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Convera Develops Search Engine Solution
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Vienna, Virginia - (Website Hosting Directory) - June 25, 2008 - IOP Publishing has engaged vertical search services and technologies firm for publishers, Convera Corporation, to develop a customized vertical Web search application.
Financial terms of the deal were not disclosed. Convera is a provider of vertical search services for publishers, to generate additional revenue by creating customized search applications for specialist audiences under their own brand.
IOP Publishing is a member of many publishing associations, including the International Association of Scientific, Technical and Medical Publishers; the Association of Learned and Professional Society Publishers; the Publishers Association (UK); the Association of American Publishers; the Professional and Scholarly Publishing division of AAP; and the Society for Scholarly Publishing.
Recent financial results for Covera's last quarter includes increased revenue from continuing operations, increased to $402,000 or 44% over the $280,000 in revenue recorded in the fourth quarter of fiscal 2008. Backlog, grew from $4.0 million at January 31, 2008 to $4.7 million April 30, 2008. These backlog balances represent future revenues stemming from the contractual minimum revenue commitment amounts from our customers. As of April 30, 2008, a total of 45 Excalibur supported vertical search sites from 25 different publishers that have been commercially launched.
There were 39 vertical search sites from 24 publishers that had been commercially launched at January 31, 2008. Search traffic activity from the Excalibur supported vertical sites continued to grow, increasing 187% from 9.5 million searches in the fourth quarter of last year to 17.8 million in the first quarter ended April 30, 2008.
Currently, a total of 75 Excalibur supported vertical search sites are under contract with customers, 47 of these sites have been commercially launched and 28 of these sites are in development. These contracted sites represent publications in over 15 major vertical industries. Convera is presently providing vertical search services to 30 different trade publishers.
Patrick Condo, President and CEO of Convera noted, ''We are pleased with the continued progress we are making in acquiring customers, launching sites and the increased search traffic on our network. Advertising revenue and the newly instituted annual capacity based pricing model began to contribute to revenue in quarter and are expected to continue to grow in subsequent quarters. We expect to see the financial results of this effort evidenced in this fiscal year as we continue to see the impact of our efforts to increase revenue and decrease expenses in the coming quarters of this fiscal year.''
IOP Publishing is a not for profit publisher wholly owned by the Institute of Physics. It is one of the largest and most dynamic publishers of physics information in the world. The publishing activity dates back to 1874 and today the company publishes a wide range of journals, magazines and community websites. The company is a world leader in electronic publishing development, with all its journals on-line on the web and an increasing range of other innovative web products and services for the global community of physicists.
To learn more, please visit: http://convera.com.
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