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Ask Jeeves Search Engine: Steve Berkowitz
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" Barry Diller Internet empire expects to increase the staff at its Ask Jeeves search engine by about 20%, Ask Jeeves head Steve Berkowitz says. The expansion comes as Jeeves, which employs 650 workers now, posts solid gains in traffic but remains overshadowed by its more famous and deeper-pocketed rivals. IAC shares are down 10% for the year ..."
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Diller said he wanted to pay mostly cash, but Ask Jeeves preferred all stock. In an interview, Berkowitz said Ask Jeeves wanted stock so its employees and shareholders have a chance to cash in on the gains IAC expects to realize from the combination. "We see a lot of value in the future."
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Ask Jeeves will remain an independent brand with operations headquartered in Oakland, Calif. following completion of the acquisition. Steve Berkowitz will continue as Ask Jeeves’ CEO. The transaction is subject to customary closing conditions, including regulatory approval and the approval of Ask Jeeves shareholders, and is expected to close late in the second quarter or early in the third quarter of 2005, prior to IAC's spin-off of its travel businesses. Following the spin-off, Ask Jeeves will remain part of IAC.
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"What we really want to do is grow share," says Berkowitz, who has headed Ask Jeeves since 2001, in an interview. "A lot of stuff is going to be happening" next year.
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Steve Berkowitz