Google acquires for £37.7m

"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," Managing Director John Paleomylites said by way of the company's homepage.

"We are confident that by combining'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," he said.

Paleomylites founded the business in 2005 and spoke with Smarta about his business model and the two main focuses it holds. The successful entrepreneur speaks of the importance of market research and knowing your market inside and out before launching.

On Google's part, it cements an interest in the UK price comparison marketplace and could spell interesting developments from larger rivals like Compare the Market and Go Compare.

A Google spokesperson confirmed the buyout to Smarta: "We have acquired and are excited about working with their team. With their expertise and our technology, we will be able to provide new and innovative ways for consumers to find the right financial products and save money," they said.

Details are still thin on the ground but according to The Guardian, Google could run the business as a standalone brand. The search giant says it wants to keep the online comparison market simple, and so would look to keep the interface simple to entice customers.

This is Paleomylites' second successful sail, as he sold his previous start-up, JCP - an internet security software company, to Sun Microsystems in 2000 for £40m.

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