Fast Search & Transfer (FAST) and Overture Services, Inc. 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 (USA) and London (UK). In addition, the FAST Internet business unit personnel will transfer to Overture. Overture has also licensed FAST Data Search. The agreement is subject to standard review and regulatory processes, which the two companies anticipate will be completed by April 2003. FAST will now focus on their enterprise search solutions, which is where most of their revenue has come from. www.fastsearch.com
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