SingTel to buy mobile advertising firm Amobee for $321 million

Making its first overseas acquisition since 2007, Singapore Telecommunications (SingTel) today said that it will buy US-based mobile advertising firm Amobee Inc, for $321 million in cash.

SingTel, Southeast Asia's largest telecom services provider by revenue, and majority owned by Singapore's sovereign wealth fund Temasek Holdings, is buying the California-based company whose unaudited consolidated net asset value is approximately $600 million.

The acquisition will help SingTel to drive mobile advertising revenues through banner ads with targeted deals and coupons and loyalty rewards programs for customers.

Founded in 2005 by Saul Rurka, Gil Shulman, and Zohar Levkovitz, Amobee enables insertion of advertisements into all types of mobile communication and content, including, WAP browsing, video and music, messaging and games.

The privately-held mobile advertising firm is backed by Sequoia Capital, Accel Partners, and Globespan Capital, as well as strategic investments from Motorola, Cisco, Vodafone and Telefónica.

SingTel said that it already has advanced geo-localisation capabilities, as well as the means to empower customers to receive only relevant and customised offers and promotions catering to their needs and preferences while protecting their privacy.