US network operator Verizon has followed up its purchase of AOL back in May, with a $248m (£162m) acquisition of mobile ad firm Millennial Media.

Under the deal, Millennial will become a subsidiary of Verizons AOL business, boosting the mobile ad capabilities of its AOL ONE digital marketing platform.

Verizon is acquiring the company for $1.75 per share of common stock, up a third on Millennials closing price yesterday – but significantly lower than the stock price following the companys IPO in 2012, which rose from $13 to a high of $27.90.

“AOL is well positioned as consumers spend more and more time on mobile devices, and as advertisers, agencies and publishers become more reliant on programmatic monetizsation tools,” said AOL president Bob Lord. “As we continue to invest in our platforms and technology, the acquisition of Millennial Media accelerates our competitive mobile offering in ONE by AOL and enhances our current publisher offering with an ‘all in’ monetisation platform for app developers.”

Founded in 2006, Millennial Media is itself no stranger to acquisitions. Last year, it paid $107.5m on mobile ad exchange Nexage – nearly half what Verizon is now spending on the combined business.

In 2013, it acquired ad network Jumptap, in exchange for a 22.5 per cent stake in the company. Its worth noting that, at the time, this deal was estimated to be worth around $209m, valuing Millennial at a total $928m.