Apple announced its acquisition of Quattro Wireless as its way to boost presence in the mobile advertising industry. Quattro confirmed the acquisition in a blog post by CEO Andy Miller, who was identifying himself as Apple's Vice President of Mobile Advertising.
The purchase price wasn't initially mentioned to the public by both companies. Later it was revealed that Apple acquired Quattro for $275 million.
"We look forward to developing exciting new opportunities that will benefit Quattro Wireless customers in the future," said Apple's spokesman.
Quattro is a competitor to AdMob, which Google acquired for $750 million. The company was founded in 2006. Investors in Waltham, Massachusetts-based Quattro include venture capital firms Highland Capital Partners and Globespan Capital Partners.
Quattro's advertising network spans mobile websites and smartphone applications. The company serves ads in more than 100 countries and its network partners include the National Football League, CBS Interactive and Time Inc., and clients ranging from Ford Motor Co., Procter & Gamble Co. to and Visa Inc..