updated 02:36 pm EST, Wed February 6, 2013
Company has been working with Google for years
Internet software and service incubator ICG Group has announced that Google is acquiring its partly-owned marketing division, Channel Intelligence. The deal is worth $125 million in cash, with ICG Group being paid $60.5 million for its stake in the company. The deal expected to close some time late in the first quarter.
Channel Intelligence is a search engine optimization company, tailored to increasing clients' ranking on Google and other similar search engines. The company reports that it has "developed a technology to help merchants maximize sales and return on ad spending with Product Listing Ads, which has become an increasingly important channel for merchants."
The company was also a featured Google Shopping partner at the service's launch. A blog post at Channel Intelligence's website reiterates that they've been working with Google for years, and "look forward to the great things we will be able to do together."
Google said in a statement regarding the acquisition that "we want to help consumers save time and money by improving the online shopping experience. We think Channel Intelligence will help create a better shopping experience for users and help merchants increase sales across the web."