Singapore-based telecoms group SingTel has bought mobile advertising company Amobee, which has corporate venturing backing from corporates Telefónica, Vodafone, Motorola and Cisco, for $321m.
Singtel won out in bidding for the company against Spain-based telecoms company Telefónica, according to news provider Forbes.
The deal comes after Amobee has raised about $50m, according to reports. Venture firms Sequoia and Accel led the company’s $5 million Series A in 2005, its series B raised $15m, while Telefónica, UK-based telecoms company Vodafone, US-based handset manufacturer Motorola and US-based technology company Cisco Systems invested another $22m in its next round of funding, according to news provider PE Hub.
In July last year Trevor Healy, the former chief innovation officer of Telefónica and former chief executive of telephony company Jajah, which was sold to Telefónica, joined Amobee as chief executive.
SingTel’s acquisition of Amobee came as it also reorganised the corporation into three groups, consumer, digital life and Information Communications Technology.