Alphabet Inc. (NASDAQ:GOOG) buys Irish tech firm Pointy for reported $163m
Irish retail technology firm Pointy is to be bought by Google.
Neither company has disclosed the value of the deal, but sources confirmed the accuracy of a TechCrunch report that Google will pay around $160m.
Set up six years ago, Pointy makes software that enables small bricks and mortars retailers to put their stock online, without the need for a full e-commerce system.
In a blog post on Pointy’s website, the company’s founders Charles Bibby and Mark Cummins said the transaction is expected to close in the coming weeks.
“Over the past several years we’ve developed a very close partnership with Google,” they said.
“It became clear that we shared the same vision of how technology can improve local retail businesses. So today is a natural next step in our journey,” the blog said.
“By joining forces, we will be able to help people discover local stores and products on a much larger scale. We think this is the right way to accomplish what we set out to do – to bring the world’s retailers online and give them the tools they need to thrive,” it added.
The two men described the past six years as an “incredible adventure” and added that they were proud to have served local retailers in almost every city and every town in the US and Ireland.
Google said it has long been committed to helping small businesses grow and thrive online and Pointy has been one of its key partners in recent years.
It added that the Irish firm had helped thousands of local merchants display their product data within Google.
“We’re looking forward to working with Pointy to help even more local retailers bring their product inventory online,” the company said.
Pointy’s technology works by connecting to a shop’s barcode scanner which in turn is connected to Pointy’s website, bringing the products online.
Products also then appear in search results.
Pointy has raised over $19m in three rounds of funding since it was established, from well-known investors such as Polaris Partners, Frontline Ventures and Vulcan Capital.
“Pointy’s vision is to make the world’s offline products searchable for consumers – and empower merchants to become ‘smart retailers’,” said Frontline Ventures Partner, Will Prendergast.
“Post acquisition, Google will continue rolling out the Pointy technology, to further enhance the local consumer experience – and empower local retailers to be more efficient, and more profitable,” he added.
This is Mark Cummins second successful acquisition to Google.
Mark sold his previous startup, a visual search engine called Plink, in 2010.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 1,336.73.
The projected upper bound is: 1,476.56.
The projected lower bound is: 1,408.46.
The projected closing price is: 1,442.51.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend. It then signifies that the momentum may be shifting from the bears to the bulls.
If the engulfing bullish pattern occurs during an uptrend (which appears to be the case with ALPHABET INC C), it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 88.8335. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 13 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 74.43. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 19 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 98. This is not a topping or bottoming area. The last signal was a sell 0 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 7 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed up 8.320 at 1,439.200. Volume was 5% below average (neutral) and Bollinger Bands were 71% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,407.88 1,340.98 1,219.54
Volatility: 18 16 29
Volume: 1,515,916 1,321,474 1,401,080
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
ALPHABET INC C is currently 18.0% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of GOOG.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on GOOG.O and have had this outlook for the last 26 periods. Our momentum oscillator is currently indicating that GOOG.O is currently in an overbought condition.