Google has acquired the financial product comparison site BeatThatQuote.com for £37.7m. The news was first outed by the blog money.co.uk but has since been made official.
Writing on the UK company’s site, BeatThatQuote Managing Director, John Paleomylites, says that the acquisition offers the opportunity to “develop new and innovative options for personal finance in the UK” by making use of Google’s engineering muscle. Of course, like almost any Google purchase these days, the deal could raise the eyebrows of regulators, especially in regards to how it places the comparison site’s content in its search index.
With that in mind, perhaps, Paleomylites talks up the possibility to “offer more transparency and better pricing information than existing online offerings.”
Full statement after the jump…
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.
John Paleomylites
Managing Director