A few days ago Yahoo! announce it was purchasing IndexTools, a powerful web analytics suite that rivals similar applications from Google and Microsoft. Now IndexTools COO reports that the plan is to offer IndexTools free of charge. That's the good news.

The bad news is that for now, the free service will only be available to existing clients and partners who accept the new terms of service. Yahoo! won't be accepting new users until it rolls out the next version of the application and it's still too early to know when that will take place.

Eventually the free service could offer some serious competition for Google Analytics, one of the most popular free tools for web publishers who want to track reader statistics and optimize their advertising.

[via Techmeme]