Twitter has announced that it has entered an agreement to sell MoPub to marketing software company AppLovin Corporation for $1.05 billion in cash.

The social media giant said that by selling the mobile ad platform it could accelerate the development of owned and operated revenue products, and drive growth across key areas including performance-based advertising, small and medium-sized business (SMB) offerings, and commerce initiatives.

“This transaction increases our focus and demonstrates confidence in our revenue product roadmap, accelerating our ability to invest in the core products that position Twitter for long-term growth and best serve the public conversation,” said Jack Dorsey, Twitter chief executive. “We thank the incredible teams and customers who have contributed to making MoPub a success within Twitter over the years.”

The company’s chief financial officer added that the sale of MoPub positions the business to concentrate more of its efforts on the “massive potential for ads” across its website and on its apps.

“We plan to accelerate product development and replenish the near term revenue loss, with the goal of improving our time to market to deliver on our previously stated goal of at least doubling total annual revenue from $3.7 billion in 2020 to $7.5 billion or more in 2023,” he explained.

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