(Reuters) - U.S. advertising-technology companies Donovan Data Systems Inc and MediaBank LLC plan to merge and create a new company called MediaOcean, The Wall Street Journal reported.

The companies valued their combination at $1.5 billion and together will process $150 billion in global advertising spending annually, the newspaper, citing people familiar with the matter, reported in its electronic edition.

The companies provide software that lets ad agencies book advertising time, make sure those ads appear properly, bill clients and pay the media platforms that host the ads, according to the newspapers.

Bill Wise, chief executive of MediaBank, will serve as CEO of MediaOcean, the newspaper said.

Donovan Data and MediaBank could not immediately be reached for comment.

(Writing by Jessica Hall; Editing by Dale Hudson)