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Millennial Media Acquires Mobile Data Startup Condaptive

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Mobile ad network Millennial Media is making a purchase today— mobile data startup Condaptive. Condaptive’s technology focuses on audience formation and development through the innovative analysis of location and data. Financial terms of the deal were not disclosed.

Condaptive takes a deep data dive on location-based, mobile data. It’s focus is not just on where their customers are, but also on who they are and what they need. The startup’s platform allows developers to build build location and context aware applications.

Millennial, which just raised $27.5 million in new funding, says that audience formation within mobile is an area of key value for both developers and advertisers. Condaptive’s technology will help the company’s advertisers and developers deliver more relevant mobile experiences for consumers.

The full Condaptive team will be integrated into Millennial Media’s Technology and Innovation Group; Condaptive Founder & CEO, Hemang Gadhia, will assume the position of Senior Vice President, Audience Intelligence for Millennial Media.

As one of the last (and largest) independent mobile ad networks, Millennial has been reportedly considering an IPO in the near future. The mobile ad space is highly competitive and clearly, Millennial is using some of its cash to help boost its own offerings. Last year the company acquired analytics startup TapMetrics.

As the company told us earlier this year, Millennial tripled revenue in 2010 from 2009 and achieved profitability. According to IDC research published last December, Millennial Media was on target to make $35 million in U.S. mobile advertising revenue for 2009, so revenues could be well over $100 million.