Reuters: Technology News: SingTel buys Silicon Valley advertising startup

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SingTel buys Silicon Valley advertising startup May 8th 2012, 17:49 Tweet Share this Email Print Factbox Factbox: Facebook's IPO: who gets rich? Thu, May 3 2012 Related News China Internet firms face venture capital funding squeeze Mon, Apr 23 2012 Social network Path raises more than $30 mln Mon, Apr 16 2012 Corrected: In Silicon Valley, designers emerge as rock stars Mon, Apr 16 2012 Dealtalk: What will be the next Instagram? Thu, Apr 12 2012 Analysis & Opinion Can Silicon Valley fix the mortgage market? One month in Somalia Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » iPad » A woman uses a phone at the lobby of a Singtel office in Singapore March 12, 2010. Credit: Reuters/Vivek Prakash By Poornima Gupta Tue May 8, 2012 1:49pm EDT (Reuters) - Singapore Telecommunications Ltd (STEL.SI), Southeast Asia's largest telecoms company, has acquired a Silicon Valley startup in the mobile advertising sector, its second such purchase in two months. SingTel's Amobee unit said on Tuesday it bought AdJitsu, which provides tools to make three-dimensional animated ads in mobile apps for iPhone and iPads. The acquisition of AdJitsu follows SingTel's purchase of mobile advertising firm Amobee in March for $321 million. Terms of the latest deal were not disclosed. AdJitsu will be folded into Redwood City, California-based Amobee, according to both companies. AdJitsu was a unit of Palo Alto, California-based startup Cooliris, which has raised $28 million from big venture capital names such as Kleiner Perkins Caufield & Byers, DAG Ventures and The Westly Group. Cooliris Chief Executive Soujanya Bhumkar said mobile advertising is seeing a lot of activity with advertising networks and media content providers jostling to gain a foothold. "The space is hot right now," Bhumkar said. "The numbers are actually insane in terms of both economics and engagement." In less than a year, AdJitsu has snagged major clients, including carmaker BMW and mobile handset maker Nokia. Bhumkar said Cooliris sold AdJitsu -- a business-to-business unit -- to focus on its consumer-oriented divisions. Cooliris started as a service to view photo and video content on the Web in a more visually appealing "3D Wall" but branched out to start AdJitsu and a photo-sharing app called Liveshare. AdJitsu, which was spun off into a separate unit last December, has been receiving a lot of interest from both advertisers and ad networks, and growing at a rapid pace, Bhumkar said. (Reporting By Poornima Gupta; editing by Edwin Chan, Jane Merriman and Steve Orlofsky) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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