Microsoft has completed its $1.2 billion purchase of FAST Search & Transfer and will install the company's CEO as head of a newly formed enterprise search group, it said Friday.

FAST will become a subsidiary of Microsoft and its research team will be based in Oslo, Norway, according to a statement. The company's existing sales and support teams will be maintained, and there are no immediate plans to alter pricing or licensing agreements, a spokesman said.

FAST CEO John Markus Lervik will become corporate vice president of enterprise search at Microsoft, reporting to Jeff Teper, corporate vice president for the company's Office Business Platform.

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Microsoft, Deal, Buy, Acquisition, Corporate News