PALO ALTO, Calif.–(BUSINESS WIRE)–AppLovin (NASDAQ: APP), a leading growth platform for developers, today announced that it has no plans to submit another merger proposal with Unity Software Inc. (NYSE: U) and withdrew its original August 9, 2022 proposal.

AppLovin saw the potential to combine its profitable business model and machine learning capabilities with Unity’s Create platform. The opportunity was even more attractive given the market headwinds the industry is facing. After careful consideration, AppLovin has concluded that its path as an independent market leader is better for its shareholders 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 continuously improving our products and technology and expanding into new high-growth markets.”

Mr. Foroughi continued, “Our team and our culture have always emphasized and encouraged an entrepreneurial spirit in the pursuit of long-term innovation and value creation. These core values ​​will continue to guide our roadmap and focus across the business going forward. »

Improvements to its core technology are the main catalyst for AppLovin’s revenue 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 will expand its TAM into important and growing categories such as connected television (CTV), and with new offerings for OEMs. While these initiatives take time to have a significant revenue impact, they provide long-term growth opportunities and will allow the company to expand the use cases for its core technology.

AppLovin believes that by focusing on improvements and making the right investments now, it will be poised to emerge from the current market volatility in an even stronger position.

About AppLovin

AppLovin empowers developers to grow their business. Businesses rely on AppLovin’s industry-leading technologies to solve their critical functions with a powerful, comprehensive solution that includes user acquisition, monetization, and measurement. AppLovin is headquartered in Palo Alto, CA, and multiple offices around the world.

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 the future financial or operating performance of AppLovin . In some cases, you can identify forward-looking statements because they contain words such as “may”, “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “will”, “could”, “intend”, “believe”, “potential” or “continue”, or the negative of these words or other similar terms or expressions relating to expectations, strategy, AppLovin’s priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding AppLovin’s proposal to merge with Unity, the companies’ expected synergies and operations on a combined basis, and 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, which could cause that actual results differ materially from those projected or expected. These risks include fluctuations in AppLovin’s operating results; changes in global economic and industrial conditions; AppLovin’s ability to attract new customers and execute new initiatives; AppLovin’s ability to improve 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 described in greater detail in AppLovin’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the quarterly report on Form 10-Q. for the fiscal quarter ended June 30, 2022. The forward-looking statements contained 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. requires it. .

Source: AppLovin Corp.

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