Google is continuously trying to improve its e-commerce business and its latest acquisition should give it a nudge in the right direction. The search giant bought e-commerce solution provider Channel Intelligence for $125 million in an all-cash deal.
Channel Intelligence is active in 31 countries and it offers a wide range of e-commerce services.
The company has been a partner of Google Shopping for years and the two outfits worked together on Return on Ad Spend (ROAS) and Product Listing Ads (PLA) products. In addition, Channel Intelligence offers a range of free services, including Facebook integration and product search widgets and an e-commerce back end, dubbed Shopping Engine.
Channel Intelligence announced the deal on its website, adding that all of its services will be available for years to come. The company has been around since 1999 and it tracks about 15 percent of all online transactions in the US. It is behind $2 billion in sales through referrals every year.
ICG group announced Wednesday that the transaction should be finalized in the first quarter of 2013. ICG is expected to realize $60.5 million in connection with the transaction.
“Building upon the perseverance and strong foundation laid by CI’s founder Rob Wight, I am extremely proud of the work we accomplished at CI,” said Doug Alexander, CEO of CI and President of ICG. “With the talent and hard work of the entire CI team, we successfully navigated a very complex marketplace, ending a record year that culminated in this very exciting acquisition.”
Wright said he is thrilled to see the recognition of CI’s value. He said the company’s vision was to simplify the online shopping experience and that he is very proud to see the vision executed to such a “great outcome.”