Press for General Catalyst

Google Inc. signed a definitive agreement to acquire ITA Software Inc., the company that revolutionized air fare shopping, for $700 million in cash. The deal requires regulatory approval.

On a telephone call with analysts and reporters, Google chief executive Eric Schmidt said airline travel and search represent a “perfect opportunity for more innovation, more investment and more interesting products.”

-ITA Software, Inc., a flight information software company, and Google Inc. (NASDAQ: GOOG) today announced that they have signed a definitive agreement for Google to acquire ITA for $700 million in cash, subject to adjustments.

“ITA’s very talented team has created an impressive product to organize flight information”

“ITA’s very talented team has created an impressive product to organize flight information,” said Eric Schmidt, Chairman and CEO of Google. “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.”

Boston’s Innovation Month is in full bloom and there is tremendous excitement in the local entrepreneurial ecosystem. We are seeing a level of startup activity that has not been seen in almost a decade, with new companies emerging in both new and old sectors: e.g. IT, Life Sciences and Cleantech.

Technology Underwriting Greater Good, an organization launched last fall by Jeff Fagnan of Atlas Venture and Hemant Taneja of General Catalyst Partners, will hand out $10,000 to one of three non-profit organizations at its first annual “Spring Fling” fundraising event this Wednesday, June 9. Bombs, techBoston, and More Than Words.