Verity, Inktomi close deal

By Stefanie Olsen
Posted on ZDNet News: Dec 18, 2002 11:54:00 PM

Software company Verity finalized its purchase of Inktomi's corporate search business, the Sunnyvale, Calif.-based company said Wednesday. In November, Verity announced that it would buy the unit for about $25 million in cash, adding to its search and file-management products for corporate customers. At the same time, Foster City, Calif.-based Inktomi exited the corporate search market to focus solely on supplying technology that helps consumers navigate the Web--its seminal business.

Under terms of the deal, Verity acquired contracts with Inktomi's 2,500 corporate customers along with its technology assets. The company is renaming Inktomi's enterprise search business Verity Ultraseek. Ultaseek was the original name of the search tool when Inktomi bought it in June 2000 for nearly $344 million.