Microblogging platform Twitter has acquired US-based advertising technology company Namo Media, the companies revealed in blog posts yesterday and on Wednesday, enabling Google Ventures to exit.
Although the price has not officially been disclosed, technology finance news source, TechCrunch has reported, citing “reliable sources”, that Namo was bought for about $50m.
Google Ventures, the corporate venturing arm of internet company Google, led a $1.9m seed round raised by Namo in March 2013 that also featured Andreessen Horowitz, Betaworks, Google Ventures, Trinity Ventures and several angel investors.
Twitter said it acquired Namo as part of an ongoing aim to incorporate native advertising into mobile apps, which also included the acquisition of app monetisation company MoPub in October.
“Combining our technology with MoPub will offer our current and future customers a more powerful platform to generate revenue, all while preserving an amazing user experience,” Namo Media stated in a blog post yesterday.