Mobile advertising network GreyStripe has been acquired by ValueClick, a NASDAQ listed integrated online marketing services company, for $70 million in cash. MediaNama readers might remember GreyStripe as a mobile games advertising startup competing with Hovr, which had partnered with Zapak for back in 2008, followed by a deal with Hyderabad based 7Seas Technologies. Interestingly, doesn’t load now, but it appears that games on are now powered by Buzzcity’s apps site djuzz. Greystripe was, at one time, competing for partnerships and reach with Hovr.

Greystripe apparently morphed into a mobile advertising network, taking advantage of the growth of mobile applications and advertising; it claims to serve “billions of rich media impressions to over 30 million users of touch-driven devices through more than 3,500 application titles and mobile websites across all major mobile platforms.” Wonder if it would have managed that as a games only ad network. In the meantime, by the looks of it, Hovr remains a free games site.

Greystripe’s management team and employee base have been retained by ValueClick, and the business will be run as a wholly-owned subsidiary within ValueClick Media. Steamboat Ventures, Monitor Ventures, Peacock Equity, and Incubic Venture Capital were investors in Greystripe. For the remainder of 2011, Greystripe is expected to contribute to ValueClick’s consolidated results approximately $24-$26 million in revenue and $2-$3 million in adjusted-EBITDA. ValueClick’s brands include Commission Junction, ValueClick Media, Mediaplex,,,, and PriceRunner.

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