Mobile advertising network Greystripe has been acquired by online marketing firm ValueClick for $70 million, the two parties have revealed.

In an attempt to hand ValueClick an immediate role in the US mobile ad market, the company claims Greystripe – which has enjoyed much success taking on iAd on iOS – will aid its movement "up the marketing funnel".

Management and millions

"All of us at Greystripe are proud of our accomplishments, and joining ValueClick positions us to accelerate our rapid growth in mobile brand advertising," said Greystripe CEO Michael Chang.

"We are thrilled to continue to serve our major brand clients as a mobile rich media leader while leveraging ValueClick’s breadth and depth in online marketing."

ValueClick has confirmed that all of Greystripe's management team and employee base will be kept on board, with the company acting as a wholly-owned subsidiary.

The two firms estimate Greystripe will deliver $24-$26 million in revenue in the remainder of 2011.

[source: BusinessWire]