Digital has canned plans to float its Alta Vista search engine arm as a separate company, just over a week after chief executive Robert Palmer said that an independent public offering (IPO) was once again on the cards.
The company first announced plans last August for an IPO. That was subsequently postponed by a perceived cooling off in the Internet start-up market. But as recently as last week Palmer told VNU NewsWire that the flotation was under active consideration.
But this week the company announced that the plans had been dropped and that Alta Vista would be merged into the company?s products division in a bid to extend the power of its brand name to Digital?s wider Internet offering.
In a statement Palmer said: "By integrating Alta Vista into Digital, we?re able to more effectively put our coporate assets behind the goal of beoming the world?s leading provider of Internet solutions? it is more appropriate to take advantage of the Alta Vista brand and technology as part of Digital?s overall product portfolio."
Alta Vista?s revenues have grown since Digital created the specialist unit last year, but it is not believed to have returned a profit to date.
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