Adjust Acquisition, Valuation, Funding & Investors

Adjust was acquired by AppLovin for $968M in February 2021.

Adjust acquisition price

$968M

Acquired by AppLovin · Feb 2021

Cumulative funding Adjust raised

$255M

across 4 funding rounds

Key investors in Adjust

Adjust Overview

About Adjust

Adjust is a Berlin mobile-marketing measurement and analytics company founded in 2012. Its software helps app developers and marketers attribute installations and activity to advertising campaigns, measure performance, manage audiences, and detect fraudulent traffic. Customers connect advertising networks and app data to a central platform used for campaign reporting and optimisation. The business expanded internationally through offices and enterprise relationships across major mobile markets. During Active Venture Partners’ ownership period, Adjust acquired campaign-management software company Acquired.io in December 2018 and bot-detection specialist Unbotify in January 2019. AppLovin acquired Adjust in 2021, after which the business continued as part of a broader mobile-technology group. Revenue comes primarily from recurring software subscriptions and related enterprise services.


Founded

2012

HQ

GermanyBerlin

Website

adjust.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$968M (acquired Feb 2021)

Adjust Acquisition

Adjust was acquired by AppLovin for $968M on 3 February 2021.

Before the acquisition Adjust had raised $255M across 4 funding rounds.

Adjust acquisition details
AcquirerDateTypePrice
3 Feb 2021Strategic M&A$968M

Adjust Funding History

Adjust has raised a total of $255M across 4 funding rounds.

Adjust's first fundraising round was a $4M Series B in June 2013. The most recent completed round was a $227M Series E in June 2019.

Adjust funding rounds

Adjust funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2019Series EEurazeo (lead); Highland Europe (lead); Morgan Stanley; Elysium Venture Capital; Sofina$227MEurazeo Growth, Highland Europe, Morgan Stanley Alternative Investment Partners and Sofina invested in Adjust in a $227 million (about EUR 200 million) funding round announced in June 2019. Eurazeo Growth, Morgan Stanley Alternative Investment Partners and Sofina joined as new investors, while Highland Europe was an existing backer from the company's 2015 round. The round took Adjust's total funding to roughly $250 million, and Eurazeo said it was the first investment of its Growth platform in Germany. The new investors were set to join the board. Chief executive Christian Henschel said the funding would be used to keep investing in the product and to unify brands' marketing efforts. Adjust is a Berlin-founded software-as-a-service company, founded in 2012, that provides mobile measurement, attribution and ad-fraud prevention tools for app marketers. At the time of the round it had about 350 employees across 15 offices worldwide and served more than 25,000 apps, among them Zynga, Robinhood, Pinterest, Procter & Gamble, Runtastic, HotelTonight, BlaBlaCar and Viber.
Oct 2015Series DHighland Europe (lead)$17MAdjust, a Berlin-based mobile app intelligence and analytics company (formerly Adeven), raised $17 million in a Series D funding round on October 21, 2015, led by Highland Europe, bringing total funding since its 2012 founding to $30 million. The company provides an open-source SDK for app developers to track user acquisition, feature releases, and user lifetime cohorts, serving clients like Zalando, Rovio, 99Taxis, Universal Music, Yandex, and Sony Music, as well as agencies such as Vivaki, Publicis, and GroupM. Adjust processes over 1 petabyte of mobile data monthly and had surpassed 1.3 billion live SDK instances. The funding supports product expansion, fraudulent traffic prevention, user-friendly advertising practices, and privacy protection in mobile marketing. Adjust became operationally profitable in 2015, attributing growth to the rise of mobile-first companies. It operates offices in San Francisco, Istanbul, Beijing, Shanghai, Tokyo, and Sydney. Competitors include AppsFlyer, Kochava, and Tune. CEO Christian Henschel highlighted Adjust's market-leading position for innovation and industry standards in mobile attribution.
Sep 2014Series CActive Venture Partners (lead); Target Partners; Capnamic; IRIS$8M-
Jun 2013Series BActive Venture Partners (lead); Target Partners; Capnamic; IRIS$4M-

Who has invested in Adjust?

9 investors have backed Adjust across its funding rounds, including Highland Europe, Capnamic, IRIS, Target Partners, Active Venture Partners and Morgan Stanley.

Lead investors include Eurazeo, Highland Europe and Active Venture Partners.


