29 August 2008

The Ciao team has built a passionate consumer community based on intuitive technology and extensive merchant relationships that will deliver incremental benefit to the Microsoft Live Search platform

Tami Reller, Corporate Vice President and CFO for Windows and Online Services, Microsoft Microsoft is to extend its search and e-commerce services in Europe with the acquisition of global interactive media and services company Greenfield Online.

Microsoft will retain the company’s price comparison, shopping and reviews site Ciao, and sell its Internet survey solutions (ISS) business to an unnamed financial buyer.

“Acquiring one of Europe’s leading price comparison, shopping and consumer reviews sites will further extend Microsoft’s search and e-commerce services in Europe,” said Tami Reller, corporate vice president and chief financial officer for Windows and online services at Microsoft. “The team at Ciao has built a passionate consumer community based on intuitive technology and extensive merchant relationships that we believe will deliver incremental benefit to the Microsoft Live Search platform. Greenfield Online’s ISS business has been a cornerstone of the company’s growth and market value – we are pleased we could find the right strategic partner for ISS to continue its growth.”

The agreement follows the termination of Greenfield Online’s previously announced merger agreement with affiliates of Quadrangle Group, after the matching rights of that agreement expired. “We are pleased to deliver additional value to our stockholders through this superior offer from Microsoft,” said Albert Angrisani, president and CEO of Greenfield Online. “We are excited about working with one of the world’s leading corporations to effectuate a smooth transition in both our comparison shopping and global ISS businesses. We believe that the transition will have a positive outcome for our customers and employees.”