Cox Enterprises Inc. Tuesday announced that its subsidiary, Cox TMI Inc., will acquire vertical online advertising company Adify Corp.

According to paidContent.org, Cox is paying US$300 million for the San Bruno, Calif.-based company.

Neither company could be reached for comment.

Adify will continue to operate as a stand-alone company and will continue to be headed by its president and co-founder Russ Fradin, the company said in a statement. Adify develops custom online ad platforms for customers, including Forbes.com and the Guardian .

More than 100 ad networks operate on Adify's technology platform, according to the statement.

"Adify's commitment to customer service and innovation in powering vertical advertising networks for its customers has been key to its success and is a great match for Cox," said John Dyer, executive vice president of finance at Cox Enterprises, in the statement.

Fradin said the two companies will continue to invest in products and services to attract new customers.

Both companies expect the deal to be completed by the end of May.