Blackstone takes majority ownership of Liftoff

Four private equity funds managed by New York-based Blackstone have struck a deal with mobile app marketing platform company Liftoff to take a majority stake in the California tech firm’s growing business.

Liftoff was founded in 2012 and partners with mobile app marketers to grow their platforms. The firm is said to deliver more than one billion ads each day in more than 90 countries and across more than 500,000 mobile publishers.

“We’re excited to be partnering with Blackstone, one of the premier private equity firms in the world,” said Mark Ellis, CEO and co-founder of Liftoff. “Blackstone’s expertise will be invaluable as we continue to scale our company globally, expand our product offerings and help more mobile marketers build a growing audience of engaged users for their mobile experiences.”

As for $548 billion Blackstone, the firm has been an active investor in digital content and advertising. Recent investments include Ancestry, Bumble and Vungle. According to officials the partnership reflects a shared belief in the future growth potential of the industry and long-term vision to build on Liftfoff’s leadership position.

“Liftoff is a market leader and a key growth partner for many of the world’s leading mobile app developers through its extensive global reach and strong programmatic capabilities,” said Sachin Bavishi, managing director at Blackstone. “This investment reflects our conviction in both mobile content and mobile advertising, and we believe that Blackstone’s extensive resources and expertise will help enable Liftoff to further capitalize on its strong momentum and significant growth potential.”

The transaction is expected to close early next year.