AOL announced its largest purchase in recent years with the acquisition of Adap.tv, an automated online video advertising platform with real-time targeting capabilities. The deal was valued at $405 million in cash and stock. AOL CEO Tim Armstrong called Adap.tv "the best product company in the decadelong migration of offline TV dollars to IP-delivered video, which is the No. 1 consumer trend and the No. 1 advertising trend on the Internet."