Channel Intelligence partners with brands and retailers to help consumers find and buy products online, however it also tracks online retail sales across verticals to understand shopping behaviour and to monitor the success of its clients’ marketing activity.

A Google spokesman told tech site Mashable: “We think Channel Intelligence will help create a better shopping experience for users and help merchants increase sales across the web.”

The deal was announced by Channel Intelligence’s co-owner ICG Group, which is due to receive $60.5m from the sale. The other co-owner, Aweida Capital Management, is likely to receive the remainder of the proceeds.

Channel Intelligence is led by CEO Doug Alexander, who is also president of ICG. Channel Intelligence founder Robin Wright is chairman of the business. He said: “Our vision for Channel Intelligence started with the desire to simplify the online shopping experience. Under the leadership of Doug and ICG, [the company] greatly enhanced its value proposition to its customers and partners. I am proud to see our vision executed to this great outcome.”