Microsoft announced today that it had agreed to acquire AdECN, an advertising exchange platform company based near Santa Barbara.

AdECN offers a real-time, auction-based, neutral exchange for online display advertising that works in a similar way to stock exchanges. A member of the AdECN exchange buys on the exchange for its advertisers and sells on the exchange for its publishers.

AdECN is a direct competitor of Right Media, a company acquired by Yahoo in April for $680 million. Microsoft previously acquired online advertising network aQuantive for $6 billion in May.

Microsoft said the acquisition would assist Microsoft in building a comprehensive search and display advertising platform “that helps advertisers and publishers maximize ROI on digital advertising investments.”

AdECN was founded in 2003. The acquisition price was not disclosed.