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Sequoia, Accel sell Amobee to SingTel

  • Susannah Birkwood
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Sequoia Capital and Accel Partners have agreed to sell US-based mobile advertising start-up Amobee to SingTel, Southeast Asia’s largest cell phone company, for $321 million.

California-based Amobee, which was also backed by Globespan Capital Partners and Motorola Ventures, as well as Cisco Systems, Telefónica and Vodafone Group, feeds miniature adverts to mobile phones and connected gaming devices.

The deal, which is scheduled to be completed by June, will allow SingTel to expand its mobile advertising division in response to the demand for smartphones. It will integrate Amobee's products into its portfolio within a year.

Singapore-based SingTel, which is backed by the city-state's sovereign wealth fund Temasek, launched a S$200 million ($150 million) VC vehicle in 2010 to focus on tech startups that would help promote its business. SingTel Innov8 drives innovative services and technology from around the world, especially China, to the 434 million SingTel customers across 25 countries in Asia and Africa.

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