Fast Search & Transfer, a developer of search technologies, has announced its agreement to purchase selected assets of Convera Corporation, a provider of information retrieval solutions. Under the terms of the signed agreement, FAST will acquire the assets of Convera's RetrievalWare business, which supports a range of programs at government agencies and commercial enterprises. The acquisition is priced at $23 million.
Convera and FAST have also announced that Convera has licensed FAST Ad Momentum, a private-label contextual advertising and monetization platform developed with the support of online publishers. FAST Ad Momentum will be integrated with Convera's hosted vertical search solution and its Publisher Control Panel. Expected to close in the second quarter, the acquisition is limited to Convera's RetrievalWare business. Convera will continue to trade under the NASDAQ symbol CNVR.