Google has acquired AdMob for $750 million, a huge price for an innovative start-up that has pioneered online ads on mobile and now smart phones.

AdMob is a mobile advertising marketplace that connects advertisers with mobile publishers. They allow advertisers to create ads, choose landing pages and target their ads with plenty of detail. Ads can be targeted to locations, carriers, phone platforms and phone manufacturers.

.P. Morgan said the acquisition “makes perfect strategic sense,” allowing Google to leverage AdMob’s technology to serve and analyze emerging ad formats:

“In our opinion, Google has invested heavily in growing the mobile Internet business through its development of Android and inclusion of mobile ads on AdWords,” the firm wrote in a research note. “The acquisition of AdMob should allow Google to monetize its support of the development and use of mobile Internet content further.”