RealTime IT News

Sweden's EuroSeek Invest in Palm Reach

EuroSeek, a search engine available in 50 different European languages, has acquired a 26 percent stake in wireless application protocol (WAP) portal company Palm Reach.

Palm Reach is a Swedish, personalized service portal for WAP-based wireless units. Web access through WAP-based phones and handheld devices is expected to be a major growth market in the coming years.

Uner the terms of the deal, Palm Reach content will now be included in offerings to EuroSeek's 1.7 million users.

EuroSeek hopes the move will establish the company as the source and portal for WAP-based wireless device users.

Zaheed Haque, CEO of Palm Reach, says the company sees this as an industrial and strategic investment, following its ambition to focus on the European market.

EuroSeek believes it can accelerate Palm Reach's expansion, and that Palm Reach will have much to contribute as the WAP market becomes strong, according to Bengt Hellsten, CEO of EuroSeek AG. EuroSeek also plans to adopt parts of its portal to WAP in cooperation with Palm Reach.