InMobi buys San Francisco-based start-up MMTG Labs

BANGALORE: Independent mobile advertising company InMobi has acquired San Francisco-based start-up MMTG Labs for an undisclosed sum on Thursday.

The latest acquisition by the Bangalore and San Francisco-based start-up follows its cash-and-stock takeover of US-based rich media mobile advertising company Sprout in August 2011, when chief executive Naveen Tewari had indicated that the company was looking at more acquisitions.

MMTG Labs, founded by Ryan Merket and Nalin Mittal, operates an application marketplace for Facebook pages, AppBistro, and AppGalleries, a white-label app store platform. The entire MMTG team is expected to be absorbed by InMobi.

Also in 2011, Japanese internet major, SoftBank Corp, had invested $200 million in InMobi, in what was seen as one of the largest global deals in the mobile internet space. The capital raised was expected to be used to speed up acquisitions in global markets, and hire fresh talent.

"This gives us a huge war chest to go after our ambition of building the largest mobile internet company in the world," Tewari had told ET.

Earlier this month,InMobi had appointed Shrikant Latkar as its new vice-president of global marketing, based out of San Francisco.

InMobi is also backed by marquee venture capital firms, Kleiner Perkins Caulfied and Byers, and Sherpalo Ventures.

The company estimates that it reaches 485 million consumers, in over 165 countries, through more than 93.4 billion mobile ad impressions monthly.