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Google Inc. (NASDAQ:GOOG) officials announced Thursday that the Internet giant has signed a definitive agreement to acquire flight information software company ITA Software, Inc. for $700 million in a cash deal, subject to closing conditions. The deal will allow Google to develop flight search tools for users to locate online flight information more easily. "ITA's very talented team has created an impressive product to organize flight information," said Google chairman and CEO Eric Schmidt. "Their technology opens exciting possibilities for us to create new ways for users to more easily find flight information online, and we're looking forward to welcoming them to Google." "It is a privilege to work with a most skilled and dedicated team to build innovative technologies that people use every day," commented ITA Software's CEO and president Jeremy Wertheimer. "We are all looking forward to continuing and expanding our efforts as part of Google." Shares of Google closed Thursday's trading day at $439.49 on volume of 3.48 million shares, versus the average volume of 3.15 million shares.

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