In a Quattro blog post on Tuesday, Andy Miller, Vice President, Mobile Advertising at Apple and former Quattro Chief Executive wrote:
"Happy New Year from Quattro Wireless! We are thrilled to let you know that Apple has acquired Quattro. We want to share with you our excitement about this news and what it means for our customers."
"We have built our business by enabling advertisers to reach the right consumers across the mobile web and in applications. We remain focused on delivering more engaging, relevant and useful ads to mobile devices, and improving the measurement and execution of digital campaigns. Together with Apple, we look forward to developing exciting new opportunities in the future that will benefit our customers."
Apple's Miller adds that for now offerings and services users receive from Quattro Wireless will not change, and will remain the same across all devices and platforms.
"We look forward to working with you during this exciting time."
The announcement comes after Google announced plans in November to buy AdMob, another mobile ad provider, for $750 million. Monday's reports suggested that Apple might pay $275/£171 million to purchase Quattro Wireless although no official price has been announced.
Both Quattro and AdMob focus on in-application and other types of mobile ads, which are displayed on smartphones like the iPhone or those that run Google's Android operating system.
Apple shares rose 96 cents to $214.97 in Tuesday's trading session.