FAST has agreed to purchase the assets of Convera's RetrievalWare business for $23 million in cash.
Under the terms of the agreement, FAST will retain Convera professionals serving its enterprise search customers. The deal enables Convera to focus its technology and professional service resources on the rapidly growing vertical search market serving specialist publishers. The acquisition is subject to customary closing conditions and is expected to close in the second quarter.
Convera and FAST have also announced that Convera has licensed FAST Ad Momentum, 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, which enables publishers to directly manage and improve the search experience for their professional communities and pursue search-based revenues for their Web sites.