The combination joins Tempe, AZ-based Limelight’s content delivery and consulting abilities with Atlanta-based EyeWonder’s rich media applications. The relationship of the two sides brings together a wide reach across 2,500 online businesses and over 800 interactive agencies. Limelight’s purchase also represents a further challenge to rival content delivery network Akamai (NSDQ: AKAM), as competition in the space is heating up. Within the past three months, Alcatel-Lucent bought digital content network Velocix, and French content delivery company Ipercast purchased mobile video provider 3G Factory.

SEE ALSO: Limelight Acquires Digital Media Ad Insertion Firm Kiptronic, For About $12 Million

On their own, both Limelight and EyeWonder have been fairly active on the M&A front over the past few years. Back in May, Limelight acquired video ad insertion firm Kiptronic for roughly $12 million. About two years ago, EyeWonder extended its reach to Germany, when it bought streaming service Vendi Interactive. Release

In a blog post, Dan Rayburn says the merger could mean bigger things for both companies’ revenues. He notes that EyeWonder is one of the main rich media players after DoubleClick and Pointroll. EyeWonder could take in between $35- and $40 million in revenue for this year, while its new parent Limelight could bring in $140- to $150 million on its own. “This deal should easily make the combined companies into a $200M+ organization in 2010,” Rayburn writes.

He also dismissed the notion that Limelight acquired EyeWonder in response to Akamai’s purchase of ad targeter Acerno in Oct. ‘08. The competitive landscape between rich media ads and targeting are pretty wide and certainly don’t directly conflict. Still, Limelight has a lot of money left in the bank and it’s likely to make some additional acquisitions in the new year.