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Google Inc. announced in a press release Thursday that it has agreed to acquire Boston-based ITA Software Inc. for $700 million in cash, subject to adjustments.
ITA has been around since 1996, providing back-end software for airlines, ticketing companies and travel websites, designed to search for tickets based on parameters like time and price.
ITA was basically bootstrapped until January 2006, when the company took $100 million in venture financing from Battery Ventures, General Catalyst Partners, PAR Investment Partners, Sequoia Capital and Spectrum Equity.
In a conference call with analysts and media, Google CEO Eric Schmidt said the company plans to build new flight-search tools focused on reaching the consumer directly. Google does not plan to go into the ticket sales business, he said.
However, the deal, which was first rumored in an April news report, is expected to raise regulatory concerns over consolidation of web search under Google’s roof and the creation of an 800-pound gorilla in online travel.
Jeremy Wertheimer, president and CEO of ITA Software, was named a Mass High Tech All Star in 2002.
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