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SingTel acquires U.S. mobile ads firm Amobee for 321 mln USD

03-05-2012 18:46 BJT

Singapore Telecommunications Limited (SingTel) has signed an agreement to acquire Amobee, a U.S. -based mobile advertising firm, for about 321 million U.S. dollars, the company announced on Monday.

Founded in 2005, the company provides end-to-end mobile advertising solutions and services for advertisers, publishers and operators. It has 127 staff in eight offices in the United States, Europe, Asia and Latin America.

SingTel expects the acquisition to be completed by June this year, subject to certain conditions, said Allen Lew, chief executive officer of the company's digital life operations.

"The mobile advertising market is nascent and has significant potential for mobile operators, who are able to provide differentiated solutions across smart phones and feature phones," Lew said.

Lew added the global mobile advertising market is expected to generate revenues of over 20 billion U.S. dollars by 2015, up from 7 billion U.S. dollars this year, as the number of smart phone users continued to grow.

Asia, in particular, added 350 million new mobile phone users in one year, and 35 percent of the global market will be in Asia Pacific by 2015, he said.

SingTel is one of the largest mobile carriers in southeast Asia, with 434 million mobile customers in 25 countries and regions, including Bangladesh, India, Indonesia, Pakistan, the Philippines and Thailand.

The company announced on Monday that it is changing its organizational structure to put the operations under three units such as consumer, digital life and the ICT (information and communications technology) operations.

The consumer unit will be headed by Paul O'Sullivan, and the digital life unit by Allen Lew. The company will be looking for a new chief executive officer for its ICT unit.

Editor:Shi Jierui |Source: Xinhua

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