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Just when you thought Google couldn't possibly get any bigger, the company announced on Monday that it has agreed to acquire AdMob, a fast-growing start-up company that places advertisements on mobile phones, for $750 million in stock.

You've most likely seen AdMob advertisements on those free iPhone apps that you've downloaded.

Google says this acquisition will help the company accelerate efforts to delve deeper into the mobile advertising game, which is a rapidly growing market.

"We see mobile as a huge growth opportunity for us," says Susan Wojcicki, vice president of product management at Google. "We see an opportunity working with AdMob to really accelerate our efforts in an important industry for Google."

The deal is the third-largest in Google's history, behind the $3.1 billion deal for DoubleClick and the $1.65 billion deal with YouTube.

Founded in 2006, AdMob calls itself the "world’s largest mobile advertising marketplace."   Its headquarters are in San Mateo, California and it employs about 140 people.

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Technorati Tags: AdMob, DoubleClick, Google, Susan Wojcicki, YouTube

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