Adding a dynamic logo to a Mail Merge

Hi, we have a customer that wants to include their logo on various mail merge documents (like a quote, for example) but they have a couple of different companies operating in one installation and each has their own logo. We want to find a solution that allows them to use the same merge document and include a different logo based on some field.

We have been experimenting with word's INCLUDEPICTURE function and trying to put a Mail Merge field with the logo path inside that. This seems to work in Word and I can connect to the view in the database and the logo changes when I browse through the records, but when the merge is done from CRM, this path field is not populated. It seems like CRM is not recognizing it as a Mail Merge field because it is sitting within the INCLUDEPICTURE field i.e.:

{INCLUDEPICTURE { MERGEFIELD Logo } \d \x \y}

Does anyone have experience with a similar solution or can point us in the right direction? If there is a better way than using INCLUDEPICTURE i'm most open to it. We just want to have one merge document with a dynamic logo image.

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    The merge is carried out by a server side component that is only expecting to process a limited set of Merge fields. It is not a complete duplication of Word's merge features and we do NOT run Word on the server.

    This means as you have discovered there are some merge fields which are ignored.

    It may be possible to reference a logo using the regular insert image feature in a template using the Link to rather that insert and then before the merge is performed change the actual file.