Google has shelled-out £37.7 million for UK based financial product comparison website BeatThatQuote.
The website was founded by London entrepreneur John Paleomylites and allows people to compare the prices and schemes offered by various financial institutions across the UK.
Google already owns a price comparison service in the US called Comparison Ads and plans to expand its presence in this sector here in the UK using BeatThatQuote. The company plans to run it independently for a while and gradually expand its sales and marketing team.
Google is most likely to incorporate the service within its UK search engine to let users compare prices directly from its platform.
This is John Paleomylites's second eight figure sale. He earlier founded an internet security firm JCP which was acquired by Sun Microsystems for £40 million, of which £10 million went into his own pocket.
“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,” Paleomylites said in a post on the website.