AppLovin Confirms It Will Not Submit a Revised Proposal to Combine With Unity Software

About this update from Applovin Corporation

[{"type":"text","content":" PALO ALTO, Calif.--(BUSINESS WIRE)--\nAppLovin (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announced that it does not intend to submit another proposal to combine with Unity Software Inc. (NYSE: U) and has withdrawn its initial proposal from August 9, 2022.\n\nAppLovin saw potential in combining its profitable business model and machine-learning capabilities with Unity’s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.\n\n“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.”\n\nMr. 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.”\n\nEnhancements 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.\n\nAppLovin 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.\n\nAbout AppLovin\n\nAppLovin 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 an...

More updates from Applovin Corporation