MoPub, which generated about $188 million in annual revenue
for Twitter last year, allows companies to track ad inventory in real time,
similar to Google (GOOGL.O) DoubleClick.
“The sale of MoPub puts us in a position to focus more of
our efforts on the tremendous potential of advertising on our website and in
our apps,” said Ned Segal, Twitter’s chief financial officer.
Twitter said Wednesday it will focus on its core business by
accelerating the development of new products and features to meet its goal of
doubling its revenue in 2023 to $7.5 billion.
The MoPub deal comes months after Apple updated its mobile
operating system that powers iPhones and iPads to make it more difficult for
digital advertisers, including social media platforms and mobile game
developers, to track users on Apple mobile devices.
Twitter CEO Jack Dorsey said Wednesday that the sale would
allow Twitter to invest in “core products that make it viable for long-term
growth.”
It bought the social media company MoPub for approximately
$350 million in 2013.
Twitter struck a string of deals for privately owned tech
companies this year, including podcast app Breaker and email newsletter startup
Revue, as it looks to hit its 2023 revenue target.
The sale to AppLovin was unanimously approved by Twitter’s
board of directors.
AppLovin, which recently went public in April, is a mobile
gaming company with a portfolio of more than 200 free-to-play mobile games,
such as “Word Connect,” “Slap Kings,” and “Bingo Story.”
The company’s shares were up 9% to $84 in extended trading,
while Twitter’s stock was up 2% to $62.57.
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