25 February 2003

Just how deep are Overture's pockets?

Fast Search & Transfer™ (FAST), and Overture Services, Inc. today announced that 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.

It's surprising news, given Fast's recent agreement in Europe to carry Espotting PPC listings on European properties.

The agreement is subject to standard review and regulatory processes, which the two companies anticipate will be completed by April 2003.

In addition, Overture has licensed FAST Data Search™.

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