Pay-per-click ad network Adknowledge announced last week that it bought the media division of peer ad network Miva (formerly Espotting) for $11.6 million. The move is part of a growth strategy Adknowledge launched two years ago. Since then, it has gobbled up Cubics.com, Media Run Divisions, Adonomics and Lookery. This recent purchase includes Miva’s domain Findwhat.com. A public company based in Fort Meyes, Fla., Miva will retain the rights to its Miva Direct properties, which include a special toolbar, its homepage and desktop search products.

Headquartered in Kansas City, Acknowledge is largely funded by Technology Crossover Ventures and services more than 50,000 advertisers. As part of the all-cash deal, Miva slashed its remaining staff from 129 to 50 — including the transfer of 75 employees to Adknowledge. The acquisition is expected to solidify Adknowledge’s financial position heading into the second quarter.

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