Funnelback Search Company Acquired by Squiz

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Squiz has concluded a transaction with CSIRO to acquire search engine company Funnelback Pty Ltd.

The Funnelback and MySource Matrix products complement each other extremely well and we have a great many customers in common so it makes sense to bring the two organizations closer together.

Funnelback search company acquired by Squiz. Squiz has concluded a transaction with CSIRO to acquire search engine company Funnelback Pty Ltd.

Squiz.net is a leading Content Management System (CMS) company. Its flagship product is MySource Matrix.

According to Squiz Managing Director and founder, Mr. John-Paul Syriatowicz, "The Funnelback and MySource Matrix products complement each other extremely well and we have a great many customers in common so it makes sense to bring the two organizations closer together."

Mr. Syriatowicz said, "Funnelback will continue to be run as a separate and independent company focused on delivering specialist search solutions across a range of information types and vendor products. This, along with the retention of management and staff will ensure continuity of delivery of Funnelback products and services to all existing and future customers."

Mr. Stuart Beil, Funnelback Executive Director said, "This outcome will benefit both Squiz and Funnelback. It will allow both organizations to focus on ways to together leverage our strengths to grow our companies as well as provide our existing customers with an enhanced overall solution set with ongoing greater integration points."

"The added resources provided by Squiz will allow us to improve our offering to existing clients and also help Funnelback become a global brand", said Mr. Beil.

A new Board will be established as a result of this acquisition. It will include Funnelback's Managing Director, Mr. Brett Matson, Funnelback's Executive Director, Mr. Stuart Beil as well as Squiz founders and Directors Mr. Stephen Barker and Mr. John-Paul Syriatowicz.

Dr David Hawking, Funnelback's technology founder will continue in his role as Chief Scientist.

About CSIRO - The Commonwealth Scientific and Industrial Research Organisation (CSIRO) formed in 1926 and now employing around 6500 people, has become Australia's premier research organisation, with an extensive track-record of breakthrough technologies. With more than 160 existing companies founded through CSIRO technology and many others utilising CSIRO innovations, CSIRO has become one of the largest and most diverse research agencies in the world. CSIRO spun off the Funnelback search technology company in late 2005. Since then it has successfully grown its technology offering, customer base, revenues and staff numbers.

About Funnelback - Funnelback offers web and enterprise search solutions. We help people find information they are looking for and help make them more productive. The Funnelback search engine has a world class result ranking algorithm which can be tuned to the specific information retrieval needs of clients. The technology is used on a daily basis by organizations such as the Australian Government, Westpac Banking Corporation, the Australian Broadcasting Corporation, the Australian Securities Exchange, ninemsn, NRC Canada and the University of Staffordshire.

For further information contact Stuart Beil: 02 6175 8500 or visit http://www.funnelback.com

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Annie Pritchard
Funnelback
+61 2 61758500 ext. 502
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