Phone company SingTel buys $600,000 mobile agency Amobee for $321m

That’s $321m in cash, in case you were wondering.

Amobee is a specialist mobile marketing agency in Redwood California which claims (as do others) to have the best proprietary systems to exploit the forthcoming mobile advertising Gold Rush. Some forecasts have the global mobile ads business worth $30tn (trillion) by 2015.

Now phone operator SingTel (Singapore Telecoms) has agreed to buy Amobee for $321m to add a third leg to its landline and mobile phone businesses. Cash-rich SingTel (part-owned by Singapore’s sovereign wealth fund Temasek) isn’t frightened of writing out big cheques. Back in 2001 it bought Australia’s second-biggest mobile network Optus for $14bn and in 2007 it paid $758m for Pakistan’s Warid Telecom. It also owns a big stake in india’s Bharti Airtel.

But Amobee’s gross assets are estimated at a mere $600,000, making the acquisition one of the most financially optimistic on record. But such considerations matter little in mobile these days.

Amobee, which likes to style itself, will continue to be run by CEO Trevor Healy. SingTel says this deal will create the biggest mobile advertising company in the world.

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