Compaq today completed a deal in which investment company CMGI became a majority stakeholder in its Internet arm Altavista.
As part of the deal, announced in June (see Newswire 30 June 1999), Compaq transferred 83 per cent equity ownership of Altavista to CMGI, while retaining a 17 per cent shareholding and a seat on the board.
CMGI said it has begun a comprehensive integration review with Altavista and expects to announce a series of CMGI related integration deals over the coming months. In addition, the company will collaborate with Compaq's research labs and business groups to develop new Internet technologies and next generation Internet appliances.
This collaboration will also include continued development of advanced search technologies for Altavista, the companies said.
David Wetherall, CMGI chairman and chief executive commented: "Our partnership with Compaq marks an important milestone in the development of the Internet marketplace. Together we will lead the consumer and enterprise market from PC to Web, combining Compaq's worldwide leadership in consumer and enterprise computing with CMGI's network of leading Internet destinations and technologies."
He added: "In addition, the integration and build out of Altavista is on schedule and represents a very real opportunity for significant growth through the integration of various CMGI related services."
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