Fast Announces Agreement to Acquire Convera Corporation's RetrievalWare(TM) Business.Leader in Search Technology Signals Commitment to Grow Presence in Government Sector OSLO, Norway & NEEDHAM, Mass. -- Fast Search & Transfer[TM] (OSEAX: FAST.OL) (FAST[TM]), a leading developer of search technologies, today announced its agreement to purchase selected assets of Convera Corporation Convera was formed in December 2000 by the merger of Intel's Interactive Services division and Excalibur Technologies Corporation. Until 2007, Convera's primary focus was the enterprise search market through its flagship product, RetrievalWare, which is widely used within the secure (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CNVR CNVR Conveyor ), a leader in information retrieval solutions. Under the terms of the signed agreement, FAST will acquire the assets of Convera's RetrievalWare[TM] business which supports a wide range of mission-critical programs at government agencies and commercial enterprises. The acquisition, priced at $23 million, signals FAST's commitment to expand its presence primarily in the government markets. "Convera is a respected and trusted brand in government markets, particularly among U.S. Federal agencies," said John M. Lervik, FAST's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The acquisition of Convera's RetrievalWare business will enable us to deepen our relationships in the government sector, and will provide access to next generation search capabilities to Convera's vast government customer base while protecting their current investment." "We've heard from our government customers that they are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. innovative ways to better leverage their information assets," said Patrick C. Condo, President and CEO of Convera. "FAST is the right company to take government agencies to the next level. With a broad range of complementary technologies, solutions and services, FAST is prepared to deliver great and immediate value to our sizeable customer base." "FAST will continue to support Convera's RetrievalWare customers, partners and resellers worldwide," added Peter Bauert, SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul of Corporate Development at FAST. "As of this morning we are beginning our outreach effort to these organizations, and we anticipate much excitement in the government sector as a result of this agreement." Convera and FAST have also announced that Convera has licensed FAST Ad Momentum[TM], a private-label contextual advertising and monetization platform developed with the support of leading online publishers. FAST Ad Momentum will be integrated with Convera's hosted vertical search solution and its Publisher Control Panel. Expected to close in the second quarter, the acquisition is limited to Convera's RetrievalWare business. Convera will continue to trade under the NASDAQ symbol CNVR. About Convera Convera is a leading provider of search technologies for professional workers. Convera has developed a unified product platform that makes sense of vast amounts of information--wherever it resides--across multiple data formats, languages and meanings. Based on proprietary technologies that extract relevant results from public and private data, Convera enables professionals to quickly retrieve exactly the information essential for action. The Convera search platform, TrueKnowledge Platform(tm), is delivered as a hosted service, software or a bundled hardware and software package. Thousands of government and business professionals in 40 countries rely on Convera search solutions to power a broad range of mission critical applications. About FAST FAST creates the real-time search and business intelligence solutions that are behind the scenes at the world's best- known companies with the most demanding information challenges. FAST's flexible and scalable integrated technology platform and personalized portal connects users, regardless of medium, to the relevant information they need. FAST is headquartered in Norway and is publicly traded under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors 'FAST' on the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. . The FAST Group operates globally with presence in Europe, the United States, Asia, Australia, the Americas, and the Middle East. For further information about FAST, please visit www.fastsearch.com. [c] 2007 Fast Search & Transfer ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and - Fast Search & Transfer, FAST, Adaptive Information Warehouse, AIW AIW All-In-Wonder (ATI video cards) AIW APPN Implementers' Workshop AIW Allied Industrial Workers (labor union) AIW Accelerated Improvement Workshop AIW As It Were/Was AIW Iraqi Airways , AdMomentum, Impulse and Hubway are trademarks of Fast Search & Transfer ASA. The FAST logo, FAST ESP (1) (Enhanced Service Provider) An organization that adds value to basic telephone service by offering such features as call-forwarding, call-detailing and protocol conversion. , FAST InStream, FAST InPerspective, FAST ProPublish, FAST Contextual Insight and FAST Unity are registered trademarks of Fast Search & Transfer ASA. All rights reserved. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion