Sungy Mobile acquires mobile ad network GetJar for $5.3M in cash Sungy Mobile announced that it had recently acquired GetJar, a privately held mobile ad network based in California, for $5.3M in cash. The company may also issue up to an aggregate of 1.44M Class A ordinary shares to the seller of GetJar by early 2016 as earnout payments if certain performance targets are achieved. In addition, the company will grant certain equity incentives to the management and key personnel of GetJar who will be employed by the company.
Sungy Mobile reports Q4 adjusted EPADS (23c), consensus 0c Reports Q4 revenue $12.1M, consensus $12.58M. Total average monthly active users of GO series products increased by 18.3% year over year to 111M in Q4 from 94M in the prior year period. "Our temporarily shift in focus from monetization to marketing and product development resulted in an expected slowdown in revenue as we realign our strategy towards strengthening and expanding our user base and portfolio of products. We believe that these initiatives have begun to take hold but will require some time before bearing fruit, said CEO Yuqiang Deng.