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
Website
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 3 Feb 2021 | Strategic 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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2019 | Series E | Eurazeo (lead); Highland Europe (lead); Morgan Stanley Alternative Investment Partners; Elysium Venture Capital; Sofina | $227M | - |
| Oct 2015 | Series D | Highland Europe (lead) | $17M | Adjust, 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 2014 | Series C | Active Venture Partners (lead); Target Partners; Capnamic; IRIS | $8M | - |
| Jun 2013 | Series B | Active 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jun 2013 | ||
| 2 | Participant | Jun 2013 | ||
| 2 | Lead | Oct 2015 | ||
| 2 | Lead | Jun 2013 | ||
| 2 | Participant | Jun 2013 | ||
| 1 | Participant | Jun 2019 | ||
| 1 | Lead | Jun 2019 | ||
This data is available for Pro users. Sign up to see all 9 Adjust investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions 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
| 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 Country | ||
| HQ City | Tel Aviv | San Francisco, CA |
| Deal Date | 22 Jan 2019 | 4 Dec 2018 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Adjust acquisitions and their M&A valuation multiples. Start Free Trial | ||
Adjust Competitors
Adjust competitors include listed companies like DoubleVerify, AnyMind Group, Ibotta and Vobile, and private ones like VideoAmp and Skai.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $100M | - | $1.4B | 14.0x | ||
| Private | - | - | $480M | - | ||
| Publicly listed | $748M | $136M | $2.1B | 2.5x | ||
| Publicly listed | $368M | $12M | $301M | 0.7x | ||
| Publicly listed | $342M | $7M | $972M | 2.4x | ||
| Publicly listed | $366M | $63M | $976M | 2.6x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $342M | $7M | 2.5x | 2.4x | 114.9x | 15.3x | |||
| $366M | $63M | 3.1x | 2.6x | 18.0x | 20.1x | |||
| $1.9B | $121M | 0.5x | 0.5x | 8.4x | 4.5x | |||
| $386M | $11M | 1.9x | - | 68.9x | - | |||
| $290M | ($10M) | 2.1x | 1.8x | (63.5x) | 6.7x | |||
| $1.9B | $323M | 0.4x | 0.7x | 2.2x | 2.1x | |||
| $283M | $22M | 2.4x | 2.3x | 30.9x | 10.1x | |||
| $199M | $70M | 3.5x | 3.3x | 10.0x | 10.5x | |||
This data is available for Pro users. Sign up to see all Adjust competitors and their valuation data. Start Free Trial | ||||||||
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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