Local.com, an Irvine-based online local search network, has bought the assets of Boston-based Rovion Inc., a subsidiary of Digital Post for $1.5 million in cash and up to $7 million in cash and stock over the next three years based on performance.

Rovion creates rich media advertising including animated and video ads for local and national advertisers. Among its past clients have been CBS Radio, Cisco and LendingTree.

The deal is expected to close before the end of May.

Digital Post Interactive founder Michael Sawtell will become Local.com’s senior vice president and general manager of sales and advertiser services. Sawtell was Local.com’s president and COO from 2000 to 2005.

"National brands with local points of presence increasingly use display advertising, and rich media in particular, to more effectively target local consumers," said Local.com Chairman Heath Clarke. "This acquisition broadens our product range to include rich media display advertising, thereby enabling us to serve a new market segment as well as to enhance and differentiate our product suite within our current markets."

In the past year, Local.com has bought ITwango LLC,, for its group buying technology, and OCTANE 360 to provide small-business advertising. In October, Deloitte Technology named Local.com to its 500 fastest growing technology companies in North America.

Click here to read Local.com’s press release.

More Info: http://jan.ocregister.com/2011/02/17/o-c-search-firm-buys-rich-media-creator/54893/