• by Mark Walsh  @markfwal, August 13, 2013

Mobile ad network Millennial Media is acquiring rival Jumptap in a primarily stock-based deal, Millennial announced Wednesday.

Under the deal, Jumptap shareholders will receive 24.6 million shares in publicly-traded Millennial, giving them ownership of about 22.5% of the company. Started in 2005, Jumptap to date has raised $122 million in venture backing and its network spans an audience of 100 million profiles.

"Millennial Media already runs one of the largest third-party digital media businesses, despite mobile being in its early stages. Jumptap's expertise in performance, cross-screen, real-time bidding and third-party data fit well with, and provide incremental scale to Millennial Media's existing platform," said Paul Palmieri, President and CEO, Millennial Media, in a statement.

More to come.