(Hat Tip: Globes Online, TechCrunch)
In a bid to claim its stake in the global advertising pie, Time Warner's AOL has agreed to snap up Israel's Quigo for a rumored $340 million.
(Reuters) AOL said on Wednesday it would buy Internet advertising technology company Quigo to bolster its ad force and make it more competitive with Google Inc and Yahoo Inc.
A source familiar with the matter said the purchase price was about $340 million. AOL, a unit of Time Warner Inc, did not disclose financial terms. [...]
"I expect it to begin to add to growth in 2008," [AOL Chief Executive Randy Falco] said, referring to AOL's online advertising growth, which is a big concern among investors. Ad growth slipped to 16 percent in the second quarter and 13 percent in the third quarter, from 40 percent levels earlier.
Quigo is probably one of the few ad companies that could actually pose a threat towards Google.
AOL's purchase could help give Quigo a wider audience, as well as give AOL the means to actually take on the Internet Goliath.
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