blinkx has today announced its acquisition of online performance advertising network and digital marketing agency Prime Visibility Media Group (PVMG) for £22 million.

The video advertising company has said that the acquisition will enable it to integrate their video search engine with PVMG’s text search platform, tapping into a new huge audience of intent-driven consumers and delivering TV–style brand advertising to them.

Suranga Chandratillake, CEO of blinkx said: “Online video advertising continues to be the fastest growing format by a significant margin, and is forecast to reach $3.5 billion over the next three years. Brands continue to move an increasing amount of their TV advertising budgets to online video, but need to be able to reach an audience of equivalent size on the Web.

“We’re extremely excited about the Acquisition because the integration of our video search engine with PVMG’s text search platform will enable us to tap into a new audience of intent-driven consumers and deliver TV-style brand advertising to them, which gives us the opportunity to expand our customer reach and increase PVMG’s margins over time.”

Today’s announcement follows blinkx acquiring Burst Media Corporation earlier this year.