AOL said today it has acquired the European online video distribution network goviral for $74.1 million.

In addition, AOL will pay goviral $22.6 million over two years following completion of the deal.

“Video is core to AOL’s consumer programming strategy and goviral has created an incredibly compelling platform that delivers highly measureable and cost effective solutions to publishers and advertisers,” said Kate Burns, SVP, AOL Europe.

“We believe that goviral offers a unique proposition in today’s market, and allows us to match our ambition for premium content creation and engaging advertising, with highly targeted distribution at scale. We look forward to welcoming this truly talented and innovative team."

Under the terms of the deal goviral will keep its offices in the UK, Germany, France, Denmark, Sweden and Spain with more expansion planned. The company’s video distribution network includes more than 18,000 publishers across 24 verticals with a reach of over 350 million Internet users.

goviral has carried out campaigns for brands including Sony, coke Nokia, Audi, Mercedes and Procter & Gamble.