AOL announced the completion of its tender offer to purchase all outstanding shares of Baltimore mobile advertising technology company Millennial Media.

“The acquisition of Millennial Media boosts our global, mobile capabilities and scale across ONE by AOL for advertisers and agencies, and offers the most attractive monetization platform for app developers,” according to a statement by Bob Lord, president of AOL Platforms. “It also adds an incredibly talented team of mobile-first experts, many of whom will take on leadership and integral roles at AOL Platforms.”

According to a press release, nine executives from Millennial Media will take on leadership roles at AOL Platforms in technology, sales, product and operations. Others, including former Millennial CEO Michael Barrett, left the company after receiving “golden parachutes.”

Founded in 2006 by Paul Palmieri and Chris Brandenberg, Millennial Media was originally based in Baltimore’s Emerging Technology Center. The combined company has more than 200 employees in the Natty Boh Tower and Can Company building.

Additional details of the $248 million acquisition were reported earlier by Capitol Communicator.

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