On cue, Glam Media has started making use of the big money it has raised: it is announcing its first acquisition, and has bought out London-based online ad sales rep firm firm Monetise, for an undisclosed sum. The UK company was founded three years ago and sells ads for top sites in UK, such as Flixster, ARTISTDirect and TVGuide.co.uk. The company’s 17 employees will form Glam’s U.K. team, the WSJ story says. Monetise founders Joel Cymberg and Jon Walsh are staying with Glam.

SEE ALSO: EconAds Video: Glam’s Samir Arora Talks Funding But Mum On Acquisition Rumors

Monetise is expected to bring in $25 million to $45 million of U.K.-based ad revenue next year, the company said. Glam CEO Samir Arora told WSJ that the company expects $100 million in revenue in 2008, growing to $250 million to $350 million next year. It expects to expand into Germany, France, Japan, India and China within a year, which means more acquisitions.

Back in February, Glam raised a huge $84.6 million—$64.6 million in fourth round venture funding and $20 million in revenue-based debt financing….a major portion of it is to be used for international expansion, as Arora told me earlier this month at our EconAds conference in NYC, and we posted the video earlier today.