Yahoo! Inc. announced that its new search marketing platform, which is known by its code name Panama, is now open for new online sign-up.

The system was previously only available to existing Yahoo search marketing customers. New advertisers, through Panama, can quickly create campaigns, determine their desired position and set their budgets.

The company says it is currently in the process of migrating existing search advertising customers in the United States from its current system to the new platform.

"We've received an overwhelmingly positive response to our new search marketing platform to date, so we are thrilled to open it up to all businesses that want to take advantage of our more intuitive and powerful system. By giving companies the right tools, visibility and environment to create highly effective search marketing campaigns, Yahoo is connecting businesses to consumers more effectively than ever before," says Steve Mitgang, senior vice president, Yahoo advertising products and platforms.

Earlier this week Bloomberg reported that Yahoo's Panama will be fully operational by March 2007.