Google Spent $291 Million on Acquisitions First Quarter
Google Inc. (GOOG), owner of the world’s most popular search engine, spent $291 million on acquisitions and assets during the first quarter as the company looked to bolster revenue and user growth.
Among the eight deals last quarter, $150 million was for patents and developed technology, the company said in a filing yesterday. In February, the company announced it agreed to buy Channel Intelligence Inc. for $125 million, adding online- marketing tools used by retailers to bolster Internet sales.
Google is stepping up purchases of companies and technology to expand beyond its core search-based advertising business. Last year, the company completed its largest acquisition, buying Motorola Mobility Holdings Inc. for $12.5 billion, adding patents and a smartphone and tablet business.
“These acquisitions generally enhance the breadth and depth of our expertise in engineering and other functional areas, our technologies, and our product offerings,” the Mountain View, California-based company said in the filing.
Separately, the Environmental Protection Agency has closed an investigation into the alleged release of refrigerant at one of its data-center facilities, as well as the accuracy of related statements and records, the company said in the filing.
In January, the company was informed by the U.S. Department of Justice that the EPA investigation, which the company learned of in 2009, had concluded, according to the filing.
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