Softbank invests $200m in mobile ad network InMobi
Softbank Corp. has invested $200 million in InMobi, which claims to be the world’s largest independent mobile advertising network. The Japanese telecom firm will invest in two tranches of $100 million, one due this month and the other due in April 2012.
Softbank joins existing InMobi backers KPCB and Sherpalo Ventures, which are thought to have committed $15 million to the company.
The investment is one of the largest made in the mobile internet space and it will be used to strengthen InMobi's advertising, mobile payment, and media production and distribution platforms. It is also hoped that the deal will generate synergies between InMobi and Softbank, which operates Japan's third-largest wireless carrier and holds a 42% stake in Yahoo Japan as well as a portfolio of several Asian internet companies.
"I hope the partnership with InMobi, a fast-growing startup with significant mobile expertise and an outstanding technology platform, will further accelerate the pace of development in the mobile internet space globally. We believe this partnership will help Softbank become the No. 1 internet company in Asia and I look forward to working with the InMobi team," Masayoshi Son, chairman and CEO of Softbank, said in a statement.
Founded in Banglaore in 2007, InMobi claims to run an advertising network that reaches 340 million customers in over 165 countries, through more than 47 billion mobile ad impressions monthly. The company recently purchased Sprout, a leading HTML5 authoring platform for mobile rich media.
It is positioning itself as an independent alternative to Admob, which was acquired by Google for $750 million in 2010, and Apple's iAd, a division that arose from the purchase of Quattro Wireless for $275 million last year.
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