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.
