The internet giant Yahoo! is to purchase the email company Zimbra, it has been announced.
Yahoo! will pay $350 million in cash for the company, a move which is part of efforts to open new sources of revenue and continue competing with rivals Microsoft and Google. Zimbra sells hosting services and email software to major businesses, internet providers and other organizations.
Jerry Yang, Yahoo!'s cofounder and chief executive said: "Zimbra's tremendous talent and innovative technology will help to extend our core mail offerings, further strengthening our strong leadership position in this space." Only two weeks ago Yahoo! purchased the internet advertising company BlueLithium for $300 million. The company is currently in a race with Microsoft and Google to acquire as much of the highly lucrative internet advertising industry as possible.
Currently regulators are examining Google's purchase of the internet ad company DoubleClick earlier this year for $3.1 billion.
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