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Adknowledge Acquires SocialMedia’s Ad Network; Its Seventh Buy In Two Years

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Online ad firm Adknowledge has bought the ad network business belonging to SocialMedia, a company that runs ad platforms on apps and games, Techcrunch reported. SocialMedia will continue to operate its ad platform on social nets, although its participating publishers’ inventory will be transferred to Adknowledge. This is Adknowledge’s seventh acquisition within the past two years. Terms of the latest purchase weren’t disclosed.

SocialMedia designed to sell its ad net operation in order that it can focus on building its social advertising platform for publishers.

The Kansas City, Missouri-based Adknowledge bought KITN Media, parent company of Super Rewards, a virtual currency platform for social networks and online games, thus past summer. Before that it bought MIVA’s media division for $11.6 million.

Last January, San Francisco-based SocialMedia raised $6 million in a second round of funding from IDG Ventures and previous backer Charles River Venture.