Napster Acquires Gigabeat, Inc. Technology and Engineering Team

Apr 10, 2001, 01:00 ET from Napster

    REDWOOD CITY, Calif., April 10 /PRNewswire/ -- Napster announced today
 that it has completed a transaction to bring the benefits of Gigabeat's
 cutting edge technology and engineering team to Napster.  The technologies
 developed by Gigabeat will be incorporated in Napster's ongoing compliance and
 development efforts.  Gigabeat's co-founders, Dr. Wilburt Labio and
 Dr. Narayanan Shivakumar, as well as Gigabeat's engineering team, have joined
 Napster.
     "Gigabeat has developed some very interesting and innovative
 technologies," said Napster CEO Hank Barry.  "We look forward to working with
 their technology and highly qualified engineers."
     Gigabeat President Louise Velazquez stated, "The relationship between
 Gigabeat and Napster is a great fit.  We are working with Napster's technical
 team to incorporate Gigabeat's technology into the Napster system.
     In addition to developing cutting-edge music search and song file
 identification technologies, Gigabeat has been a leader in music
 personalization.  Gigabeat's unique personalization architecture combines the
 best of collaborative filtering, media processing and data mining
 technologies.
     The transaction was structured as an asset acquisition.  Financial details
 were not disclosed.  Visitors to Gigabeat's Web site will be redirected to
 www.napster.com.
 
     About Gigabeat
     Gigabeat developed next generation technology for digital media
 personalization and delivery.  Gigabeat's personalization applications combine
 next generation data mining, media processing, and collaborative filtering
 technologies to help end-users quickly and easily connect with content that
 matches their tastes.  Gigabeat is a privately held company funded by Kleiner
 Perkins Caulfield & Byers.  Gigabeat's angel investors include Andy
 Bechtolsheim, Sabeer Bhatia, Audrey MacLean, Rajeev Motwani, and Ram Shriram.
 
     About Napster
     Napster is the world's leading person-to-person file sharing community.
 Napster provides music enthusiasts with an easy-to-use, high quality service
 for discovering new music and communicating their interests with other members
 of the Napster community.  Napster's software application enables users to
 locate and share music files through a user-friendly interface, and features
 instant messaging, chat rooms, and Hot List User Bookmarks.  In October 2000,
 Bertelsmann AG and Napster announced the formation of a strategic alliance to
 further develop the Napster person-to-person file sharing service.  In January
 2001, edel Music and TVT Records joined the alliance.  Last year, Napster won
 several Wired Magazine Readers Rave Awards, including Best Music Site, Best
 Innovative Start-up, and Best Guerilla Marketing.
 
 

SOURCE Napster
    REDWOOD CITY, Calif., April 10 /PRNewswire/ -- Napster announced today
 that it has completed a transaction to bring the benefits of Gigabeat's
 cutting edge technology and engineering team to Napster.  The technologies
 developed by Gigabeat will be incorporated in Napster's ongoing compliance and
 development efforts.  Gigabeat's co-founders, Dr. Wilburt Labio and
 Dr. Narayanan Shivakumar, as well as Gigabeat's engineering team, have joined
 Napster.
     "Gigabeat has developed some very interesting and innovative
 technologies," said Napster CEO Hank Barry.  "We look forward to working with
 their technology and highly qualified engineers."
     Gigabeat President Louise Velazquez stated, "The relationship between
 Gigabeat and Napster is a great fit.  We are working with Napster's technical
 team to incorporate Gigabeat's technology into the Napster system.
     In addition to developing cutting-edge music search and song file
 identification technologies, Gigabeat has been a leader in music
 personalization.  Gigabeat's unique personalization architecture combines the
 best of collaborative filtering, media processing and data mining
 technologies.
     The transaction was structured as an asset acquisition.  Financial details
 were not disclosed.  Visitors to Gigabeat's Web site will be redirected to
 www.napster.com.
 
     About Gigabeat
     Gigabeat developed next generation technology for digital media
 personalization and delivery.  Gigabeat's personalization applications combine
 next generation data mining, media processing, and collaborative filtering
 technologies to help end-users quickly and easily connect with content that
 matches their tastes.  Gigabeat is a privately held company funded by Kleiner
 Perkins Caulfield & Byers.  Gigabeat's angel investors include Andy
 Bechtolsheim, Sabeer Bhatia, Audrey MacLean, Rajeev Motwani, and Ram Shriram.
 
     About Napster
     Napster is the world's leading person-to-person file sharing community.
 Napster provides music enthusiasts with an easy-to-use, high quality service
 for discovering new music and communicating their interests with other members
 of the Napster community.  Napster's software application enables users to
 locate and share music files through a user-friendly interface, and features
 instant messaging, chat rooms, and Hot List User Bookmarks.  In October 2000,
 Bertelsmann AG and Napster announced the formation of a strategic alliance to
 further develop the Napster person-to-person file sharing service.  In January
 2001, edel Music and TVT Records joined the alliance.  Last year, Napster won
 several Wired Magazine Readers Rave Awards, including Best Music Site, Best
 Innovative Start-up, and Best Guerilla Marketing.
 
 SOURCE  Napster