Google, moving to cement its position as the leader in advertising on both the mobile and desktop Internet, will buy AdMob Inc., a mobile display ad technology provider.

The search advertising giant will pay $750 million in stock for AdMob, Google announced just days after the launch of the Droid cell phone powered by Google’s Android 2.0 operating system and touted by its maker, Motorola, and carrier, Verizon Wireless, as an iPhone killer, or at least competitor.

“Mobile advertising has enormous potential as a marketing medium, and while this industry is still in the early stages of development, AdMob has already made exceptional progress in a very short time,” said Susan Wojcicki, vice president of product management at Google. “AdMob is the quintessential Silicon Valley startup—generating impressive year-on-year revenue growth—and we’re excited to welcome this talented team to Google.”

AdMob was founded in CEO Omar Hamoui’s dorm room at the University of Pennsylvania’s Wharton School of Business in 2006.

The company has raised more than $47 million in venture funding from such investors as Sequoia Capital, Draper Fisher Jurvetson, Accel Partners, and Northgate Capital.

Google derives 97 percent of its revenue from advertising and controls 30 percent of the online advertising market and a little over 2 percent of the overall online and offline advertising market. The company has continued to grow revenue from advertising, even during the worst advertising climate in memory.

That’s why it has been a darling of Wall Street, with shares trading at $560.60 at 2:33 p.m. Monday, up 1.72 percent on the day.