NOTE: This is a BETA release. Developers contributions are highly appreciated

From their website

mAdServe is a open source Mobile Ad Server for iOS, Android, and Mobile Web.

But it doesn't support Location aware ads out of the box

Being opensource, we've implemented the server code (written in PHP) and client SDK's to give location awareness to the ads.

• An Advertisement can be tagged to multiple locations.
• Perimeter can be specified for each location (Similar to geo fencing).
• Location management from dashboard

The workflow will be same as with original mAdSeve. Only difference is that now you have one more section for adding locations and their perimeter while creating ad units.

• Anthonymartin for GeoLocation.php.