Google buys price comparison website for £37.7m

Google is to acquire UK price comparison website BeatThatQuote.com for £37.7m.

Beatthatquote.com enables users to compare prices on loans, insurance, mortgages, legal services and utilities.

The acquisition is aimed at widening Google's range of services and strengthening its foothold in the UK financial products market, according to the Financial Times.

The move is in line with Google's strategy of transforming itself from a search company into a media organisation with interests in television, music and publishing.

Analysts say the Beatthatquote.com acquisition will help Google build on an existing credit card comparison business in the UK. It is thought the acquisition will increase the speed and relevance of its search results.

John Paleomylites, managing director of Beatthatquote.com, said the firm looks forward to working with Google's engineers to create new tools making it easier for consumers to choose the right financial products.

"We are confident that, by combining Beatthatquote.com expertise in UK financial products with Google's technology, we'll accelerate innovation in this field, benefiting consumers and the companies offering these products," he said.