SOFTWARE & SERVICES
07 APRIL 2009
WEB 2.O WEEKLY
A QUIET WEEK FOR FINANCING BUT CORPORATE ACTIVITY HEATS UP
SECON D Q UA RT ER FINAN CING BEG IN S SLOWLY
DAVID SHORE, CFA, MBA 416.860.6784
david.shore@researchcapital.com Arun Thomas (Associate) 416.860.7666
The first week of the second quarter was relatively quiet with only two companies raising a total of $7.5 million. Socialtext and TubeMogul raised $4.5 million and $3 million, respectively. Socialtext – a social networking and collaboration company has raised a total of $18 million since April 2003; while TubeMogul (from the analytics sector) to date has raised $4.5 million. On the other hand, there were several significant corporate developments announced in the last week. Changyou.com completed its IPO, raising $120 million. This was the first Chinese IPO completed in quite a few months. Additionally, Kaboose announced that it would be selling its US assets to Disney and its UK assets to Barclays Private Equity.
C ompany
B arcla ys Priva te E quity L td.; K aboos e Inc. (T S X: K AB ); K aboos e Inc. , UK O perations Dis ney O nline; K a boos e Inc . (T S X : K AB ); K a boos e Inc ., Internet As s ets
Headline
B a rc lays P rivate E quity L td. agreed to ac quire the UK operation s of K a boos e Inc . (T S X: K AB ) for £ 54 million. Dis ne y O nline a greed to ac qu ire the I nterne t as s ets from K aboos e In c. (T S X: K A B ) f or $18 .4 million.
C hangyou.com L imited (Nas daqG S : C Y OU )
C han gyou. c om Limite d has c omplete d an IP O in the amount of $ 120. 00 million.
This report has been created by Anal ysts that are employed by Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
Toronto 416.860.7600 Montreal 514.399.1500 www.researchcapital.com Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550
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THE WEB 2.0 UNIVERSE Ninety-two public Web 2.0 companies identified: Our Web 2.0 universe contains 92 companies, with a combined market cap of $38 billion (Figure 1). The average market cap for the group is ~$415 million (but a median of only $42 million), with average trailing revenue of $145 million (median $53 million). The companies are also generally profitable, with a median EBITDA margin of 16.8%. On a valuation basis, the overall average is 3.6x trailing revenue (median 1.2x) and 9.1x trailing EBITDA (median 8.0x). Twelve of the companies have more than 500 employees.
C omparable C ompany Analys is > Web 2.0
C ompany Name
Accelerize New Media, Inc. Actoz S oft C o., Ltd. AQ Intera ctive, Inc. As s ociated Media Holdings Inc. B igs tring C orp. B eta wa ve C orpora tion B eyond C ommerce, Inc. B right T hings plc B roa dW ebAs ia Inc. C DC C orp. C hina G a tewa y C orpora tion C hines e G amer Internationa l C ornerW orld C orporation C yberplex Inc. DADA S pA DXN Holdings B hd Dibz Internationa l, Inc. DigitalP os t Interactive, Inc. DigitalT own, Inc. Dolphin Digital Media, Inc. E olith C o. Ltd. E xtens ions , Inc. F inancial Media G roup, Inc. F luid Mus ic C anada , Inc. F rogs ter Intera ctive P