* To pay $62 mln in cash, 12.74 mln of Limelight shares

* EyeWonder develops monetization services for advertisers

Limelight Networks Inc (LLNW.O), which helps speed delivery of Web content, agreed to acquire privately held interactive digital advertising provider EyeWonder Inc for up to $110 million in cash and stock.

The combination is expected to enable Limelight to better participate in the rapidly growing rich media, video, mobile and web TV advertising sectors.

Limelight will pay about $62 million in cash, subject to adjustment based on EyeWonder's financial condition at closing, and about 12.74 million common shares, Limelight said in a statement.

Up to 4.86 million Limelight common shares will be issuable in 2011 if EyeWonder achieves certain financial results in 2010, the company said.

Atlanta, Georgia-based EyeWonder develops monetization services that help advertisers, interactive agencies and content publishers create, build, track and optimize rich media and interactive video advertising campaigns.

EyeWonder's advertising serving platform is projected to service over $500 million in media spend globally in 2009.

EyeWonder was advised on the transaction by Madison Alley Global Ventures.

The transaction is expected to close in the first half of 2010.

Shares of Limelight, whose rivals include Akamai Technologies Inc (AKAM.O), closed at $3.79 Friday on Nasdaq. (Reporting by S. John Tilak in Bangalore; Editing by Unnikrishnan Nair)