Overture Services, Inc. on Wednesday extended its European momentum with the official launch of its Pay-For-Performance search service in Italy. Overture Italy builds on the company's growing global
presence, which includes its non-U.S. business headquarters in Ireland and operations in the United Kingdom, Germany, France, Japan and South Korea. Based in Milan, Overture's newest subsidiary allows
businesses with product and service offerings relevant to the Italian marketplace to participate in the company's commercial search service. As previously announced, the company named Gianluca Carrera
as managing director of Overture Italy. As one of the fastest-growing advertising mediums in Europe, paid search is expected to contribute 363 million euros (approximately $425 million U.S.) to ad
spending in that market in 2005, up from 140 million euros (approximately $160 million U.S.) in 2002, according to Jupiter Research. The company announced in April that it would expand into Austria,
the Netherlands, Spain, Switzerland and Scandinavia before the end of 2003. Overture expects its international operations to be profitable by early 2004.