Sungy Mobile Ltd. (NASDAQ: GOMO) , a Chinese mobile software developer, announced today acquisition of GetJar, a California, U.S.-based mobile ad network, for USD5.3 million in cash and up to 1,443,074 Class A ordinary shares ‘as earnout payments if certain performance targets are achieved’ by early 2016.
Sungy Mobile is one of the recent success stories about Chinese apps’ expanding overseas. GO Launcher, an Android launcher and the flagship product of the company, had over 40 million monthly active users in over 200 countries in Q3 2013. Some 70% of the total users of the apps under GO brand are outside of mainland China.
The company set up a San Francisco office in May 2013 and would get listed on the NASDAQ later in November.