Why did Google buy Channel Intelligence for $125 million?
ICG Group announced that it has agreed to sell its retail sales tracker “Channel Intelligence” to the search giant Google for $125 million in cash. Channel Intelligence, e-commerce-solutions company, was a launch partner with Google Shopping.
Google is one of the best tech companies when it comes to innovation in online services and software products, it’s not clear, however, what Google has planned for Channel Intelligence?
Google has a tremendous opportunity in front of it!
Company claims it tracks almost 15% of all U.S. based online transactions and helps drive $2 billion in annual sales in online recommendations – designed to boost the sale of products online. Channel Intelligence, owned by ICG Group Inc. (ICGE) and Aweida Capital Management, is active globally in 31 countries, working with 850 retailers like Target Corp., Best Buy Co. and Kimberly-Clark Corp.
Channel Intelligence announced the news on on twitter and in a post on its blog. “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,” the company said. “We’ve worked with Google for years, and look forward to the great things we will be able to do together.”