Overture Buys FAST's Internet Business Unit

Feb 28, 2003

Fast Search & Transfer (FAST), a developer of search and real-time alert technologies, and Overture Services, Inc., a provider of pay-for-performance search to Internet portals and Web sites, have entered into an agreement under which Overture will acquire FAST's Internet business unit for $70 million in cash, as well as performance-based cash incentive payments for up to $30 million over three years. Under the terms of the agreement, Overture will acquire FAST's Internet business unit assets including FAST Web Search, AlltheWeb.com, and FAST PartnerSite products, related intellectual property rights, as well as data centers and equipment in Sacramento and London. In addition, the FAST Internet business unit personnel will transfer to Overture. The agreement is subject to standard review and regulatory processes, which the two companies anticipate will be completed by April 2003. Overture has also licensed FAST Data Search. This news comes one week after Overture announced its acquisition of search engine, AltaVista, for $140 million in cash and stock.