Microsoft has acquired Fast Search & Transfer, a Norwegian search firm that serves businesses, including many Fortune 500 companies. According to a New York Times report, Microsoft agreed to buy the firm for $1.2 billion for the search firm.

Fast, which specializes in tailored web searches for businesses of all sizes, should help Microsoft beat back Google's encroachment into the professional arena. While Google has made inroads with free products, Microsoft has had to look for new ways to compete.

According to Jeff Raikes, president of Microsoft's Business Division, the acquisition offers a new option for customers. 

"Enterprise search is becoming an indispensable tool to businesses of all sizes, helping people find, use and share critical business information quickly,'' Raikes said. ''Until now organizations have been forced to choose between powerful, high-end search technologies or more mainstream, infrastructure solutions. The combination of Microsoft and FAST gives customers a new choice: a single vendor with solutions that span the full range of customer needs."