UPDATE 2-Sapient to buy ad agency, eyes traditional ad dollars

* Deal valued at about $50 million

* Exec: Gives access to traditional ad dollars, clients

* Move to strengthen Asian business, create one-stop shop

* Sapient shares rise as much as 10 percent

By S. John Tilak

BANGALORE, June 17 (Reuters) - Technology consulting and interactive marketing company Sapient Corp (SAPE.O) plans to buy Nitro Group LLC, an independent advertising agency, for about $50 million as it looks to spread its reach to the traditional advertising space.

The move will allow Sapient's interactive division, which offers digital advertising agency services and makes up about half of its total business, to gain access to the traditional advertising market and expand into Asia.

"It marks the first time a large digital shop has gone the other way and acquired an above-the-line agency," said Gaston Legorburu, executive director and worldwide creative officer at Sapient, in an interview with Reuters.

"We wanted access to relationships within big brands and access to those traditional advertising dollars. We very much want to get at that business by expanding what we're doing," Legorburu said.

Shares of Sapient rose as much as 10 percent in morning Nasdaq trade.

New York-based Nitro brings with it an impressive clientele, which includes Mars, ConAgra Foods Inc (CAG.N), Volvo (VOLVb.ST), Nike Inc (NKE.N) and Foot Locker Inc (FL.N).

Nitro's recent "best job in the world" advertising campaign for the Queensland Tourist Commission captured people's imagination and attracted nearly 34,700 video entries from almost 200 countries.

The deal is also expected to increase Sapient's ability to become a one-stop shop by making ad campaigns that run across a gamut of media such as television, mobile phones and kiosks.

Because of the recession, companies want to turn to a one agency for all media, as against several.

Clients are very frustrated that they have to go to multiple agencies to be able to execute a global or integrated campaign, Legorburu said.

About 40 percent of Nitro's business comes from Asia, he said.