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Video: Inktomi turbo-charges streaming technology

Inktomi executive vice president Richard Pierce talks with CNET News.com about his company's push into the streaming media market.

Inktomi executive vice president Richard Pierce talks about his company's push into the streaming media market.

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MOUNTAIN VIEW, Calif.--The boom in audio and video streaming online is a "natural evolution of how the Internet is used," according to Inktomi executive vice president Richard Pierce.

To help secure a place for Inktomi in this movement, the company today announced the purchase of FastForward Networks, a maker of Internet broadcasting technology.

The company will exchange approximately 11.9 million shares of its common stock for all outstanding shares of FastForward. Based on Inktomi's closing price yesterday of $111 per share, the deal is worth roughly $1.3 billion, the company said.

Although Inktomi is well-known for its search engine technology, it has recently focused on growing its networking services division as demand grows. Pierce maintains that today's deal will help to "eliminate bottlenecks," or slow transfers associated with online streaming media.