AOL CEO Tim Armstrong in Sun Valley, Idaho in July 2015.
Photograph by Scott Olson—Getty Images
By Andrew Nusca
September 3, 2015

AOL announced on Thursday that it will acquire Baltimore-based Millennial Media (MM), a mobile advertising company, for $1.75 per share or about $250 million.

The deal gives AOL additional tools as it continues its transformation into a digital advertising company under Verizon (VZ), which acquired it earlier this year for $4.4 billion. Among them: Software to monetize its mobile applications, presence in international markets such as Singapore and Japan, and additional engineering, sales, and product talent.

The name of the game here? Mobile. “By joining AOL, we will be adding additional mobile expertise to AOL’s growing technology assets,” said Millennial Media CEO Michael Barrett in a statement. “I am excited by what this acquisition means for our shareholders, our employees and our partners.”

Millennial Media’s portfolio of assets includes TapMetrics, Condaptive, Metaresolver, Jumptap, and Nexage. The company will become a wholly owned subsidiary of AOL when the deal closes this fall.

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