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Google buys BeatThatQuote.com

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Google has made its third UK acquisition in the last 12 months, buying BeatThatQuote.com for £37.7m.

BeatThatQuote.com is a smaller, less annoying, financial product price comparison site rivalling Go Compare and Compare the Market. It was sold yesterday by its founder John Paleomylites for £37.7m despite posting a £2m loss last year.

This is Google’s fourth purchase in the UK in the last 12 months: Google’s other acquisitions include PlinkArt (April 2010), SimplifyMedia (May 2010) and Phonetic Arts (December 2010).

This acquisition is interesting from Google’s point of view, highlighting Google’s ambitions in the price comparison market. It is thought that Google will run BeatThatQuote.com as a standalone brand, however, building its marketing and distribution reach through tie-ups with Google.

“We’re confident that by combining BeatThatQuote.com’s expertise in UK financial products with Google’s technology, we’ll accelerate innovation in this field,” says BeatThatQuote.com founder John Paleomylites. “We plan to keep working with our current partners and look forward to working with new ones, too.”

This is John Paleomylites’ second bit web success after he sold his startup internet security firm JCP to Sun Microsystems in 2000 for £40m.

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