BEIJING, Dec. 8 (Xinhuanet) -- Internet application developer Accoona Corp., in which a Chinese State information agency holds a stake, launched its new Web and business search system Monday.

    At a high-profile inauguration ceremony attended by former U.S. president Bill Clinton, Accoona said revenue would be drawn from advertising services supplied by Yahoo Inc.

    The Chinese Government has granted Accoona a 20-year exclusive partnership with China Daily Information Co., which the U.S. company sees as major differentiation in the hotly competitive Web search market currently dominated by Google Inc.

    The company had a ¡°big head start¡± with the relationship with the Chinese partner, said Eckhard Pfeiffer, chairman of Accoona and a former CEO of Compaq Computer.

    The deal also gave Accoona data on about 5 million Chinese companies, which it saw as a lucrative opportunity as global companies were seeking business opportunities in China ahead of the 2008 Olympic Games in Beijing, Pfeiffer said.

    Accoona takes its name from the Swahili phrase ¡°hakuna matata¡± roughly translated as ¡°no worries,¡± which has been popularized by Disney¡¯s film The Lion King.

(Shenzhen Daily-Agencies)