Overture Completes Acquisition of FAST's Web Search Unit

Apr 22, 2003


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Overture Services, Inc., has completed the acquisition of the Web search unit of Fast Search & Transfer (FAST), a developer of enterprise search and real-time filtering technologies. This acquisition, combined with Overture's previously announced plan to purchase the business of Web search pioneer AltaVista Company, is intended to strengthen Overture's role in commercial search. The acquisition of AltaVista is expected to close before the end of April. In accordance with the terms of the acquisition agreement as announced on February 25, 2003, Overture acquired FAST's Web search unit for $70 million in cash. The transaction provides for a performance-based cash incentive payment of up to an additional $30 million over three years. Through the combination of FAST's Web search unit and AltaVista, Overture expects to offer a full suite of paid placement, paid inclusion, and algorithmic Web search products and services for syndication to portals, ISPs, and other search destination sites. Additionally, Overture's 80,000 advertisers will have increased access to new products and sources of distribution to drive targeted leads. As part of the agreement, Overture acquired AlltheWeb.com, FAST's search technology showcase Web site, which the company will use to test and experiment new approaches in search. The acquisition also will add to Overture's international presence through FAST's distribution relationships and linguistic capabilities in about 50 languages.

(http://www.fastsearch.com), (http://www.overture.com)