Google announced on Thursday that it is acquiring flight information software company ITA for $700 million in cash. Based in Cambridge, ITA mines flight data and presents it in a polished form suitable for online viewing. Google will add to its repertoire of services by integrating this flight data into its online search engine. Google also states that it will honor all service agreements with ITA’s current customers which include Kayak, Orbitz, and Bing. Despite this assurance of openness, Google now owns a big chunk of the online travel business, so expect the deal to get a close look from regulators.

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