February 12th 2014. Sungy Mobile, a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development, has announced that it had recently acquired GetJar, a privately held mobile ad network based in California for $5.3 million in cash. The company may also issue up to an aggregate of 1,443,074 Class A ordinary shares to the seller of GetJar by early 2016 as earnout payments if certain performance targets are achieved. In addition, the company will grant certain equity incentives to the management and key personnel of GetJar who will be employed by the company.
“We are pleased to expand our global footprint with our first international acquisition,” stated Yuqiang Deng, Sungy Mobile’s CEO.
“Our acquisition of GetJar provides our platform with state-of-the-art mobile data analytics capabilities that will support our mobile advertising research and development initiatives, and accelerate our product development process.”
“We are happy to bring GetJar underneath the Sungy Mobile umbrella, and look forward to working with the GetJar team to build out our service offerings together.”
About Sungy Mobile
Sungy Mobile Limited (Nasdaq:GOMO) is a leading provider of mobile internet products and services globally with a focus on applications and mobile platform development. Sungy Mobile’s platform product, GO Launcher EX, manages apps, widgets and functions on Android smartphones and serves as users’ first entry point to their phones. Sungy Mobile also operates 3G.cn, a popular mobile internet portal, and a large mobile reading service, in China.