Following the recent RightMedia deal, Yahoo is making yet another acquisition in the online advertising market by purchasing BlueLithium, the online ad network, for about $300 million in cash.

BlueLithium, the fifth largest ad network in the U.S. and second largest in the UK, has nearly 145 million unique visitors per month, according to comScore.

With BlueLithium's product capabilities, Yahoo will be able to target consumers based on their interests, remarket ads to consumers who have interacted with an ad or Web page, improve customer segmentation and spot buying capabilities to stretch reach and frequency to a targeted audience.

Gurbaksh Chahal, BlueLithium's CEO, will remain in the position for an interim period through the integration.

BlueLithium, founded in 2004 and based in San Jose, Calif., has investments from Walden Venture Capital and 3i. It has 120 employees and had previously planned to hold an IPO early next year, PaidContent reported.