Google announced an agreement to acquire ITA Software, a Cambridge, Massachusetts flight information software company, for $700 million, subject to adjustments.

• Google’s acquisition of ITA Software will create a new, easier way for users to find better flight information online, which should encourage more users to make their flight purchases online.

• The acquisition will benefit passengers, airlines and online travel agencies by making it easier for users to comparison shop for flights and airfares and by driving more potential customers to airlines’ and online travel agencies’ websites. Google won’t be setting airfare prices and has no plans to sell airline tickets to consumers.

• Because Google doesn’t currently compete against ITA Software, the deal will not change existing market shares. We are very excited about ITA Software’s QPX business, and we’re looking forward to working with current and future customers. Google will honor all existing agreements, and we’re also enthusiastic about adding new partners.