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Ubermind’s growth over the past year has been nothing short of astonishing. The Seattle maker of mobile applications for Target, AllRecipes and others added more than 50 workers between June and November, and it now employs about 200 people at its new offices in Seattle’s Fremont neighborhood.

Now, GeekWire has learned, that Ubermind is in the process of being acquired. Sources tell us that the buyer is Deloitte, with Ubermind expected to form a mobile app consulting division for the company.

We haven’t been able to nail down the purchase price, but we’ve heard it is in the $40 million to $50 million range. Through a spokeswoman, the company declined to comment.

Ubermind developed the mobile apps for Target

An acquisition should not come as a big surprise. The mobile application ecosystem is red hot right now as the smartphone market explodes. For example, on Christmas day, it was estimated that 6.8 million mobile devices were activated and consumers downloaded some 242 million apps. (That’s the equivalent of almost one app per person in the U.S.)

Apple’s App Store alone is expected to top 10 billion app downloads this year.

The demand for higher-quality apps is driving significant business at Ubermind, which was founded by Shehryar Khan.

At an open house at the company’s swanky new offices a few months ago, I was struck by a conversation with one employee who noted that they had more business opportunities than they knew what to do with.

Ubermind has built a solid reputation with some high-profile projects, developing the iPhone and iPad apps for Target and rolling out the new mobile apps for Alaska Airlines.

Stay tuned for more details.

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