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.
Distributed by MCT Information Services
Most Popular Stories
- 5 Potential Snags to the Bipartisan Budget Deal
- Phil Pustejovsky's Relief Real Estate Offers Seminars in Daytona Beach
- Sonoma Growers Win Emerald Cup Cannabis Competition
- Rubio Offers Endorsements, Cash to 2014 GOP Candidates
- Legal Dope in Uruguay Breaks International Law, Says Buzzkill U.N.
- GM Plant Tackles Tough Waste Challenge
- Cantor Fitzgerald Settles Suit
- Pope Removes U.S. Archbishop from Powerful Post
- 'New Rich' May Be Barrier to Bridging Income Gap
- Researchers Question Effectiveness of Vitamins