Google has announced that it is set to acquire Channel Intelligence, an e-commerce company. The deal will take place for $125 million, and is set to be finalized during this quarter. Channel Intelligence deals with product promotion, having worked with big names like Best Buy and Target, and is said to track almost 15-percent of US-based online sales.
Channel Intelligence is part of the ICG Group, which works with companies in the service and cloud-based software sectors. Meanwhile, Channel Intelligence offers CI Boost, a variety of services, including Facebook Platform and Product Search. In addition to ICG, Channel Intelligence is also owned by Aweida Capital.
Said ICG's CEO Walter Buckley: "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."
In addition to tracking almost 15-percent of online sales, Channel Intelligence is said to be responsible for just under $2 billion in annual online sales in the United States. The online sales concern a wide array of products, including toys, appliances, consumer electronics, and home improvement items.