Business Services Industry
Fast Search & Transfer ASA completes sale of Internet business to Overture Services Inc
Nordic Business Report, April 22, 2003
NORDIC BUSINESS REPORT-22 April 2003-Fast Search & Transfer ASA completes sale of Internet business to Overture Services Inc(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian search and filter technology solutions provider Fast Search & Transfer ASA (FAST) said today (22 April) that it had completed the sale of its Internet business unit to the US company Overture Services Inc.
"Fast received USD70m in cash, and is eligible to receive performance-based cash incentive payments for up to USD30m over the next three years," FAST said.
The sale of the Internet business unit, including FAST Web Search, AlltheWeb.com and FAST PartnerSite, means that FAST will focus on its enterprise search business, which has accounted for 75% of its revenues.
One US dollar (USD) is worth approximately 0.64 British pounds (GBP).
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