In a continued battle for post-56k modem relevancy, AOL has reportedly purchased online advertising company Quigo for $350 million. Quigo, which has steadily grown in the past two years, will be AOL’s fourth advertising acquisition this year. The move signals a continued shift into the realm of web advertising for the company.

As the once great ISP struggles to find its place in the era of broadband and social media, AOL will fight an uphill battle for advertisers who have long trusted their web-based text content to Google and Yahoo. Quigo has found successes against the two behemoths, but there is certainly a long way to go before a lion’s share of the internet’s advertising revenue is handed over to AOL.

Still, Quigo offers advertisers another option. It remains to be seen, however, if that option will catapult AOL into a three-way race for our dollars or if Google and Yahoo are too far ahead to catch.

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