That independence makes Millennial, which has a market capitalization just shy of $1 billion, a likely acquisition target, according to Michael Graham, an analyst with Canaccord Genuity. Yahoo (YHOO), which has conspicuously failed to build a mobile ad business, is just one of the potential suitors along with Microsoft (MSFT). Palmieri declined to address the issue. He wouldn't even say how well he knows Marissa Mayer, Yahoo's chief executive, out of concern that it would tip-off whether they have held talks. All Palmieri would say is that "we're building a market leader here," implying that he's forging ahead as if there will be no acquisition.