The International Business Time reports
Broadpoint Amtech analyst Brian Marshall called the deal a "good strategic purchase."
Marshal also said the move fits Apple's plan to acquire small technology companies that add to ancillary parts of its business.
Marshall is quoted as saying, "Clearly Apple and Google continue to run down parallel paths ... it's all about mobile advertising on smartphones, they're trying to maximize the dollars they create online."
In November 2009, Google acquired AdMob which is a Quattro competitor. There are reports Apple wanted to buy AdMob.
Ford Motor Co, Procter & Gamble Co and Visa Inc., are all Quattro clients.
Quattro serves ads in over 100 countries and its advertising network covers mobile websites and smartphone.
"We look forward to developing exciting new opportunities that will benefit Quattro Wireless customers in the future," Apple spokesman Steve Dowling is quoted as saying.