Google has acquired UK price comparison site BeatThatQuote.com, a site focused on personal finance products. This is Google's fifth major acquisition of the year.
A post on BeatThatQuote.com's site by Managing Director John Paleomylites announced the deal today:
BeatThatQuote.com today was sold to Google for GBP37.7 million. We think this deal is a tremendous opportunity for our company to develop new and innovative options for personal finance in the UK.
Our team is excited about becoming a part of Google. We look forward to working with their engineers to create new tools making it easier for consumers to choose the right financial products. We think we can offer more transparency and better pricing information than existing online offerings.
We are confident that by combining BeatThatQuote.com's expertise in UK financial products with Google's technology, we'll accelerate innovation in this field, benefiting consumers and the companies offering these products. We plan to keep working with our current partners and look forward to working with new ones, too.
In 2006 the company posted revenues of roughly £8 million (roughly $13 million U.S.). Should be interesting to see if this gets regulatory scrutiny.
Google has previously tested mortgage comparison ads. One of BeatThatQuote's focuses is mortgage rate comparison, as well as loans, credit cards, and insurance.
Further proof that after acquiring 48 companies last year, a company record, Google will "continue to be aggressive" this year in targeting "small start-ups that can be a source of new technology, talented engineers and revenue," as David Lawee, Google's vice president of corporate development, told The Wall Street Journal.