Fast Search & Transfer, a developer of search technologies, has announced it has signed a definitive agreement to acquire Platefood Limited. Platefood Limited was originally set up as a joint investment in 2005 by Schibsted S0K AS, Sensis Pty, and FAST to offer online search services and search-based advertising solutions to media and online directories companies.
FAST has acquired all the remaining shares in Platefood Limited including 19.99% from Schibsted S0K AS and 61.01% from Sensis Pty Ltd for EUR 8,100,000 in cash. FAST owned 19% prior to this transaction. The deal closed November 27, 2006, and FAST is accounting for the transaction using the purchase method. Platefood will be included in the consolidated financial statements of FAST from the acquisition date. FAST intends to consolidate the Platefood business into its current operations to capitalize on the market for search-based monetization solutions. Platefood Performance, a search monetization and advertising solution for selling, managing, and delivering pay-for-performance advertising, leverages FAST's Enterprise Search Platform (ESP) to offer a flexible solution. Schibsted and Sensis will continue as customers of the Platefood monetization solution.
As part of the agreement, FAST will assume all employees of Platefood, the majority of which are located in London. FAST will continue to offer full support and maintenance to Platefood customers without interruption.