Apple to buy Quattro Wireless for $275 million

Apple is set to announce that it has acquired Quattro Wireless for $275 million, several sources confirmed.

The announcement might come as soon as Tuesday, upping the ante in the mobile advertising business significantly.

Google recently forked over an astonishing $750 million for AdMob, a Quattro competitor, which Apple had also made a bid to acquire.

Both start-ups are aimed squarely at the fast-growing market to advertise on smartphones, such as Apple's iPhone and Google's Android devices. In fact, Google will unveil the Nexus One tomorrow, a Android-powered mobile phone it designed and will sell on a Web site instead of via telecom companies.

Waltham, Mass.-based Quattro has raised close to $30 million from two main venture investors-Highland Capital Partners and Globespan Capital Partners. Founded several years ago, its clients include Ford, Disney, and the National Football League.

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