Google’s announced that it will acquire mobile display ad company AdMob for $750 million in stock.

AdMob is best know for serving display ads on iPhones and has been making inroads on Android as well. The acquisition gives Google access to AdMob’s more than 15,000 mobile Web sites and applications.

“I’m excited because I believe this will be an important moment for everyone involved in producing, consuming, or monetizing engaging products on mobile,” said AdMob founder and CEO Omar Hamoui . “The truth is that the mobile industry has had no shortage of creative energy, amazing products, and talented entrepreneurs. But until now, it has always felt like those of us involved in this space played second fiddle to our online brethren. I believe that time is over.”

AdMob had raised a total of $47.2 million, in three rounds lead by Sequoia Capital.