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RealTime IT News

Looksmart Turns To Sydney For BT Joint Venture

Looksmart and British telecommunications group BT have committed to develop a AUS$366 million (US$229 million) international joint venture in Sydney.

BT Looksmart is set to launch operations in 19 countries across Asia and Europe throughout this year. It will focus on developing Wireless Application Protocol (WAP) and broadband services.

Two Australian IT executives, Martin Lindstrom and Tim Pethick, have been appointed to operate the venture. Pethick, chief executive of LookSmart Australia, will transfer to chief of the joint venture in July, while Lindstrom will move into the role of chief operating officer.

LookSmart has meanwhile confirmed rumours it has been in business talks with Telstra, following widespread speculation that Telstra was set to acquire the Australian arm of LookSmart. The company has not yet confirmed the nature of any relationship with Telstra.