- ALPHABET-A
- 23 October 2025 11:31:15
Source: Sharecast
According to Sky News, dozens of shareholders in THG Ingenuity were notified this week that the Alphabet-owned internet behemoth had agreed to invest in it through a structured equity deal.
Sources told Sky said the investment was in the form of a convertible instrument which could eventually lead to Google holding a small direct equity stake in THG Ingenuity at a valuation of $1bn (£749m) or more.
It was understood the investment forms part of a broader partnership between Google Cloud and THG Ingenuity - announced on Wednesday - aimed at combining the US company's generative AI and data analytics products with the logistics capabilities of the Manchester-based business.
THG Ingenuity said on Wednesday that the collaboration between the two will include listing its services on the Google Cloud marketplace, developing new products through the use of Google Cloud's Vertex AI and Gemini platforms, and migrating THG Ingenuity's digital infrastructure onto Google Cloud.
Maureen Costello, Vice President, UK, Ireland and Sub-Saharan Africa, Google Cloud, said: "THG Ingenuity is at the forefront of revolutionising digital commerce, and we are proud to collaborate with them.
"By combining Google Cloud’s AI and data expertise with THG Ingenuity’s global commerce and fulfilment capabilities, we are enabling brands to modernise, innovate, and create exceptional customer experiences at scale. This collaboration sets the state for long-term impact across industries."
The announcement about the companies' collaboration did not disclose the agreement about the structured equity deal.
Sky said the $1bn valuation attributed to THG Ingenuity by Google's investment is understood to represent a one times revenue multiple and 15 times earnings multiple for the current financial year.
