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Rakuten acquires Japanese ad platform developer LOB

Rakuten Inc. has reached a final agreement to acquire Tokyo-based advertising platform developer and provider LOB Inc.

Financial terms of the deal were not disclosed, but according to Rakuten, LOB has a capital of ¥30.5 million.

LOB runs online ads and provides marketing support tools for businesses.

The Japanese internet service provider will use LOB's technical expertise and development capabilities to develop a global advertising platform.

In May, Rakuten consolidated its advertising-related products under the Rakuten Marketing Platform brand. The company aims to reach ¥200 billion in advertising revenue by 2021.

As of July 4, US$1 was equivalent to ¥110.54.