Google Spends $740 Million To Purchase AdMob

Google has quickened their entrance into the mobile advertising market with the $740 million purchase of mobile ad network AdMob.

According to Google the move will help them more quickly develop their own mobile advertising platform for Smartphones and other mobile devices. The acquisition will also allow the search giant to catch up to Yahoo with their large mobile advertising lead.

AdMob was founded in 2006 with $47 million in venture capital and currently employees 140 people, which in turn also provides a nice “talent buy” for Google.

The deal will be finalized over the next several months