Fast Search & Transfer, the leading developer of search technologies, today announced it has signed a definitive agreement to acquire Platefood Limited. Platefood Limited was originally set up as a joint investment in 2005 by Schibsted SØK AS, Sensis Pty and FAST to offer online search services and search-based advertising solutions to media and online directories companies. As the market opportunity for online advertising solutions significantly expanded over the last year, Platefood's business model shifted to a software-centric market, making FAST the logical partner to maximize the market opportunity and take Platefood to the next level.
"We entered into this venture because we believed in the potential of the Web search services market," said Knut Falchenberg, vice president of electronic media for Schibsted. "We unanimously acknowledged that FAST, an established search solution provider with distribution, reach, and focus on media and entertainment customers globally, is best positioned to capitalize on the growing and more dynamic market for search-based monetization solutions."
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