Google confirmed Wednesday that it has agreed to
acquire a startup for an undisclosed sum, two days after the Internet giant's
name was used in a fake acquisition announcement.
Google (GOOG) will purchase online coupon startup Incentive Targeting, an online
coupon service that allows companies that sell groceries and consumer products
to offer deals directly to consumers and accurately measure their return on
investment.
"As part of Google, we will have the resources and expertise to continue
the transformation of couponing from a way to give discounts to a way to build business," the Cambridge, Mass.-based company
said on its website in announcing the acquisition.
Google verified Incentive Targeting's announcement, an important step
after a hoax news release Monday claimed the Mountain View company purchased a
Wi-Fi hotspot company for $400 million. Several technology-focused blogs and
The Associated Press reported that acquisition, of Rhode Island-based ICOA,
before it was found to be untrue.
"We look forward to working with Incentive Targeting in our ongoing efforts to help consumers save time and money and enable
retailers deliver relevant discounts to the right customers," a Google
spokeswoman said in an email.
Mike Dudas, an executive Google's mobile commerce division, said on
Twitter that his company will utilize Incentive Targeting "to power highly
targeted manufacturer and private label coupon programs."
Google did not announce a purchase price or any other details of the
move.
Google stock moved higher Wednesday, with shares selling for $677.51 at 9
a.m. Pacific time, the end of the morning session on Wall Street, which
represented a gain of 1 percent from Tuesday's closing price.
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