The last 8 months in the search industry have been nothing short of dramatic. It almost seems as though everyone who could have been bought has been bought. Topping this M&A fest was the recent announcement of Yahoo's intent to buy Overture. That was followed immediately by rampant speculation as to who was next to fall. With so few options left, MSN buying FindWhat emerged as the front runner in the acquisition stakes. The speculation continues.

Today, I've decided to throw my hat into the ring by suggesting an alternative future: Yahoo buys FindWhat.

Yahoo's current market capitalisation is $18.8 billion, or phrased differently, three times what it was this time last year. Such a stock position demands acquisitions. FindWhat's market capitalisation is $394.5 million, or phrased differently, an afternoon snack for Yahoo.

Google has so far resisted the temptation to go public. In doing so they've pretty much removed themselves from the buying game. This is something for which their competitors will want to make them really suffer.

Yahoo grabbed Overture. The only company of scale left worth buying is FindWhat. Such a deal would not only give Yahoo greater access to advertisers in the US, but it would also strengthen their presence (through Espotting) in the UK, France, Germany, Spain and Italy. In short buying FindWhat would definitely do Yahoo some good, how much is a matter of opinion.

I expect this deal to be announced in the immediate future, or failing that, I expect Mr. Semel to write a very good explanation in our commentary thread.