SingTel Buys Amobee for $321 Million

Singapore Telecommunications Ltd. (SingTel) announced earlier today that it will buy Amobee for $321 million. Amobee, which is based in Silicon Valley, will remain intact and headquartered there. The acquisition is a bid to become a global player in mobile advertising and generate new sources of revenue, at a time when traditional telco (even wireless) carrier revenues are flattening and even stagnating.

Rather than a mobile "ad network," Amobee is a mobile advertising marketplace not unlike Velti.

SingTel and Amobee partner to create the world's largest digital advertising company

SingTel has an office in Silicon Valley and has been making investments in US companies for some time. 

Along with the acquisition, SingTel announced that the company would be reorganized into three groups, focused on consumers, "digital life" and communications technology. SingTel has mobile customers in 25 countries. It also has 36 offices in 19 countries throughout Asia Pacific, Europe and the United States. The company claims over 400 million subscribers globally.