The deal is AOL's largest since the Time Warner split, topping the company's 2011 purchase of HuffingtonPost.com Inc. for $315 million. The announcement comes on the same day that AOL reported a second quarter profit of $28.5 million on sales of $541 million.
Adap.tv was formed in 2007 and has grown rapidly, supporting more than 26,000 global ad campaigns which ran on about 9,500 Web sites in 2012. The company raised more than $13 million from investors including Bessemer Venture Partners, Gemini Israel Funds, Redpoint Ventures and Spark Capital Partners.
AOL said that after the deal's closing, which is expected in the current quarter, Adap.tv would operate as an independent unit of the company's video organization.
Written by Lou Whiteman and Robert Arenella in New York