PALO ALTO, Calif.--(BUSINESS WIRE)--AppLovin (NASDAQ: APP), a leading growth platform for developers, today announced that it does not intend to submit another proposal to combine with Unity Software Inc. (NYSE: U) and has withdrawn its initial proposal from August 9, 2022.
AppLovin saw potential in combining its profitable business model and machine-learning capabilities with Unity’s Create platform. The opportunity was even more interesting given the market headwinds facing the industry. Following careful consideration, AppLovin concluded that its path as the independent market leader is better for its stockholders and other stakeholders. AppLovin will move forward with the intention of continuing to gain market share and expand its platform.
“We remain excited about the long-term growth potential of our core markets and AppLovin,” said Adam Foroughi, CEO and Co-founder of AppLovin. “Our experienced and dedicated team will continue to focus on what we can control, including continual improvements to our products and technology and expanding into newer high-growth markets.”
Mr. Foroughi continued, “Our team and culture have always emphasized and incentivized an entrepreneurial mindset in pursuit of long-term innovation and value creation. These core values will continue to drive our roadmap and focus across the company going forward.”
Enhancements to its core technology are the biggest catalyst of AppLovin’s top-line growth and key drivers of its profitability and cash flow generation. The company will continue to develop its market-leading solutions and create innovative new capabilities that expand its TAM in large and growing categories such as connected TV (CTV), and with new offerings for OEMs. While these initiatives will take time to meaningfully impact revenues, they provide long-term growth opportunities and will allow the company to expand the use cases for its core technology.
AppLovin believes by focusing on enhancements and making the right investments now, it will be poised to emerge from the current market volatility in an even stronger position.
AppLovin enables developers to grow their business. Businesses rely on AppLovin’s market-leading technologies to solve their mission-critical functions with a powerful, full stack solution including user acquisition, monetization and measurement. AppLovin is headquartered in Palo Alto, California with several offices globally.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or AppLovin’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “can,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “believe,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern AppLovin’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding AppLovin’s proposal to combine with Unity, the expected synergies and operations of the companies on a combined basis, as well as the technology offering of the combined companies and statements regarding AppLovin’s areas of focus going forward, including AppLovin’s long-term goals and growth prospects. AppLovin’s expectations and beliefs regarding these matters may not materialize, and actual results are subject to risks and uncertainties, including changes in AppLovin’s plans or assumptions, that could cause actual results to differ materially from those projected or expected. These risks include fluctuations in AppLovin’s results of operations; changes in the overall economic and industry conditions; AppLovin’s ability to attract new clients and execute on its new initiatives; AppLovin’s ability to enhance its technology and platform; AppLovin’s ability to attract and retain talent; and AppLovin’s ability to adapt to emerging technologies and business models. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in AppLovin’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2022. The forward-looking statements in this press release are based on information available to AppLovin as of the date hereof, and AppLovin disclaims any obligation to update any forward-looking statements, except as required by law.
Source: AppLovin Corp.