Google (NASDAQ: GOOG ) acquired Channel Intelligence -- an online marketing service -- for $125 million in cash on Wednesday. As one of ICG Group's (NASDAQ: ICGE ) consolidated companies, Channel Intelligence has helped companies from Target to Best Buy drive $2 billion in online sales annually, through its product search engine, where-to-buy, and Facebook Platform technologies. The company also tracks around 15% of U.S. transactions online. All in all, the acquisition is expected to help merchants and users sell and buy on Google Shopping.
In return, the ICG Group will receive $125 million in cash. When the deal is completed in the first quarter of 2013, the company will receive around $60.5 million.
CEO of ICG Walter Buckley said of the transaction:
The sale of CI to Google is a testament to the quality of its technology and its strong team led by ICG President, Doug Alexander, who positioned the company to succeed in the rapidly growing e-marketing industry....As drivers and architects of CI's growth and success, we are very pleased with this outcome.