Fast Search & Transfer sounds like a generic attribute but in fact it is the name of Norwegian-based provider of enterprise search solutions and Microsoft wants it:
Microsoft Corp. (Nasdaq “MSFT”) today announced that it will make an offer to acquire Fast Search & Transfer ASA (OSE: “FAST”), a leading provider of enterprise search solutions, through a cash tender offer for 19.00 Norwegian kroner (NOK) per share. This offer represents a 42 percent premium to the closing share price on Jan. 4, 2008 (the last trading day prior to this announcement), and values the fully diluted equity of FAST at 6.6 billion NOK (or approximately $1.2 billion U.S.). FAST’s board of directors has unanimously recommended that its shareholders accept the offer. In addition, shareholders representing in aggregate 37 percent of the outstanding shares, including FAST’s two largest institutional shareholders, Orkla ASA and Hermes Focus Asset Management Europe, have irrevocably undertaken to accept the offer. The transaction is expected to be completed in the second quarter of calendar year 2008.
More details on FAST:
FAST, which was founded in 1997, 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 ‘FAST’ on the Oslo Stock Exchange. 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 http://www.fast.no/.
Looking over FAST’s financial reports, Microsoft is clearly paying a hefty premium on earnings, but presumably they feel it is worth it to enhance their enterprise search offerings based on SharePoint. It won’t do anything for the consumer search business though.