SAN MATEO (06/08/2000) - Aiming to beef up its Internet search services, Inktomi Corp. on Thursday announced its intent to acquire Ultraseek Corp. from Go.com.
As a result of Go.com's divestiture, Inktomi will gain added capabilities in its search engines that cater to the enterprise market. Ultraseek is a scalable and customizable search product for corporate Internet and intranet sites.
According to David Peterschmidt, president and CEO of Inktomi, the move will extend Inktomi's reach into the corporate search market, adding an existing customer base as well as a more rounded offering.
Inktomi will acquire 100 percent of the outstanding stock and assume all stock options of Ultraseek in exchange for $3.5 million in cash and shares of Inktomi common stock valued at $341.2 million. The transaction is expected to close in the September quarter, subject to customary closing conditions. Following closing, Ultraseek will operate under the Inktomi name with all employees of Ultraseek joining Inktomi.
The move signals a move away from the enterprise marketplace by Go.com, in an effort to focus in on the consumer market, according to Go.com Chairman Steve Bornstein. Go.com is the Internet arm of The Walt Disney Co.
Inktomi Corp., in Foster City, California, is at www.inktomi.com. Ultraseek Corp., a subsidiary of Go.com, in North Hollywood, California, is at www.go.com.