NEW YORK (AP) — Online search leader Google Inc. has agreed to buy Channel Intelligence for $125 million in cash, the companies said on Wednesday.
Channel Intelligence provides e-commerce services to companies such as Target, Philips, Hewlett-Packard and Best Buy. Private equity firm ICG Group, which owns part of Channel Intelligence, said it expects proceeds of about $60.5 million from the deal.
"We think Channel Intelligence will help create a better shopping experience for users and help merchants increase sales across the Web," Google said in a prepared statement.
The deal is expected to close by the end of March.
Shares of ICG rose 49 cents, or 4 percent, to $12.63 in afternoon trading. Google's shares rose $2.38 to $768.12.