Google Buys Channel Intelligence
Google has acquired one of ICG Group's consolidated companies, Channel Intelligence. ICG received approximately $60.5 million of cash for the transaction. A portion of ICG's proceeds were placed in escrow to satisfy potential indemnification claims under the purchase agreement. Channel Intelligence helps marketers perform online with its CI Boost services: Facebook Platform, Where-to-Buy, Product Search Engines and Shopping Engine solutions. Companies such as Target, Philips, HP and Neiman Marcus, Best Buy and Kimberly-Clark use the service. CI says it tracks nearly 15% of U.S. transactions online and drives $2 billion in sales annually in referred sales online.