Compaq's AltaVista Acquires 10 percent of Virage Inc.
Compaq's AltaVista Acquires 10 percent of Virage, Inc.
AltaVista partnership accelerates Virage's strategy to make searchable video pervasive on the Internet and corporate intranets INDIAN WELLS, Calif.--Feb. 8, 1999--Virage, Inc. today announced that Compaq Computer Corporation (NYSE:CPQ) has made an equity investment amounting to nearly 10 percent of the total shares of Virage, Inc. With this investment, Compaq anchors Virage's latest round of funding, joining Adobe Ventures (a partnership with Hambrecht & Quist), Media Technology Ventures, Sutter Hill Ventures, Trinity Ventures and TTC Ventures. The announcement was made at the Demo 99 conference, where Virage is launching its AudioLogger application.
"This investment combines the powerful search and e-commerce leadership of AltaVista with the advanced image and video search technology from Virage to enrich the consumer experience on AltaVista," said Kurt Losert, General Manager of The AltaVista Company.
"Compaq's investment in Virage and the success of our joint portal projects with AltaVista accelerates the use of searchable video as a powerful and lucrative information category on the World Wide Web," said Paul Lego, CEO of Virage, Inc. "Our partnership with AltaVista validates our leadership in the Internet market and positions Virage as a key foundation technology in the corporate intranet and video streaming markets." Virage also announced that its complete line of video search products, including the Virage VideoLogger and Video Search Tools (VST), has been licensed for integration by the AltaVista Internet destination site, AltaVista.com. AltaVista.com is the nucleus of the newly created AltaVista Company, which Compaq launched on January 26 as a separate, wholly owned subsidiary and soon-to-be publicly traded company. The AltaVista Company is using these products to make searchable video an integral part of the AltaVista search experience and to establish AltaVista.com as the leading destination site for information and e-commerce.
Virage's VideoLogger and AudioLogger software automatically "watch, listen to and read" video, extracting information in real time that enables users to search for and find segments they are interested in. Virage's Video Search Tools (VST), together with the AltaVista search engine, enables Internet and intranet users to navigate and search through hours of video by keyword.
Searchable video promotes video from a passive viewing experience to a fully interactive model where users control what they want to see, when they want to see it. Searchable video first appeared across millions of PC desktops on September 22 when Virage partnered with AltaVista to host President Clinton's Grand Jury Testimony as searchable video on http://video.altavista.com/grandjury. Since then, Virage and AltaVista have partnered to produce two additional search sites, including: The Presidential Impeachment Trial President Clinton's State of the Union Address About Virage, Inc.
Virage is the pioneer and recognized market leader in video and image search products. Virage's VideoLogger and AudioLogger software set the standard for real-time indexing and distribution of video across the Internet or corporate intranets and Virage has been named the market winner by industry analyst group Frost & Sullivan. Virage customers include ABC News, AltaVista, BBC, CBS News, CNN, CNN Interactive, Compaq, Federal Bureau of Investigation, General Motors, Harvard Business School, Lockheed Martin, Lucent Technologies, NASA, NBC News, Reuters and several classified U.S. government agencies. These companies rely on Virage video search software as the critical foundation technology for effectively deploying video within their operations. Headquartered in San Mateo, California, Virage was incorporated in 1994 to provide organizations with advanced methods for accessing and leveraging media assets. For more information, see the Virage Web site or call (650) 573-3210.
About AltaVista The fast and powerful AltaVista Search Service, a wholly owned subsidiary of Compaq Computer Corporation, is the premier resource for locating information on the Internet. A forerunner in Web search technology, AltaVista (http://www.altavista.com/ or http://www.av.com/) has set new standards, from indexing the entire Internet to providing the Web's first instant language translation and first video search capabilities. With an extensive line-up of innovative content and services, AltaVista is now regarded as one of the top destination sites on the Web.
About Compaq Compaq Computer Corporation, a Fortune Global 100 company, is the second largest computer company in the world and the largest global supplier of computer systems. Compaq develops and markets hardware, software solutions, and services, including industry-leading enterprise computing solutions, fault-tolerant business-critical solutions, networking and communication products, commercial desktop and portable products and consumer PCs. The company is an industry leader in environmentally friendly programs and business practices. Compaq products are sold and supported in more than 100 countries through a network of authorized Compaq marketing partners. Customer support and information about Compaq and its products are available at http://www.compaq.com.
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