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

  • Highland Europe
  • Capnamic
  • IRIS
  • Target Partners
  • Active Venture Partners
  • Eurazeo
  • Sofina
  • Elysium Venture Capital

Adjust Overview

About Adjust

Adjust, part of AppLovin, provides mobile measurement and analytics for app marketers worldwide across platforms like iOS, Android, CTV, and more. The Berlin-headquartered company offers attribution, fraud prevention, and audience building tools. Adjust supports growth from startups to established brands with real-time data insights.


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 Alternative Investment Partners; Elysium Venture Capital; Sofina$227M-
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 Eurazeo.

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 Stanley Alternative Investment PartnersUnited StatesNew York City, NY1ParticipantJun 2019
EurazeoFranceFrance1LeadJun 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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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 is a behavioral biometrics company based in Tel Aviv, Israel. Founded in 2015, it detects bots via machine learning analysis of mouse movements and keystrokes, protecting against ad fraud, account takeovers, and Layer 7 DDoS attacks. The platform secures login pages and analytics for e-commerce sites and media publishers in Europe and North America.
Acquired.io is a user acquisition platform that automates channel management, ad operations, and budget allocation for mobile app marketing teams. It consolidates performance data from multiple ad networks into a single dashboard for optimized campaign scaling.
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, AnyMind Group, Ibotta and Vobile, and private ones like VideoAmp and Skai.

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$368M$12M$301M0.7x
IbottaUnited StatesUnited StatesPublicly listed$342M$7M$972M2.4x
VobileUnited StatesUnited StatesPublicly listed$366M$63M$976M2.6x

Adjust Public Comps

Adjust is no longer listed, but its public comps include Ibotta, Vobile, Taboola, Beijing Join-Cheer, MNTN, Criteo, PubMatic, WingArc1st, Similarweb and Clarivate.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Ibotta$342M$7M2.5x2.4x114.9x15.3x
Vobile$366M$63M3.1x2.6x18.0x20.1x
Taboola$1.9B$121M0.5x0.5x8.4x4.5x
Beijing Join-Cheer$386M$11M1.9x-68.9x-
MNTN$290M($10M)2.1x1.8x(63.5x)6.7x
Criteo$1.9B$323M0.4x0.7x2.2x2.1x
PubMatic$283M$22M2.4x2.3x30.9x10.1x
WingArc1st$199M$70M3.5x3.3x10.0x10.5x

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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 Alternative Investment Partners, Eurazeo, Elysium Venture Capital and Sofina.
Which companies are comparable to Adjust?Companies comparable to Adjust include VideoAmp, Skai, DoubleVerify, AnyMind Group, Ibotta and Vobile.
How many companies has Adjust acquired?Adjust has acquired 2 companies, including Unbotify and Acquired.io.

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