Facebook (NASDAQ: FB) is about to make another acquisition. This time it will take on video advertising company LiveRail, reportedly spending up to $500 million. The startup provides a platform to manage direct advertiser campaigns, delivering over 7 billion impressions through it each month. Users of the technology can forecast, buy and report on campaigns in both private and public video ad exchanges. LiveRail has raised some $5 million from Pond Venture Partners prior to the acquisition and there were reports that it was considering an initial public offering. This will be the third large acquisition for Facebook this year, having spent $2 billion on Oculus and $19 billion on WhatsApp.