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Google said today it has signed an agreement to acquire mobile display advertising firm AdMob for $750 million in stock.

Google says its acquisition will improve its existing expertise and technology in mobile advertising, while also giving advertisers and publishers more choice in the growing new area.

Highlights of Google’s purchase of AdMob include:

•   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.
•   This deal 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.
•   The mobile advertising space will 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

"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," said Susan Wojcicki, Vice President of Product Management at Google.

"AdMob is the quintessential Silicon Valley startup — generating impressive year on year revenue growth — and we’re excited to welcome this talented team to Google."

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