BT's decision to buy a half share in the UK arm of Web portal Excite is a clear signal that the Internet is to form a major part of BT's future strategy. The $10 million investment was announced today amid speculation that it is the first time such an active and close relationship has been forged between an UK company and a major US portal. Not only will the agreement bolster BT's presence in Internet advertising and transactions, it also opens up Excite's market to the telecoms giant. "Taking a 50 per cent share in Excite UK demonstrates BT's commitment to the Internet industry and underlines our ambition to help grow the market and further improve our position within it," said BT spokesman John Swingewood. "BT has been very successful in offering Internet access services and Excite UK further extends our reach into the important advertising and transactional sectors," he said. ®