Fast in trouble

(May 25 2002, update June 4) The Norwegian search engine company Fast may be loosing an important part of its income, as the European Internet service provider KPNQwest has filed for protection under Dutch moratorium laws.

Fast had budgeted some US$ 2.7 million from KPNQwest for the second quarter this year.

Fast dropped like a stone at the Norwegian stock exchange yesterday. According to the British investor Robert Keith this proves that Norwegians only know about shipping and skiing and do not understand what Fast is about.

Well, the Norwegians in Pandia do not ski. Nor do we know much about shipping. We do not a bit about Fast, though.

This is a heavy blow for Fast, but not a situation that threatens the company's survival. Fast has found a large number of new customers recently, and is the major search provider for the Lycos network of portals. Moreover, their search technology is of a very high quality.

There are potential investors looking at KPNQwest, and as CEO John M. Leirvik has told Dagens Næringsliv, Fast was prepared for trouble.

Recently Fast Search and Transfer could present its first surplus.

Update

On June 1 the Financial Times reported that KPNQwest files for bankruptcy. The collapse forces 100,000 corporate clients to switch to alternative providers.

Aftenposten, Nettavisen and Dagens Næringsliv has more (in Norwegian).

See also KPNQwest press releases.

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