Google buys Channel Intelligence for $125 million
The transaction, which is subject to customary closing conditions, is expected to be completed in the first quarter of 2013. 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. 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," said Doug Alexander, CEO of Channel Intelligence and president of ICG.
Relied upon by companies such as Target, Philips, HP, Neiman Marcus, Best Buy and Kimberly-Clark, CI tracks nearly 15 percent of US transactions online and drives $2 billion in sales annually in referred sales online. ■