BRIEF: Google acquires Celebration software firm for $125M
Feb 20, 2013 (Orlando Sentinel - McClatchy-Tribune Information Services via COMTEX) --
Google has acquired Channel Intelligence, a Celebration-based software company, for $125 million in cash.
Channel Intelligence develops technology that streamlines the online-buying process. The acquisition, which is expected to close in March, is expected to give Google a boost in its e-commerce strategy.
A blog post on the Channel Intelligence website states the company has "worked with Google for years" and looks forward to continuing the partnership.
Channel Intelligence has partnered with Google Shopping for several years, as well as providing services to Target, Philips, HP, Neiman Marcus, Best Buy and Kimberly-Clark.
The e-commerce company founded in 1999 as Youknowbest.com underwent a reorganization in 2002 and changed its name to Channel Intelligence.
Officials with ICG Group, the company's publicly listed backer, posted on their website that the acquisition is "expected to realize [ICG] approximately $60.5 million."
Officials at ICG say the company tracks nearly 15 percent of U.S. online transactions and drives $2 billion in sales annually in referred sales online for computing products, appliances, consumer electronics, toys and other goods.
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