Verity Agrees To Acquire Enterprise Search Software Business from Inktomi
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Under the terms of the deal, Verity, a leading provider of infrastructure software that powers corporate intranets and e-commerce sites as well as OEM technology used in more than 250 e-business applications, will acquire from Inktomi, a leading provider of Web search and enterprise information retrieval solutions, the assets relating to Inktomi's enterprise search software business, which includes basic search, categorization and content refinement capabilities, as well as its XML technology assets. Verity will pay a purchase price of $25 million in cash, and will also assume Inktomi's obligations under certain existing enterprise search business contracts, including customer support obligations. In addition, Verity intends to offer employment to selected development, sales and marketing, and support personnel from Inktomi's enterprise search business unit. The companies currently anticipate closing the transaction in the next 30 to 60 days, subject to the satisfaction of customary closing conditions.
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