Cox Enterprises is adding to its investments in targeted ad technology.

Cox subsidiary Cox TMI will acquire Adify Corp., a firm focused on online targeted ad networks, the companies announced.

Adify will operate as a stand-alone company and will continue to be led by Russ Fradin, president and co-founder of Adify. Corporate headquarters for Adify will remain in San Bruno, Calif. with sales offices in New York, Alexandria, Va., London, Berlin and Singapore.

More than 100 premium ad networks currently operate on Adify’s technology platform, the companies said.

“Adify’s commitment to customer service and innovation in powering vertical advertising networks for its customers has been key to its success and is a great match for Cox, a company that has served the advertising community for over a hundred years through its various media platforms,” said John Dyer, executive vice president of finance at Cox Enterprises. “As part of Cox, they will continue serving the media industry with their spirit of entrepreneurship, innovation and service. We’re confident the advertising community, web entrepreneurs and many of our own companies will directly benefit from our new association.”

The companies expect to complete the transaction in May 2008.

Cox Enterprises subsidiaries include its cable operator Cox Communications, Cox Newspapers, Cox Television, Cox Radio, and others.