Google CEO says looking to buy smaller firms

Google Chief Executive Eric Schmidt attends a news conference in Beijing in this March 17, 2008 file photo. REUTERS/Grace Liang

SAN FRANCISCO (Reuters) - Google is looking to buy smaller technology companies to enhance its technology portfolio, Chief Executive Eric Schmidt said in an interview with the Fox Business network on Tuesday.

Schmidt said Google plans to focus on the cloud, mobile, and open source distribution of software in the next year.

“We have been (looking to acquire),” Schmidt said. “We have been wandering around looking at all of the different companies. With the big ones we haven’t come across anything we’ve particularly liked. We are definitely talking to a number of smaller companies but we’ve done that routinely.”

“We primarily look for technology. It’s a typical build versus buy. How long does it take us to build it with our engineers, versus there are already engineers in this other company that have built this thing.”

The chief executive’s statements come as the Internet search giant’s growth slows from double digit percentages amid global economic turmoil and a sharp, industry-wide decline in advertising.

Reporting by Clare Baldwin; Editing Bernard Orr