[Techtaffy Newsdesk]

Enterprise branded mobile application infrastructure and experiences company Phunware has acquired TapIT, a mobile advertising company. Phunware purchased TapIt for a total purchase price of $23 million and the acquisition closed formally on December 28th. The transaction was unanimously approved by the boards of both the companies and Phunware assumed all TapIt facilities and employees in both Irvine, California, and Rockville, Maryland, at closing.

‘TapIt by Phunware’ – a branded mobile advertising network and Mobile-as-a-Service (MaaS) monetization module for iOS and Android mobile applications – will represent the core of Phunware’s cloud-based MaaS Advertising mobile platform.

TapIt currently supports more than six billion ad impressions per month in 150+ countries worldwide.

Siemer & Associates was advisor to TapIt Media Group on the transaction, while Phunware was self represented.