Google has officially announced that it is taking mobile display advertising provider in exchange for $750 million. This deal completes Google’s mobile ad platform as AdMob’s mobile display joins Google Mobile search ads and SMS.

Here’s what both companies have to say about the acquisition deal:

“Mobile advertising has enormous potential as a marketing medium and while this industry is still in the early stages of development, AdMob has already made exceptional progress in a very short time. AdMob is the quintessential Silicon Valley startup – generating impressive year on year revenue growth – and we’re excited to welcome this talented to Google,” says Susan Wojcicki, VP of Product Management at Google.

While AdMob Founder Omar Hamoui has this to say about the deal:

“We’re proud of the progress we’ve made towards accomplishing this goal, and joining Google will only accelerate this process, ultimately leading to very real benefits for end users around the world. As publishers and developers generate more revenue from their mobile products, they will invest more, and their mobile offerings will become richer, more creative and more robust.”

According to the official info site put up by Google to coincide with their acquisition of AdMob, the deal

• will bring new innovation and competition to mobile advertising, and will lead to more effective tools for creating, serving, and analyzing emerging mobile ads formats.
• will benefit developers, publishers, and advertisers by improving the performance of mobile advertising, and will provide users with more free or low-cost mobile apps.
• will make the mobile ad space remain highly competitive, with more than a dozen mobile ad networks. The deal is similar to mobile advertising acquisitions that AOL, Microsoft, and Yahoo have made in the past two years.

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Google Buys AdMob for $750 Million

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