Google is taking a step towards advancing its e-commerce business, by purchasing London-based Rangespan, which has developed a unique tech that helps retailers forecast products and services that will be high in demand in the future.
A message on Rangespan’s website confirmed the buyout today. “We are very happy to announce that Rangespan is joining Google,” the company wrote. “We will continue to work on services for shoppers and retailers at Google, and we’re super excited about the opportunities to come. As part of the change, we will wind down Rangespan’s services. We’ve already begun working individually with each of our retailers and suppliers on this process.”
As a result of this purchase, Rangespan will shutter its services and fall directly into Google’s fold. Historically the company has used data from multiple sources to help retailers identify the best products and partners for their needs.
Rangespan’s vast understanding of retail trends had the potential to increase its partners’ sales. Now under Google, the company’s research could be used to further the search giant’s retail push with platform’s like its Google Shopping service.
The terms of the deal between Google and Rangespan have not been disclosed, however in December, 2012, the startup managed to raise $5 million after a round of funding from Octopus Investments.