Blackstone, a world-leading investment giant, has announced that private equity funds managed by the group are set to acquire Vungle, a leader in the mobile advertisement and app monetisation space.
According to TechCrunch, multiple sources close to the matter have said the deal is worth around US$750mn.
Vungle serves 4bn video views on a monthly basis across over 1bn devices, ranking top for cross-platform user retention across various industry mobile performance indexes, according to Blackstone’s press release.
"We are extremely excited about our new partnership with Blackstone. Blackstone's acquisition will further accelerate Vungle's mission to be the trusted guide for growth and engagement, transforming how users discover and experience mobile apps,” said Rick Tallman, CEO of Vungle, in Blackstone’s statement.
“We would like to thank Crosslink Capital and Thomvest Ventures for their support in building Vungle into a market leader. As we look ahead at the significant opportunity in the in-app mobile advertising market, with Blackstone's support, we will aggressively expand our global platform through organic and inorganic growth."
Sachin Bavishi, Principal of Blackstone, said: "As a best-in-class performance marketing platform, Vungle represents a key growth engine for the mobile app ecosystem. 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."