Bengaluru-based global mobile advertising and discovery company InMobi has acquired US-based mobile data and advertising platform Pinsight Media, a former subsidiary of American telecom company Sprint.
In an all-stock deal, which is part of a broader strategic partnership between InMobi and Sprint, the latter will get a minority stake the Bengaluru-based company.
Post acquisition, InMobi will add around 100 people employed by Pinsight Media at Kansas City. It will further expand its business in North America to San Francisco, New York, Los Angeles and Chicago.
Founded in 2012, Pinsight Media works together with businesses and marketers to provide actionable insights that support smarter business and marketing decisions. It leverages verified mobile data from more than 32 million mobile users to help businesses to make smart decisions, in order to discover new business opportunities and enhance customer engagement experience.
The acquisition will help InMobi to deepen its network in the US, bringing deeper insights and cutting-edge data management platform to the InMobi Marketing Cloud, providing enterprise marketers with a bridge between user behaviour and an AI-powered marketing strategy.
Talking about the partnership, Naveen Tewari, Founder and CEO, InMobi, said, ”With this acquisition we are creating the most powerful advertising and marketing platform for the U.S. market by unifying online and offline behaviour, and providing CMOs with a way to reach and engage consumers, while remaining compliant with privacy and data protection requirements.”
InMobi generates around 55% of revenue from the US, Pinsight Media will significantly enhance its ability to deliver intelligent consumer insights, audiences and customer engagement for CMOs.
In June, InMobi had partnered with Microsoft. Earlier this year in January, InMobi had acquired US-based mobile monetisation platform AerServ for $90 million.
So far, InMobi has raised around $320 million, across all funding rounds, according to Crunchbase. It counts SoftBank, among its major investors.
According to a report by Zion Market Research, the global mobile advertising market was pegged at $105.36 billion in 2016, it is expected to grow at a CAGR of 17%, to touch $244.57 billion by 2022.