Combination Will Create New Opportunities for Russian Users, Publishers and Advertisers
MOUNTAIN VIEW, Calif. (July 18, 2008) – Google (NASDAQ: GOOG) announced today that it has signed an agreement with Rambler Media to acquire ZAO Begun ("Begun"), a leading Russian context advertising service, for $140 million, subject to customary adjustments. This agreement emphasizes Google’s commitment to improving the service it offers users, partners and advertisers in Russia, where digital advertising is currently experiencing rapid growth.
The acquisition of Begun will give advertisers access to a broader network of sites to advertise on, and publishers will benefit from a wider set of adverts to run on their sites. Users will see more relevant advertising across a much wider set of websites. Google will bring its advertising expertise and experience to Begun’s network of websites.
"Google is very committed to giving Russian users, advertisers and partners the best possible service and experience," said Mohammad Gawdat, Managing Director Emerging Markets, Google. "This agreement will result in better search results and more relevant advertising for our Russian users and publishers."
“Begun is an excellent business which can fully develop its potential under Google’s ownership," said Mark Opzoomer, Chief Executive Officer of Rambler Media. "Google has the technological and financial capacity to improve Begun’s established advertising service in Russia."
"The entire industry will benefit from this transaction as there is a high potential for synergies," said Alexey Basov, General Director of Begun "It brings together Google’s visionary technology and Begun’s six years of successful experience in building advertising and dealer networks and direct sales in Russia."
The transaction remains subject to customary closing conditions and receipt of applicable regulatory approval and is expected to close in the third quarter of 2008.
About Google Inc.
Google’s innovative search technologies connect millions of people around the world with information every day. Founded in 1998 by Stanford Ph.D. students Larry Page and Sergey Brin, Google today is a top web property in all major global markets. Google’s targeted advertising program provides businesses of all sizes with measurable results, while enhancing the overall web experience for users. Google is headquartered in Silicon Valley with offices throughout the Americas, Europe and Asia. For more information, visit www.google.com.
Contacts:
Jon Murchinson
Media
650.253.4437
jonm@google.com
Alla Zabrovskaya
Media
+7 (495) 644-1587
azabrovskaya@google.com
Krista Bessinger
Investors
650.214.5825
kbessinger@google.com
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