VC-Backed Sungy Mobile Acquires US Mobile Ad Network Getjar

Guangzhou-based Chinese mobile content and service provider Sungy Mobile has acquired California-based mobile ad network GetJar, according to a company announcement.

Sungy Mobile will pay an initial US$5.3 million in cash, and may issue up to 1.44 million ordinary shares as earn out payments to GetJar’s owners by early 2016 if certain performance targets are achieved.

"Our acquisition of GetJar provides our platform with state-of-the-art mobile data analytics capabilities that will support our mobile advertising research and development initiatives," says Sungy Mobile’s CEO, Deng Yuqiang.

Sungy Mobile completed an IPO on the NASDAQ in November 2013, raising a total of US$79 million.

Before its IPO, IDG Capital Partners held 28.8% of Sungy Mobile. JAFCO Ventures, WI Harper and CBC Capital held 9.6%, 9.7% and 14.6%, respectively.

China Expert network