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The story is a bit inconsistent, referring to the new venture as "content management", "content marketing", and "content targeting" in different places, not to mention "contextual advertising". In short, it sounds like some key execs bailed from Sprinks after the Google acquisition and are now launching some kind of content-marketing business within Kanoodle. Kanoodle has gotten more venture capital, too.
There is also some discussion of Froogle in the article.