Google buys Channel Intelligence from ICG Group for $125 million
An e-commerce company co-owned by Radnor-based ICG Group Inc. has been purchased by Google Inc. for $125 million in cash.
Channel Intelligence Inc., headquartered near Orlando, Fla., helps companies such as Target, Neiman Marcus, Kimberly-Clark, and Best Buy reach online customers.
ICG, which buys and builds Internet software and services firms, said it will get $60.5 million for its stake in Channel Intelligence, which is jointly owned by Colorado-based Aweida Capital Management L.L.P. The deal is expected to close in the first quarter.
ICG said in a Securities and Exchange Commission filing that it will realize a $43 million gain from the sale.
Channel Intelligence tracks nearly 15 percent of U.S. transactions online and drives $2 billion in sales annually, according to its website.
"Our vision for CI started with the desire to simplify the online shopping experience," said Rob Wight, Channel Intelligence founder and chairman.
The company's website said it "has developed a technology to help merchants maximize sales" and "generate qualified consumer visits and profitable product sales."
"We've worked with Google for years, and look forward to the great things we will be able to do together," the company said.
A Google spokeswoman said, "We want to help consumers save time and money by improving the online shopping experience. We think Channel Intelligence will help create a better shopping experience for users and help merchants increase sales across the web."
More than 850 retailers in 31 countries use Channel Intelligence technology, including where-to-buy, product search engines, shopping engines, and Facebook Inc.'s social network. The provides, among other services, software that tracks and delivers product advertisements in search results and software that adds "buy-now" and "learn more" buttons to online product advertisements.
"We successfully navigated a very complex marketplace, ending a record year that culminated in this very exciting acquisition," ICG president Doug Alexander said in a statement.
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