Google searches for greater role in retail
RADNOR, Pa. — Search giant Google has agreed to buy Channel Intelligence for $125 million, allowing to expand its role in the retail space.
A division of ICG Group, Channel Intelligence claims to count Target, Best Buy and other large retailers and brands that rely on its marketing services to drive sales.
ICG is expected to realize approximately $60.5 million in connection with the transaction. A portion of ICG's proceeds will be held in escrow and will be subject to potential identification claims. ICG does not expect to owe any income taxes in connection with the transaction.
"Building upon the perseverance and strong foundation laid by CI's founder Rob Wight, I am extremely proud of the work we accomplished at CI," said Doug Alexander, CEO of CI and president of ICG. "With the talent and hard work of the entire CI team, we successfully navigated a very complex marketplace, ending a record year that culminated in this very exciting acquisition."