sources close to the matter believe the acquisition to be worth around $750 million.
“As a best-in-class performance marketing platform, Vungle represents a key growth engine for the mobile app ecosystem,” said Sachin Bavishi, Principal at Blackstone. “Our investment will help deliver on the company’s tremendous growth potential and we look forward to partnering with management to extend Vungle’s strength across mobile gaming and other performance brands.”
Vungle added that the deal would allow the company to drive the growth its mobile app business and boost engagement tools for users.
Originally founded in 2011, Vungle has been working on 60,000 globally and served over four billion video views on a monthly basis. The company’s top clients include Rovio, Zynga, Pandora and Microsoft.
Vungle said it would continue to operate as an independent company and be headed by its current management team.
The transaction is expected to close later in 2019.