Convera Corp. (CNVR) on Monday revealed an agreement with Fast Search & Transfer or FAST, pursuant to which FAST will acquire the company's RetrievalWare business for $23 million in cash. As per the terms of the agreement, which will allow the company to focus its technology and professional service resources on the rapidly growing vertical search market serving specialist publishers, FAST will retain Convera professionals serving its enterprise search customers. In addition, the company revealed it recently signed contracts with publishers like John Wiley & Sons, United Business Media, Euromoney Institutional Investor and Centaur Media. The company further noted that it expects to complete the transaction in the second quarter.
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