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SingTel's Amobee buys VC-backed ad startup

  • Alvina Yuen
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Singapore Telecommunications, Southeast Asia's largest telecoms company, has acquired AdJitsu, a VC-backed Silicon Valley startup in the mobile advertising sector. This is SingTel's second acquisition in two months.

AdJitsu, which was a unit of California-based startup Cooliris, provides tools to make three-dimensional animated ads in mobile apps for iPhone and iPads.

The company has already raised $28 million from venture capital names including Kleiner Perkins Caufield & Byers, DAG Ventures and The Westly Group. The acquisition follows SingTel's earlier purchase of mobile advertising company Amobee in March for $321 million. AdJitsu will be folded into Amobee after the transaction, Reuters reported.

SingTel is currently operating a corporate venture capital vehicle which has an initial fund size of S$200 million ($159 million). Initial investment amounts of the fund range from S$100,000 to S$30 million. In exceptional cases, investments above S$30 million can be made.

The fund focuses on solutions that lead to quantum changes in network capabilities, next generation devices, digital content services and enablers to enhance customer experience. It also aims to bring technologies to the various markets that SingTel Group operates in.

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