China Trade Information

Norway-listed search company Fast Search & Transfer is expanding operations in Greater China by doubling its number of employees and setting up new offices in Shanghai and Beijing.

The Olso-based company was established in 1997 and helps companies increase revenue and production efficiency by using an enterprise search platform (ESP). It counts PC manufacturer Lenovo Group<992><LNVGY>, news website China Daily and outdoor advertising agency Sevenmedia Corp among its growing list of Chinese clients.

Chief Executive John Lervik told sources that the company’s venture in Japan, which was set up about five years ago, has helped it gain experience in mobile search technology and identify opportunities in e-commerce, financial, media and telecom sectors, which could be brought over to China

Fast Search reported sales growth of 62% to hit US$162.6 million last year but net profit fell by 53% due to segment loss in the U.S.. Lervik aims to bring sales in Asia, which accounts for 19% currently, to more than 20%, while the remaining will be split between the U.S. and Europe. Fast Search will also be focusing on growth in Korea, Singapore and Malaysia markets.

The enterprise search market is a niche but growing one, as Fast Search has 4,100 customer sites deployed around the world, such as Brazil, Britain, France, Japan, Italy and Mexico and more, to date. It is considering an overseas listing in either Hong Kong, Tokyo or Nasdaq as part of its expansion plans.

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