US e-commerce Company Channel Intelligence has announced that it has entered into an agreement to be acquired by Internet search giant Google.
San Francisco: US e-commerce Company Channel Intelligence has announced that it has entered into an agreement to be acquired by Internet search giant Google.
"For over 10 years, we have focused on making it easy for consumers to find and buy products online and help our clients grow their business. We've worked with Google for years, and look forward to the great things we will be able to do together," Channel Intelligence said Wednesday in a blog posted on its website, reported Xinhua.
In a separate press release, ICG Group, Channel Intelligence's parent company, said that Google has agreed to pay $125 million in cash and the deal is expected to be completed in the first quarter of 2013.
Headquartered in Orlando in the US state of Florida, Channel Intelligence provides technology to other companies to drive product sales online.
According to information posted on its website, Channel Intelligence has been working with over 850 retailers worldwide and drives 2 billion dollars in sales online annually in computing, home improvement, appliances, consumer electronics, toys and other goods.
The purchase is seen as Google's latest efforts to strengthen its e-commerce business.
"We think Channel Intelligence will help create a better shopping experience for users and help merchants increase sales across the web," a Google spokesperson was quoted by technology news site CNET as saying.