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The video-search startup Baarzo has something that Google is willing to pay for.

Reports today from TechCrunch and others say that the two companies have been in talks and that a deal has now been reached.

Baarzo says what Google wants from it is “true video search,” which looks for specific events in videos — like a dramatic reveal, a runback for a touchdown, or a stunning World Cup goal.

Here’s how the company describes its service at its website:

“Unlike Google or YouTube searches, which only evaluate the text around the video, the Baarzo search technology actually analyzes the video content, recognizing hundreds of thousands of objects and millions of faces, and locates the precise moment in the video when the search objects interact in the way you had specified.”

The technology apparently works, or else Google would never have come so far down the road to an acquisition.

Google executive chairman Eric Schmidt reportedly saw a demo of Baarzo’s technology at Stanford’s business graduate school.

Baarzo lists two individual angels at its AngelList page. The company lists Sun Microsystems cofounder Scott McNealy as an adviser.

We’ll have more on this story after formal announcements are made.

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