Internet search technology vendor Inktomi has signed an agreement to buy Ultraseek, a subsidiary of Walt Disney's Internet portal, Go.com.
Inktomi says it will pay $3.5 million in cash and $341.2 million in its common stock for Ultraseek, which provides customizable search and navigation software for enterprises. Of the total sum, Go.com will receive $317.5 million, according to Inktomi. Subject to regulatory conditions, the deal should close in the September quarter.
The acquisition will let Inktomi offer enhanced search technology for corporate intranets and extranets, Inktomi President and CEO David Peterschmidt said.
Go.com's decision to sell Ultraseek is part of its strategy to concentrate on using Disney's creative content to provide consumer entertainment, information and services over the Internet, Go.com Chairman Steve Bornstein said.
Inktomi, in Foster City, Calif., can be contacted at 650-653-2800, or at www.inktomi.com/.Disney's Go.com, in Burbank, Calif., can be reached at 818-623-3200, or at www.go.com/.
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