ictures AG G a ma nia Digital E ntertainment C o., L td. G a meOn C o L td. G eoS entric O yj G iant Interactive G roup, Inc. G iga Media Ltd. G ra vity C o., Ltd G ree, Inc. G ungHo O nline E nterta inment, Inc. Ha nbitS oft, Inc. IAC /InterActiveC orp. IAS E nergy, Inc. Idea E dge, Inc. is eemedia Inc. J umbuck E ntertainment P ty L td. J umpT V Inc. K a boos e Inc. K ings oft C o. Ltd. L ingo Media C orporation L iveW orld Inc. L ookS ma rt, Ltd. Magnitude Informa tion S ys tems Inc. Mixi, Inc. Modern T imes G roup Mtg AB Moggle, Inc MO K O .mobi Limited NE O W IZ G ames C orpora tion NetDra gon W ebS oft, Inc. Neteas e. com Inc. NeXplore C orporation Ngi G roup Inc. Northgate T echnologies L imited O pen T ext C orp. O penwa ve S ys tems Inc. P erfect W orld C o., Ltd. P hotoC hannel Networks Inc. Q uepa s a C orp. O AO R B C Informa tion S ys tems S handa Intera ctive E nterta inment Ltd. S hutterfly, Inc. S K C ommunica tions C o., Ltd. S NAP Interactive, Inc. S NM G loba l Holdings S ocial Media V enures , Inc. S ohu.com Inc. S ites earch C orpora tion S park Networks , Inc. S pectrumDNA, Inc. T encent Holdings L td. T he P arent C ompa ny T he9 L imited T heS treet. com, Inc. T ota l S port O nline AS T ree.C om, Inc. Unis erve C ommunications C orp. United O nline Inc. UO MO Media, Inc V a lueC lick Inc. V O IS , Inc. W ebzen Inc. W izza rd S oftware C orporation W oozyF ly, Inc. W orlds .com Inc. W ynds torm C orpora tion X ING AG Y eda ngO nline C orp. Y nk K orea Inc. ZipLocal Inc. High L ow Average Media n
L TM as of Tic ker
9/30/2008 9/30/2008 12/31/2008 6/30/2007 9/30/2008 12/31/2008 9/30/2008 9/30/2008 9/30/2008 9/30/2008 9/30/2008 9/30/2008 1/31/2009 12/31/2008 9/30/2008 11/30/2008 NA 9/30/2008 11/30/2008 NA 12/31/2007 9/30/2008 11/30/2008 9/30/2008 6/30/2008 12/31/2008 12/31/2008 9/30/2008 12/31/2008 12/31/2008 9/30/2008 6/30/2008 12/31/2008 12/31/2008 12/31/2008 1/31/2009 12/31/2008 12/31/2008 12/31/2008 6/30/2008 12/31/2008 12/31/2008 9/30/2008 12/31/2008 12/31/2008 9/30/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2007 12/31/2008 12/31/2008 9/30/2007 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2007 12/31/2008 12/31/2008 12/31/2007 9/30/2008 9/30/2008 12/31/2008 12/31/2008 1/31/2009 12/31/2008 9/30/2008 12/31/2008 8/2/2008 12/31/2008 12/31/2008 3/31/2006 12/31/2008 11/30/2008 12/31/2008 1/31/2009 12/31/2008 12/31/2008 9/30/2008 9/30/2008 9/30/2008 9/30/2008 NA 12/31/2008 12/31/2007 12/31/2007 12/31/2008 AC L Z A052790 3838 AS MH BS GC B W AV B Y OC AIM:B G T BWBA C HIN.A CGWY G T S M: 3083 CWR L T S X: C X C M:DA DXN DIB Z DG L P DG T W DP DM A041060 E XT I F NG P T S X: F MN FR G 6180 3812 G E O 1V GA G IG M GR VY T S E :3632 3765 A047080 IAC I IAS C .A O T C B B :IDAE IE E AS X: J MB T S X: J T V T S X: K AB 3888 T S XV :L M LV W D LOOK MAG Y 2121 MT G B MMO G MK B A095660 777 NT E S NXP C 2497 590057 OT E X OP W V PWRD T S XV :P N QP S A R BCI S NDA S F LY A066270 S TVI S NMN S MV I S O HU S TPC LOV S P XA 700 K IDS .Q NC T Y TS CM T OS O TR E E T S XV :US S UNT D UO MO V C LK V O IS W ZE N W ZE W ZY F W DDD W Y ND O 1B C A052770 A023770 T S XV :ZIP
