Google shares news: Tech giant acquires AI start up, Onward

Google shares closed lower in the US ahead of news it has acquired AI startup Onward.

Google shares news: Tech giant acquires AI start up, Onward

Onward builds tools for businesses who wish to create automated workflows. The deal will see the Onward team join Google, but no terms have been shared.  

Google shares ended the US Tuesday trading session 0.07% lower at $1,207.64. The stock is currently a little higher in out-of-hours activity.

Google’s new acquisition

Onward announced the news its website and said they’re excited to join the Google team.

“We’re thrilled to announce that Onward is joining Google!,” the company said in a statement.

“At Onward, we’re focused on transforming the way people communicate with computers. Back in 2015, we were amazed by the rapid advancements in artificial intelligence — particularly in natural language processing and machine learning — and were convinced there was real opportunity to put those technologies to work,” the business said.

“Today, we’re announcing the next step on that journey — Onward is joining the Google family! With Google, we’ll be able to expand the reach of the technologies that power Onward. These core technologies are what got us excited in the first place, and we are excited to bring them to Google,” Onward added.

Google’s head of advertising quits

Separately, Google’s head of advertising, Sridhar Ramaswamy, is leaving the firm to join venture capital firm, joining Greylock Partners.

Ramaswamy will be replaced by Prabhakar Raghavan, who was previously the vice president of engineering for Google's Cloud apps.

“I have been extremely privileged to have spent the past 15 years at Google, where I focused on starting and scaling new businesses and platforms,” Ramaswamy said.

Welcoming Raghavan into his new role, Alphabet’s CEO, Sundar Pichai said: “I’ve worked with Prabhakar over many years now and can think of no better person to lead our monetization efforts.”

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