Google Inc.s acquisition spree continues with the purchase of software developer Jetpac Inc. as the technological giant focuses on organizing gathered information and delivering it together with ads to both PC and mobile devices users.
Google Inc. has been focused on a series of acquisitions to boost its mobile and advertising capabilities. Earlier in August Google announced the purchase of smartphone-messaging application Emu and Directr Inc., which is a video-creation service.
According to a July filing, the companys expenditures on deals over the first half of the fiscal 2014 year increased more than three times and reached $4.2 billion. Around 80% of the companys revenues are generated by online promotional activity.
Jetpac Inc. is a U.S.-based start-up, which was founded by Pete Warden and Julian Green. It has raised about 2.4 million dollars from venture capital firms and has been focused on analyzing digital pictures, having developed a photo analyzing application known as Jetpac City Guides.
The Chief Technology Officer of Jetpac Inc. and also one of its co-founders – Mr. Warden said in a tweet, which was cited by Wall Street OTC: “We look forward to working on exciting projects with our colleagues at Google. We’ll be removing Jetpac’s apps from the App Store in the coming days, and ending support for them on 9/15.”
The deal was not formally announced by Google Inc. None of the terms of the acquisitions were disclosed by either of the parties.
Google Inc. was reported to have been considering setting up a European arm of its venture capital unit. The initial capital of the divisions arm, whose goal would be to search for appealing tech start-ups, was estimated to 100 million dollars.
Google Inc. fell by 0.16% on Friday to close the session at $583.71 per share, marking a one-year change of +36.10%. The company is valued at $391.36 billion. According to CNN Money, the 43 analysts offering 12-month price forecasts for Google Inc. have a median target of $670.00, with a high estimate of $750.00 and a low estimate of $570.00. The median estimate represents a +14.78% increase from the last price of $583.71.
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