• Fortune, Tuesday, September 27, 2016 6:37 AM

San Francisco-based mobile ad-tech firm AppLovin will sell a majority stake to a Chinese private equity firm Orient Hontai Capital for $1.42 billion, according to a report in Fortune. The deal is expected to close before year end. The company's technology revolves around mobile monetization and retargeting and it's also an ad network that helps advertisers leverage existing user data in order to reach, engage, and convert similar users. Once it acquires a user, AppLovin continues to track that person for the purposes of retargeting and retention.

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