Google to nab e-commerce firm Channel Intelligence for $125M
Google has signed an agreement to acquire the company for cash and expects the deal to close in the first quarter.
Google has signed a deal to acquire e-commerce-solutions company Channel Intelligence for $125 million in cash.
Channel's parent company, ICG, announced the deal today.
Channel's technologies are designed to boost the sale of products online. The company offers a Facebook platform, product search engines, and other services created for companies looking to improve product sales. Channel, based near Orlando, Fla., claims that it "drives $2 billion in sales annually in referred sales online in computing products, home improvement products, appliances, consumer electronics, toys and a variety of other consumer packaged goods."
Google is obviously no stranger to e-commerce, offering a Shopping page and a Checkout tool for online merchants. The company said that its Channel buy should improve shopping.
"We want to help consumers save time and money by improving the online shopping experience," a spokesperson told CNET in an e-mailed statement. "We think Channel Intelligence will help create a better shopping experience for users and help merchants increase sales across the web."
ICG expects the deal to close in the first quarter.
Updated at 7:42 a.m. PT to include Google's statement.