News broke this morning that Google is going to get more serious about mobile advertising with the announcement that the company has purchased AdMob, a provider of mobile advertising solutions.

Google has long been the king of search engines and contextual advertising on the Web, but as mobile browsing and app engagement has continued to grow, the company has been severely lacking in that space.  This is where AdMob comes into the picture.

Considered one of the biggest companies in the mobile advertising market, AdMob claims to have served up just over 125.4 billion ad impressions according to the counter on their website.  So there is no doubt that this is a company that knows what it’s doing when it comes to getting ad impression in front of eye balls inside of applications.

Google Acquisition Day

Keep an eye on our ongoing coverage of the Google-AdMob story as well as other rumored acquisitions today on SiliconANGLE. –mrh

Google Acquires AdMob For $750 Million In Stock

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With little to no warning, Google today announced that it has acquired AdMob for $750 million in stock.  If there is any question as to why this was an important purchase for the Big G, just check out these two bullet points that Google listed:

iPhone and Android users browse the Internet more often than anyone else [Morgan Stanley], contributing to Google’s 5x mobile search growth over the past two years

And a quarter of these same iPhone and Android users spend nearly 90 minutes per day using applications on their devices [AdMob]

Does this leave any question in anyone’s mind that this is turning into a gigantic market?

So, why did Google decide to purchase a company as opposed to creating its own platform?  Vic Gundotra, Vice President of Engineering at Google, said, "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."

Google has set up a very simple page explaining the acquisition, and included a graphic that explains the different forms of mobile advertising that each company does, and why these two companies will be a good fit for one another.

There is no definitive date when the deal will be completed, but both companies have agreed to the purchase, and it is now just up to the closing.

[Editor’s Note: Sean, myself and Nate D’amico are all working on unique angles and bits of analysis on this story today, hoping to deep dive and bring out some unique perspectives.  Keep tuned to the mobile channel of the site for more on this later. -mrh]