UBM announced Wednesday that it acquired Astound, a virtual career fair producer targeting the military personnel and university student markets. Astound will become part of the UBM Studios group, which specializes in virtual event creation.

Under terms of the deal, UBM will make an initial cash payment of $120,000 with a potential $3 million to be paid out if Astound meets certain performance benchmarks in the next three years. Astound revenues for 2010 are projected to be $100,000.

According to UBM, the deal fits with UBM Studios' overall virtual event business and builds on its existing virtual career fair business—Psychiatric Times Virtual Career Fair, MBAwired APAC and Housing Now.

Astound has two main virtual career fairs. Milicruit helps U.S. veterans and other military personnel find jobs outside of the military. Unicruit serves the university market, matching employers with universities to help students find work upon graduation. Astound brings an existing stable of customes to the deal, including GE, Raytheon, Walgreens, Verizon, Amazon and FedEx.

Astound founder and managing partner Kevin O'Brien will join UBM Studios and lead sales and new business development efforts.