The value of mobile advertising networks is well established at Google and Apple: Google bought Admob for $750 million and Apple bought Quattro Wireless for $275 million. So far though the independent ad networks have stayed on the sideline.
Greystripe has raised $18.1 million in funding to date over four rounds. They have a direct sales force that sells rich mobile ads directly to brands, and are on pace to bring in $25 million – $30 million in revenue this year, with about $6 million in gross profit.
Update (25 April 2011): ValueClick has formally confirmed the acquisition of Greystripe, which is said to serve media impressions to over 30 million users through more than 3,500 application titles and mobile websites across all major mobile platforms. Under the terms of the transaction, ValueClick paid approximately $70 million in cash, and Greystripe’s management team and employee base have been retained by ValueClick.
There are still a number of independent startups in this space looking to be acquired or even have a public offering. 4INFO is among the strongest, and focuses on the platform (app) side of the business over the sales side.