Twitter, looking to focus development dollars on its core business, said it reached a deal to sell MoPub, which sells monetization solutions to mobile app publishers and developers, to marketing software company AppLovin for $1.05 billion in cash.

Twitter had acquired MoPub in September 2013 for about $350 million.

In 2020, MoPub generated approximately $188 million in annual revenue for Twitter, which the company reported in “Data Licensing and Other.” Twitter said it will provide additional details regarding the estimated future financial impact of the MoPub divestiture when it reports Q3 results on Oct. 26 after market close.

“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,” Twitter CEO Jack Dorsey said in announcing the deal. “We thank the incredible teams and customers who have contributed to making MoPub a success within Twitter over the years.”

According to Twitter, the MoPub sale will let it accelerate the development of owned-and-operated revenue products and boost revenue from areas including performance-based advertising, small and medium-sized business (SMB) offerings, and ecommerce.

Under the terms of the agreement, Twitter will provide certain services to AppLovin for a period of time post-close to enable “an orderly transition for publishers and advertisers.” The transaction, which was unanimously approved by Twitter’s board of directors, is expected to close in the coming months, subject to regulatory approval and other customary closing conditions.