Google to buy mobile ad provider

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NEW YORK (CNNMoney.com) -- Google said Monday that it plans to pay $750 million in stock for AdMob, a company that provides display advertising technology for mobile Internet sites.

The search giant said the acquisition will help the company's advertising partners improve how they target mobile Web users, as well as refine advertising formats to get end-users to click on more ads. All of that will ultimately help advertisers to more effectively monetize their mobile ads, said Google.

"We're proud of the progress we've made towards accomplishing this goal, and joining Google will only accelerate this process, ultimately leading to very real benefits for end users around the world," said AdMob Chief Executive Omar Hamoui in a statement.

Founded in 2006, AdMob serves mobile Internet ads for companies like Ford (F, Fortune 500), Coca-Cola (KO, Fortune 500) and Procter & Gamble (PG, Fortune 500).

"While this industry is still in the early stages of development, AdMob has already made exceptional progress in a very short time," said Susan Wojcicki, Google's vice president of product management, in a statement.

This is the latest in a series of recent moves by Google (G) to streamline advertising for companies that use Google's Internet ad tools. In September, Google introduced its DoubleClick Ad Exchange, improving advertisers' ability to target end users with display ads.

Google said mobile advertising is a growing new area that has "enormous potential as a marketing medium." The purchase of AdMob compliments Google's full-steam-ahead push into mobile phones, namely by growing the number of phones that use its Android open operating system platform.