Matomy Media Group has acquired mobile programmatic ad platform MobFox, for a total sum of $17.6m (£10.9m).

This price consists of $10.1m cash and $7.5m in newly-issued shares. For comparison, MobFox’s revenue run rate for 2014 is $15-17m.

The acquisition is intended to boost Matomys mobile activity, up from seven per cent of total revenues last year to 20 per cent in 2014, and a projected 50 per cent within less than five years.

MobFox executives and other key personnel will join the Matomy team, and its current London office will become Matomy’s UK branch office.

“The impressive growth of programmatic and mobile advertising has made it clear that both will form an important part of the future of digital advertising,” said Matomy CEO Ofer Druker. “MobFox has built an excellent mobile programmatic advertising solution, and its business fits perfectly into our vision, complementing our performance-based advertising capabilities. We make it a priority to invest in companies that have developed proven innovative technologies and solutions that will give our advertising clients and media partners unrivalled access to these services.

“With MobFox, we will continue to expand our capabilities in mobile and programmatic advertising, which are key growth engines for our business.”