NOTE: GrowthBeat -- VentureBeat's provocative new marketing-tech event -- is next week! We've gathered the best and brightest to explore the data, apps, and science of successful marketing. Get the full scoop here, and grab your tickets while they last.
China’s Sungy Mobile today announced that it has acquired Getjar, one of the first third-party app stores to market, for $5.3 million in cash.
Getjar, which is based in San Francisco, launched its app store back in 2004 and later pivoted into an Android app recommendation service. Sungy, on the other hand, is best known for its “GO” series of extremely popular Android launchers and went public just three months ago.
Now official, this news first emerged last night on Gigaom, but with a significantly higher purchase price of “over $50 million.” This figure only make sense if you include the 1,443,074 Class A shares offered to Getjar if certain performance requirements are met.
According to the official release and earlier reports, this deal was driven by Sungy’s interest in amping up discovery and advertising services. This is Sungy’s first international acquisition.
We're studying digital marketing compensation: how much companies pay CMOs, CDOs, VPs of marketing, and more
, with ChiefDigitalOfficer. Help us out by filling out the survey
, and we'll share the results with you.