Millennial Media announces acquisition of Jumptap
Millennial Media has announced that it has signed a definitive agreement to acquire privately-held, Boston-based Jumptap.
The closing of the acquisition is subject to the satisfaction of various customary closing conditions, including stockholder approval.
Paul Palmieri, president and CEO for Millennial Media, said: “Millennial Media already runs one of the largest third-party digital media businesses, despite mobile being in its early stages. Jumptap’s expertise in performance, cross-screen, real-time bidding and third-party data fit well with, and provide incremental scale to Millennial Media’s existing platform.
“We are thrilled to add Jumptap’s capabilities, their solution set and strong team as part of our mobile advertising business, and look forward to partnering with the team.”
Millennial Media’s platform will now include Jumptap’s offerings, and will result in consolidation and differentiated scale in the fast-growing mobile ad market.
George Bell, CEO, Jumptap, who will join the board of Millennial Media and become vice chairman upon closing of the transaction, said: “We have long admired the success of Millennial Media and all of us at Jumptap are excited for the collaboration that will enhance our combined opportunity. I feel strongly that the addition of products, people, and technology to the market-leading Millennial Media portfolio will further the mission of building the leading mobile platform worldwide.”
Jumptap shareholders will receive approximately 24.6 million shares of Millennial Media.
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