Google Buys BeatThatQuote.com for £37.7m
Google has acquired UK price comparison site BeatThatQuote.com for £37.7m.
The company's managing director John Paleomylites owns 90 per cent of the online property, which was founded in 2005.
John Paleomylites, the managing director of BeatThatQuote.com, said: "This deal is a tremendous opportunity for our company. By combining our expertise in UK financial products with Google's technology, we'll accelerate innovation in this field. We think we can offer more transparency and better pricing information than existing online offerings."
The north London-based outfit competes with other price comparison sites such as Confused.com, Compare the Market and Go Compare, but is a much smaller, lesser-known company than its TV ad-heavy rivals.
In the year ended 31 January 2010, BeatThatQuote.com saw turnover of £8.5m and a loss of more than £2m. Accounts for the company's year ended 31 January 2011 were not available via Companies House.
The acquisition comes after BeatThatQuote.com's rival comparison website Confused.com reported a profit slump of 34 per cent as it lost audience share to GoCompare.com and CompareTheMarket.com.
It's thought that Google has invested in the business to help bump up Mountain View's so far limited credit card and insurance offerings in the UK.
Google runs its Comparison Ads service in the US, and clearly wants to give customers a similar offering on this side of the pond, too.
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