TradeDoubler, the Stockholm-based pan-European internet affiliate advertising network, has bought Internet Marketing Works (IMW Group), a holding group for two two search marketing companies, for £56 million ($115 million) in cash. Founded in 1999, IMW Group operates The Search Works, which mediates buying of search advertising on sites including Google and Yahoo, and The Technology Works, the arm of the company that comes up with software like BidBuddy to automate the process.

AOL failed in a takeover of TradeDoubler earlier this year when shareholders rejected the offer. Today’s deal effectively gives it greater clout and more technology in the search marketing space, as well as a client base including Asda, Easyjet and The Carphone Warehouse. IMW made £7.8 million ($10.72 million) profit on a turnover of £69 million ($95 million) in the last fiscal year. Chances are, it will allow TradeDoubler clients, who currently advertising on that company’s network of affiliate and publisher advertising inventory, to also place search marketing ads. Release.

• AOL Withdraws $900 Million TradeDoubler Bid