Mobile advertising startup madvertise has acquired Turkish rival Mobilike in a move that demonstrates the ongoing consolidation in the mobile ad space.

The German company used part of the proceeds from its recent $10 million funding round for the purchase, but chose not to disclose the financial terms of the deal.

Madvertise, which is based in Berlin and offers location-based advertising, audience targeting, mobile rich media and video advertising solutions to its clients, says the acquisition brings its total reach to just south of 2 billion monthly page impressions.

Roughly 300 million of those impressions will come via Mobilike.

Founded in 2009, Mobilike has achieved more than 60 percent market share in Turkey, a fast-growing economy with a thriving digital sub-economy.

Carsten Frien, co-founder and CEO of madvertise, commented:

“With high mobile penetration and a predominantly young and affluent captive audience, our presence in Turkey is the logical step towards market leadership in Europe.”

Founded in 2008 by Frien, Pan Katsukis, Thomas Hille and Martin Karlsch, madvertise currently has over 90 employees with offices in Berlin, Hamburg, London, Barcelona, ​Madrid, Milan, Paris and now, Istanbul.

The startup is backed by Blumberg Capital, Earlybird Venture Capital, Team Europe / Point Nine Capital and a number of angel investors.