Adjust GmbH

Adjust GmbH

Christian Henschel and Paul H. Müller co-founded Adjust in 2012 to provide mobile attribution and fraud prevention tools for app advertisers. The company grew rapidly in the European ad-tech ecosystem, later expanding into emerging markets across Asia and Latin America. Adjust's platform covers attribution, in-app analytics, audience segmentation, and fraud detection. By 2020, it processed data for over 100 billion app installs annually, serving clients including gaming giants, e-commerce platforms, and social media firms. The company maintained partnerships with major ad networks and app stores to verify campaign performance. In 2021, Adjust was acquired by AppLovin Corporation — a publicly traded mobile ad-tech firm — for approximately $1 billion (per AppLovin's 2021 filings). The transaction integrated Adjust into AppLovin's software platform, expanding its measurement and attribution capabilities. The team size and current management structure remain undisclosed post-acquisition. Adjust's structural differentiator is its data-driven measurement business model — it generates revenue from software licensing rather than managing capital. This distinguishes it from typical family offices or asset managers, placing it in the ad-tech infrastructure category.