GetJar, the third-party app store and mobile ad network, has been acquired by Sungy Mobile, a Chinese mobile product and services company, for $5.3 million in cash.
San Francisco-based GetJar has been operating its app store since 2004 and is Sungy Mobile’s first international acquisition.
“Our acquisition of GetJar provides our platform with state-of-the-art mobile data analytics capabilities that will support our mobile advertising research and development initiatives, and accelerate our product development process,” said Yuqiang Deng, CEO of Sungy Mobile.
The Chinese company is best known for its popular ‘GO’ products which allow users to customise their Android device homescreens. It went public last November.
GetJar’s management and key employees who make the transition to Sungy will be offered equity incentives.
There will also be an additional stock payment to the sellers by early 2016 if certain targets are achieved.