1Company and group
analysisAdjust GmbH was founded in 2012 and is registered in Berlin under HRB 140616 B, with its office at Saarbrücker Straße 37A; register publications show it was first registered as adeven GmbH. Its 2020 consolidated statements, audited by Deloitte GmbH and filed by AppLovin, list twelve wholly owned subsidiaries in the United States, Great Britain, Israel, Germany, Japan, China, Korea, France, Singapore and Brazil. On January 28, 2019 Adjust bought Unbotify Ltd. of Tel Aviv, a developer of bot-detection software, for EUR 16.9 million plus contingent consideration. adjust International Holding GmbH was registered in 2019 and is marked dissolved by aggregators. 1 2 3 4
documentedAdjust GmbH, founded in 2012 and registered in Berlin under HRB 140616 B, has its registered office at Saarbrücker Straße 37A; register publications show it was first registered as adeven GmbH. Its purpose is developing and operating platforms for the verification, optimisation and targeted delivery of digital campaigns, especially on mobile devices. 1 2
- qualification
- The former name and purpose come from a register aggregator; the founding year, seat and register number are stated in Adjust's audited 2020 statements filed with the SEC.
documentedadjust International Holding GmbH was registered in Berlin on August 21, 2019 with share capital of EUR 25,000 and Christian Henschel and Paul Müller as managing directors; aggregators mark it as dissolved. 3 4
- qualification
- Read in a business-directory or register-aggregator copy, not in the official register.
sources in this section
- Corporate registry source · src-025 identified by category only · Corporate registry
- Adjust GmbH audited consolidated financial statements for 2020 (Exhibit 99.1) U.S. Securities and Exchange Commission (EDGAR) · 2021
- Corporate registry source · src-088 identified by category only · Corporate registry
- Corporate registry source · src-071 identified by category only · Corporate registry
2Management
analysisThe 2020 statements were signed by the management board, Paul Müller and Christian Henschel, and record the February 2021 agreement to sell Adjust to AppLovin. Register publications shown by aggregators record Müller as managing director until 2022 and Henschel until October 2021; Henschel also manages Spree Eternity GmbH, a party to the purchase agreement. An aggregator lists Andrey Kazakov and Egor Lukomsky as current managing directors and phm equity GmbH as a 6.3% holder in 2020. 1 2 3 4
documentedRegister publications shown by an aggregator list Christian Henschel as managing director of Spree Eternity GmbH (registered in 2012 as Spree Eternity UG), a party to the 2021 Adjust share purchase agreement, and as a former director of Adjust's British subsidiary Adjust Software Limited until May 2021. 3
- qualification
- Read in a business-directory or register-aggregator copy, not in the official register. The record does not explain Spree Eternity's role in the purchase.
sources in this section
- Adjust GmbH audited consolidated financial statements for 2020 (Exhibit 99.1) U.S. Securities and Exchange Commission (EDGAR) · 2021
- Corporate registry source · src-087 identified by category only · Corporate registry
- Corporate registry source · src-088 identified by category only · Corporate registry
- Corporate registry source · src-025 identified by category only · Corporate registry
3Disputes that name Adjust
analysisThe Privacy Collective's Dutch collective action of May 2026 names Adjust as AppLovin's German group company and alleges that the two jointly process users' data unlawfully through their SDKs. Fuzzy Panda Research alleged, citing unnamed former executives, that after the purchase AppLovin whitelisted itself in Adjust's fraud detection and cut its anti-fraud team, and described a California class action over the Adjust SDK; AppLovin says Adjust and MAX operate independently. The Justice Department alleges that a KKR fund indirectly acquired Adjust through AppLovin's purchase without a prior HSR filing. 1 2 3 4
attributedThe Privacy Collective (TPC) sues on behalf of Dutch residents who since May 25, 2018 have used Android or iOS apps containing AppLovin or Adjust software development kits, a group it puts at no fewer than 8.5 million people, including about 1.5 million minors. It alleges that processing their data through the SDKs and real-time bidding auctions lacks a legal basis, transparency and protection for children, in breach of the GDPR, including its information duties (Articles 12 to 14) and the ban on processing special categories of data such as health, religion and sexual orientation (Article 9), and of Article 11.7a of the Dutch Telecommunications Act. TPC describes Adjust as a German group company of AppLovin providing measurement and attribution services and alleges that the two jointly determine the purposes and means of the processing. It seeks a declaration of joint and several liability, orders stopping the SDK practices and deleting data, penalty payments of EUR 1,000,000 per violation plus EUR 250,000 a day capped at 4% of the defendants' worldwide annual turnover, and compensation for non-material and material damage; the press reported claims of EUR 1,500 per child and EUR 500 per adult, amounts not stated in the register extract. 1 2
- qualification
- These are the claimant's allegations; Adjust's place in the group is separately documented in AppLovin's subsidiary lists.
