Mandalay Digital Group, a Hollywood mobile software products company, is buying mobile user acquisition network Appia.
Mandalay said it will issue new stock to acquire the Durham, N.C., company’s equity, which was valued at $65 million on Nov. 12. The Hollywood company also will assume $10 million of Appia’s debt, which it expects to refinance.
Appia said it has delivered 85 million app installs for advertisers, including 60 of the top 100 grossing apps in the App Store and Google Play. It will rebrand as part of Mandalay’s subsidiary Digital Turbine, which specializes in monetizing mobile properties such as games, payments and commerce, and music and eBooks apps. Digital Turbine also acquired app search engine Xyo last month.
"Appia's platform fits hand-in-glove with Digital Turbine's app installations,” said Mandalay Chief Executive Bill Stone in a statement.
Shares of Mandalay Digital were down 24 cents, or 7 percent, to $3.20 a share in after-hours trading Thursday on the Nasdaq stock market.
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