• by Mark Walsh  @markfwal, April 22, 2011

Online marketing services giant ValueClick is acquiring mobile ad network Greystripe for $75 million in cash, according to a TechCrunch report citing an unnamed source. Greystripe, known for serving rich media ads within mobile games and apps, has been rumored as a potential acquisition target following Google's purchase of mobile ad network AdMob for $750 million and Apple's $275 million deal for Quattro Wireless.

The move could help ValueClick accelerate its expansion into mobile ad market, expected to become to top $1 billion in the U.S. this year, according to a recent estimate by eMarketer. Greystripe to date has raised $18.1 million in venture funding and is on track to bring in $25 million to $30 million this year in revenue and $6 million in gross profit, according to TechCrunch.

The company says its ad network delivers billions of impressions each month to more than 30 million users through 3,500 apps on the iPhone, Android devices and other smartphone platforms. Neither Greystripe nor ValueClick could be reached for comment Friday evening.