Not something that will come as a huge surprise to Google watchers – particularly given the amount of playing around Google has been making during recent months – however Beatthatquote.com today announced that Google were buying them to the tune of £37.7 million, small change for Google but potentially a significant sign of whats round the corner for Finance and Insurance aggregation in the UK and abroad.
This will no doubt come as a bit of a shot across the bows for the likes of Moneysupermarket, GoCompare etc who have often dominated swathes of the paid and organic real estate across a number of insurance and finance sectors over the last couple of years. More so, this would also suggest further expansion is likely in sectors with no current Google footprint. However should the ITA deal go through this would give Google a significant footprint across both Travel and Finance – and one would be a brave man to suggest that Google are not going to actively look at dominating any further sectors.
Its not so much that Beatthatquote are a massive entity, far from it if you look at the share of voice they have very little in comparison to the likes of Moneysupermarket or GoCompare. However what it does allow Google to speed up a viable entry into the sector. That said – there has been no further comfirmation of this – and one would suggest there is a high likelihood of potential legal argument against this (similar to the ITA deal) should this be formally announced.
The official annoucement on Beatthatquote.com website reads as follows:
BeatThatQuote.com today was sold to Google for GBP37.7 million. We think this deal is a tremendous opportunity for our company to develop new and innovative options for personal finance in the UK.
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.
We are confident that by combining BeatThatQuote.com’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.
As we said, final confirmation is still outstanding, but this could be a huge day for Google the the online finance sector as a whole. This does open up a whole can of worms – and one can’t help thinking there is a going to be a significant backlash from the industry itself – particularly once the full implications of the deal come to light.
Sidenote: Interesting it will be interested to see just how the Google backed ASA Guidelines deal with the paid links issue with beatthatquote.com. One I personally will be watching very closely to see whether its a case of do as i say not what i do or whether Google truly do stand up to their own principles….