Microsoft To Buy Norwegian Search Firm Fast Search & Transfer For £623 Million
By Dianne See Morrison - Tue 08 Jan 2008 03:56 AM PST
Microsoft (NSDQ: MSFT) will buy Norwegian web search software firm Fast Search & Transfer in a deal that values the company at 6.6 billion kroner (£623 million), reports Bloomberg. The software giant will pay 19 kroner (£1.79) for each Fast share.
Fast Search is currently unprofitable and has struggled in the past year to stay afloat. It reported a 536 million kroner (£51 million) loss in the third quarter, and a 139 million kroner (£13 million) loss in the second quarter. In August it cut jobs and restructured the company, and has been focusing lately on mobile search. It formed a joint venture with Japanese internet service company Rakuten to provide mobile search and advertising services in Japan. In December it launched an enhanced mobile search platform that also includes personalization and recommendation technology. Microsoft expects the transaction to be completed in the second quarter of 2008.
Posted in: Companies, Microsoft, Countries, Europe, Mobile, Technologies, Search, Norway