- outcome
- The case was due for its first docket date on August 26, 2026. No ruling on the merits is in the record as of mid-October 2026.
attributedCiting unnamed former Adjust executives, Fuzzy Panda Research alleged that after buying Adjust, AppLovin whitelisted itself in Adjust's fraud detection and fired a majority of Adjust's anti-fraud team. 3
- qualification
- Based on unnamed sources. No regulator or court has ruled on these allegations in the record.
- response
- AppLovin said Adjust and MAX operations are "entirely independent and transparent, with no conflicts or house bias".
attributedShort seller Fuzzy Panda Research wrote in February 2025 that a class action filed in California in August 2024 (Santa Clara County Superior Court, No. 24CV434574), which AppLovin had not disclosed, accuses the company of using the Adjust SDK to collect a "wealth of information", including precise location, IP addresses and device identifiers, and to track users without their consent. 3
- qualification
- The complaint itself was not retrieved; AppLovin's filings in the record do not name this case, and its course is not known.
attributedCount 16 of the Justice Department's complaint, against the same defendants, alleges that on April 22, 2021 KKR Americas Fund XII L.P. indirectly acquired Adjust, through AppLovin's purchase, for between $376 million and $919 million without a prior premerger filing, again corrected on December 3, 2021. 4
- qualification
- These are allegations in a government complaint; the defendants consented to a proposed judgment without any admission or adjudication of fact or law, and AppLovin is not a defendant.
- response
- According to the Justice Department, KKR told the FTC in December 2021 that the failures to file were inadvertent and arose from an unusual and unanticipated set of circumstances related to the timing of a complicated restructuring transaction, and made corrective filings for both transactions.
- outcome
- A proposed final judgment filed on August 26, 2026 requires KKR & Co. GP LLC to pay a $250 million civil penalty within 30 days of its entry; the Federal Register notice of September 4, 2026 opened a 60-day comment period, so the judgment had not been entered in the record.
sources in this section
- Extract for the Dutch central register of collective actions: Stichting The Privacy Collective v. AppLovin Corporation and Adjust GmbH De Rechtspraak (Dutch judiciary) · 21 May 2026
- Media source · src-068 identified by category only · Media
- Research source · src-076 identified by category only · Research
- United States v. KKR & Co. Inc., et al.: proposed final judgment and competitive impact statement Federal Register (U.S. Department of Justice notice) · 4 Sep 2026
Recorded connections
- Deloitte GmbH to Adjust GmbHAuditor of the 2020 consolidated financial statementsdocumented · Report signed February 15, 2021 · historical
- AppLovin Corporation to Adjust GmbHOwner of 100% (agreement of February 2, 2021; acquired April 20, 2021)documented · Since April 2021 · current at the evidence cutoff
- AppLovin Active Holdings, LLC to Adjust GmbHBuyer of all shares under the amended share purchase agreementdocumented · March – April 2021 · current or historical not established
- Adjust GmbH to adjust International Holding GmbHParent (100%)documented · Registered August 21, 2019; dissolved later · historical
- Adjust GmbH to Adeven Israel LtdParent (100%)documented · As of the 2020 statements · current or historical not established
- Adjust GmbH to Unbotify LtdOwner of 100% (acquired January 28, 2019 for EUR 16.9 million plus contingent consideration)documented · From January 2019 · current or historical not established
- Adjust GmbH to Adjust Software LimitedParent of the British subsidiary (listed as Adeven Software Ltd. in the 2020 statements)reported · As of the 2020 statements · current or historical not established
- Paul Hanno Müller to Adjust GmbHManaging director (management board)documented · 2012–2022 · historical
- Christian Henschel to Adjust GmbHManaging director (management board)documented · 2012 – October 2021 · historical
- Andrey Kazakov to Adjust GmbHManaging directorreported · Current per an aggregator · current at the evidence cutoff
- Egor Lukomsky to Adjust GmbHManaging directorreported · Current per an aggregator · current at the evidence cutoff
- Marina Keitel to Adjust GmbHManaging director (former)reported · Dates not given · historical
- phm equity GmbH to Adjust GmbHShareholder (6.3%)reported · 2020 · historical
- Stichting The Privacy Collective to Adjust GmbHClaimant in the same WAMCA collective actiondocumented · Summons of May 21, 2026; first docket date August 26, 2026 · current at the evidence cutoff