Search engine company Google announced on Monday that it signed an agreement for the purchase of AdMob, a mobile advertising firm. According to Google, the San Mateo, CA.-based AdMob, which was founded in 2006 by Omar Hamoui, has become a company with great mobile advertising products, and its talented team will soon become a part of Google's.

The agreement between the two stipulates that Google will pay US$750 million for the acquisition of AdMob, that is privately held and backed by Sequoia Capital, Accel, DFJ Growth fund and Northgate. While the two have already approved the transaction, the deal is still subject to customary closing conditions.

“Mobile advertising has enormous potential as a marketing medium and while this industry is still in the early stages of development, AdMob has already made exceptional progress in a very short time,” said Susan Wojcicki, Vice President of Product Management at Google. “AdMob is the quintessential Silicon Valley startup - generating impressive year on year revenue growth - and we're excited to welcome this talented team to Google.”

According to Google, the mobile advertising market has seen great increase lately, yet there are still a lot of things to be done, as the area is only in its infancy. Mobile advertising is seen as a great means for enhancements in the mobile ecosystem, Google stated. Moreover, the company added that the new deal would result in better products and tools for publishers of mobile websites and applications, and would also offer them the possibility to focus on users and not on generating revenues.

“Attracting the world's top engineering talent and people with entrepreneurial vision to Google has always been crucial to our success. AdMob's proven track record in innovating at speed will help maintain that culture - which is why we are so excited to be working with them,” added Vic Gundotra, Vice President of Engineering at Google. Additional details on what the deal between Google and AdMob will result in can be found on a specially created website here.