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Ravisent Technologies Soars on Deal to Supply Microsoft's Xbox

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Shares of

Ravisent Technologies

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rocketed after the company announced it had been selected by

Microsoft

(MSFT)

to provide DVD playback software for the software giant's Xbox video game console.

Ravisent's shares had lately climbed $1.69, or 112.5%, to $3.19 in trading on the

Nasdaq

, up from its 52-week low of $1.47. The shares have a 52-week high of $47.50. Microsoft also pulled higher this morning, recently gaining $2.88, or 6.62%, to $46.31.

The Malvern, Pa., company, which provides digital audio and video software, said it had reached a five-year agreement to license its CineMaster DVD engine for DVD playback on Microsoft's Xbox, which will be launched in Fall 2001.

Microsoft's much-anticipated Xbox video game console reportedly delivers three times the graphics performance of the newest generation of game consoles.