Opera buys AdMarvel (mobile advertising company) for $8 million
The company in question is AdMarvel, a California-based startup established in 2006 and led by Mahi de Silva, a former Apple and VeriSign employee.
By acquiring AdMarvel, Opera wants to “include highly scalable ad monetization services” into its mobile products and services – like Opera Mobile and Opera Mini (both of which are highly popular mobile browsers).
“Every month, nearly 50 million people access the Web using Opera on their mobile phones and together with AdMarvel, we think we can play an important role in the evolution of mobile advertising,” declared Opera’s Chief Executive Officer Lars Boilesen.
Opera didn’t say how much it’s paying for the acquisition of AdMarvel, but TechCrunch reports that the Oslo-based company forked out $8 million and it will further pay a $15 million earnout if some “aggressive financial targets” are met within the next two years.
Via Press release