Digital advertising technology provider The Rubicon Project has acquired Mobsmith, a mobile advertising technology platform, said Rubicon Project CEO Frank Addante. While the Rubicon Project did not disclose financial details, All Things D reported Mobsmith sold for $10 million.
Acquiring Mobsmith puts the Rubicon Project in a good position to take leadership in the quickly growing mobile market, Addante said.
A recent Interactive Advertising Bureau (IAB) study found that a majority of consumers welcomed mobile advertising.
“We considered a number of mobile options,” Addante added. “Mobsmith was the best option because their products are the best and easiest to use, the team is strong, and pure-play technology offers a lot more than other options.”
In acquiring Mobsmith, the Rubicon Project hopes to provide publishers and ad buyers a specific platform and marketplace for both purchasing and buying mobile ads, as well as display inventory, the company stated in a release.
The Rubicon Project has already begun work on a campaign using the Mobsmith platform, Addante said. “We plan to add mobile to our capabilities and bring it into the market over the course of the next year,” he added.
The companies have no previous working relationship though they share mutual clients. Addante stated that this is the “fourth technology acquisition that we have been able to win. In this particular case, we’ve spent a considerable amount of time looking at mobile platforms before we found the right one.”
Mobsmith, Addante said, had numerous suitors for acquisition, though he did not know the identities of the companies that the Rubicon Project beat out.