Google Inc. has agreed to acquire AdMob, a mobile display ad technology provider and ad marketplace, for $750 million in stock. This acquisition will enhance Google’s existing expertise and technology in mobile advertising, while also giving advertisers and publishers more choice in this growing new area, Google says.

Mobile advertising has enormous potential as a marketing medium and while this industry is still in the early stages of development, AdMob has already made exceptional progress in a very short time, says Susan Wojcicki, vice president of product management at Google. AdMob is the quintessential Silicon Valley startup-generating impressive year-on-year revenue growth-and we’re excited to welcome this talented team to Google.

Mobile advertisers can get a lot of eyes on their ads-more than many businesses think. On any given day, 57.8 million American consumers access the web via mobile devices, according to the Pew Research Center.

I think people underestimate how important ads have been to funding the development of innovative content on the Internet. Our goal all along at AdMob has been to make it possible for developers and publishers to bring their products and ideas to mobile with the same business model, says Omar Hamoui, founder and CEO of AdMob. We’re proud of the progress we’ve made towards accomplishing this goal, and joining Google will only accelerate this process. As publishers and developers generate more revenue from their mobile products, they will invest more, and their mobile offerings will become richer, more creative and more robust.

This deal validates the enormous potential of mobile advertising, says Paran Johar, chief marketing officer at Jumptap, a mobile advertising agency.

AdMob’s broad, high-volume business model is highly synergistic with Google, he says. The industry frontrunner will be determined by who can deliver the most advanced targeting capabilities for better return on investment for advertisers and publishers.