24/7 Real Media to acquire digital video ad company Panache

WPP has announced that its wholly-owned digital marketing technology business, 24/7 Real Media, has acquired the assets of the digital video advertising software company Panache.

Panache specialises in helping premium publishers grow their digital video advertising business. The company, based in LA, was founded in 2006 and major clients include Fox News, CBS, MTV Networks and Channel 4.

The acquisition of Panache expands 24/7 Real Media’s technology offer by adding digital video ad fulfillment to its Open AdStream advertising management platform.

24/7 Real Media’s technology platform powers its own media businesses and other global publishers as well as WPP’s digital audience buying companies, Xaxis and the Media Innovation Group. Overall, the company manages $1 billion of digital advertising expenditure through its technologies.

Based on consensus analysts’ forecast for 2011, WPP’s digital revenues will total over $4.5 billion and almost 30% of its projected $16 billion revenue. WPP has set a target of 35-40% of revenue derived from digital in the next five years.