Adjust Investors

Investors in Adjust by funding rounds participated
InvestorHQRoundsRoleFirst check
Target PartnersGermanyMunich2ParticipantJun 2013
CapnamicGermanyCologne2ParticipantJun 2013
Highland EuropeUnited KingdomLondon2LeadOct 2015
Active Venture PartnersSpainBarcelona2LeadJun 2013
IRISFranceParis2ParticipantJun 2013
Morgan StanleyUnited StatesNew York City, NY1ParticipantJun 2019
EurazeoFranceParis1LeadJun 2019

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Acquisitions by Adjust

Adjust has acquired 2 companies to date.

Last acquisition by Adjust was on January 22nd 2019. Adjust acquired Unbotify for undisclosed valuation.


Latest Acquisitions by Adjust

Unbotify
Acquired.io
Description
Unbotify was a Tel Aviv cybersecurity and artificial-intelligence company founded in 2015 by Yaron Oliker and Alon Dayan. Its technology analysed behavioural signals such as device movement, touch events, and interaction patterns to distinguish human users from automated bots. Digital advertisers and application publishers used the product to identify fraudulent impressions, clicks, and in-app activity. The system was designed to provide explainable reasons for a fraud decision rather than only an opaque risk score. Adjust acquired Unbotify in January 2019 to strengthen its mobile-advertising fraud prevention platform. The company’s twenty-five-person team joined Adjust and continued working from an independent Tel Aviv office. Revenue before the acquisition came from business software and services supplied to digital-media customers.
Acquired.io was a California software company founded in 2016 by Andrey Kazakov and Max Gannutin. Its cloud product aggregated advertising and campaign data from multiple channels into a single control environment for mobile user-acquisition teams. Marketers used the platform to manage budgets, automate repetitive workflows, create optimisation rules, and compare performance across networks. The product was designed for app businesses handling large numbers of campaigns and data sources. Adjust announced an agreement to acquire Acquired.io in December 2018 and planned to integrate the technology into its mobile measurement platform during 2019. The transaction also added Acquired.io’s engineering team to Adjust. Revenue came from recurring business-to-business software subscriptions.
HQ CountryIsraelUnited States
HQ City
Tel Aviv
San Francisco, CA
Deal Date22 Jan 20194 Dec 2018
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Adjust Competitors

Adjust competitors include listed companies like DoubleVerify and AnyMind Group, and private ones like VideoAmp, Skai, CHEQ and iSpot.tv.

Public and private companies comparable to Adjust
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
VideoAmpUnited StatesUnited StatesPrivate$100M-$1.4B14.0x
SkaiIsraelIsraelPrivate--$480M-
DoubleVerifyUnited StatesUnited StatesPublicly listed$748M$136M$2.1B2.5x
AnyMind GroupJapanJapanPublicly listed$362M$11M$250M0.6x
CHEQIsraelTel AvivPrivate--$1B-
iSpot.tvUnited StatesSeattle, WAPrivate$75M-$1B13.3x

Adjust Public Comps

Adjust is no longer listed, but its public comps include Vobile, MediaAlpha, PubMatic, Red Violet, Beijing Join-Cheer, Criteo, WingArc1st, Yext, Similarweb and Digital Turbine.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vobile$366M$63M2.8x2.2x16.0x10.3x
MediaAlpha$1.1B($97M)0.9x0.7x(10.0x)7.2x
PubMatic$283M$22M2.5x2.3x31.9x10.2x
Red Violet$90M$24M11.3x9.8x43.0x26.2x
Beijing Join-Cheer$388M$11M1.7x-60.0x-
Criteo$1.9B$323M0.3x0.6x2.0x2.0x
WingArc1st$196M$69M3.5x3.3x10.1x10.5x
Yext$447M$80M2.0x2.0x11.0x7.0x

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Common questions about Adjust

When was Adjust founded?Adjust was founded in 2012.
Where is Adjust headquartered?Adjust is headquartered in Berlin, Germany.
Is Adjust publicly listed?No, Adjust was acquired by AppLovin in February 2021.
Who acquired Adjust?Adjust was acquired by AppLovin in February 2021.
How much was Adjust acquired for?Adjust was acquired for $968M in February 2021.
How much funding has Adjust raised?Adjust has raised $255M across 4 funding rounds.
What was Adjust's last funding round?Adjust's last funding round was a $227M Series E in June 2019, led by Eurazeo and Highland Europe.
Who are Adjust's investors?Adjust's investors include Target Partners, Capnamic, Highland Europe, Active Venture Partners, IRIS, Morgan Stanley, Eurazeo, Elysium Venture Capital and Sofina.
Which companies are comparable to Adjust?Companies comparable to Adjust include VideoAmp, Skai, DoubleVerify, AnyMind Group, CHEQ and iSpot.tv.
How many companies has Adjust acquired?Adjust has acquired 2 companies, including Unbotify and Acquired.io.

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