Needham, Mass.—Information technology media company TechTarget announced Tuesday that it has acquired privately held Bitpipe, an online distributor of white papers and other information, for $40 million in cash. The deal answered any lingering questions about what it planned to do with the $70 million in venture capital funding it secured earlier this year. With the acquisition, TechTarget said it will own a majority share of the market for the distribution of IT white papers and other vendor-supplied content. TechTarget said Bitpipe is a profitable company with revenue that grew 75% in 2003 and more than 50% this year. Privately held TechTarget said the combined company should generate revenue of $80 million next year. TechTarget expects to generate about $50 million in revenue this year. Bitpipe co-founder and CEO Jay Habegger has joined TechTarget as exec VP-media products. Media investment banker Jordan, Edmiston Group advised Bitpipe on the deal.