Google's announcement yesterday that it will acquire AdMob for $750 million has certainly set the jungle drums pounding in the mobile advertising industry. Particularly for AdMob's rivals, faced with the prospect of AdGoo (GooMob?).

However, ad network Millennial Media has welcomed the news, saying it's a validation of the mobile advertising market in general, while stressing that its own position is not under threat.

"Google’s perspective has always been that mobile is just the internet," says president and CEO Paul Palmieri.

"Today Google validated what many companies to include Millennial have thought for years – that mobile is a different market with a huge potential for advertising; possibly a bigger opportunity than online media."

Millennial claims to reach 80% of the US mobile audience, and Palmieri says the company is looking forward to working alongside Google and AdMob, rather than fighting it tooth-and-nail.

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"As the clear leader in mobile brand advertising, we are happy to see a player like Google bring economies of scale to the performance advertising space in mobile," he says.