E xc hange
OT C B B K OS E TS E OT C P K OT C B B OT C B B OT C B B AIM OT C P K Na s da qG S OT C B B GTS M OT C B B TS X CM K LS E OT C P K OT C B B OT C B B OT C B B K OS E OT C P K OT C B B TS X XT R A GTS M TS E HL S E NY S E Na s da qG S Na s da qG M TS E OS E K OS E Na s da qG S OT C B B OT C B B T S XV AS X TS X TS X S E HK T S XV OT C P K Na s da qG M OT C B B TS E OM OT C B B AS X K OS E S E HK Na s da qG S OT C P K TS E BS E Na s da qG S Na s da qG S Na s da qG S T S XV Na s da qC M R TS Na s da qG S Na s da qG S K OS E OT C B B OT C P K OT C P K Na s da qG S OT C B B AME X OT C B B S E HK OT C P K Na s da qG S Na s da qG M OT C NO Na s da qG M T S XV Na s da qG S OT C B B Na s da qG S OT C B B Na s da qG M AME X OT C B B OT C B B OT C B B XT R A K OS E K OS E T S XV
Trading C urrency HQ
US D KRW JPY US D US D US D US D GBP US D US D US D TWD US D C AD E UR MY R US D US D US D US D KRW US D US D C AD E UR TWD JPY E UR US D US D US D JPY JPY KRW US D US D US D C AD AUD C AD C AD HK D C AD US D US D US D JPY SEK US D AUD KRW HK D US D US D JPY INR US D US D US D C AD US D US D US D US D KRW US D US D US D US D US D US D US D HK D US D US D US D NO K US D C AD US D US D US D US D US D US D US D US D US D E UR KRW KRW C AD United S ta tes S outh K orea J a pa n United S ta tes United S ta tes United S ta tes United S ta tes United K ingdom United S ta tes Hong K ong United S ta tes T aiwan United S ta tes C anada Italy Ma la ys ia United S ta tes United S ta tes United S ta tes United S ta tes S outh K orea United S ta tes United S ta tes United S tates G ermany T aiwa n J a pa n F inla nd C hina T aiwa n S outh K orea J a pa n J a pa n S outh K orea United S ta tes C anada United S ta tes C anada Aus tra lia C anada C anada C hina C anada United S ta tes United S ta tes United S ta tes J a pa n S weden United S ta tes Aus tra lia S outh K orea C hina C hina United S ta tes J a pa n India C anada United S ta tes C hina C anada United S ta tes R us s ia C hina United S ta tes S outh K orea United S ta tes United S ta tes United S ta tes C hina United S ta tes United S tates United S ta tes C hina United S ta tes C hina United S ta tes Norwa y United S ta tes C anada United S ta tes C anada United S ta tes United S ta tes S outh K orea United S ta tes United S ta tes United S ta tes United S ta tes G ermany S outh K orea S outh K orea C anada
C urrent P rice
0.32 12, 500 45,900.00 0 0.02 0 1.29 0 0.45 1 0.00 173 0.14 1 4.50 0 0.00 0 2.50 1 535.00 0 0.01 1 7.01 33 90,500.00 0 7.26 6 0.85 5, 760 126,900.00 3, 265 16.14 0 0.34 0 0.46 1 0.58 3 0.83 0 1.20 0 389,000.00 151 2.30 0 50,000.00 4 28.60 1 23,200.00 41 33.64 1 16.15 2 0.99 0 42.71 10 8,400.00 1 0.00 1 46.23 3 2.25 0 60.30 0 14.15 2 0.04 5 0.04 5 0.08 9 0.23 2 0.46 0 0.17 0 29.29 8, 670 4,385.00 0
US D Market C ap ($m)
8. 6 84.5 24.8 0. 1 0. 8 3. 8 53.3 3. 0 38.2 123.0 0. 0 442.7 6. 6 38.9 97.6 20.9 0. 0 1. 5 67.9 32.6 19.1 14.2 0. 6 21.2 22.0 150.9 86.9 25.0 1,640.8 302.0 23.6 1,275.9 144.3 54.9 2,274.9 4. 9 14.4 4. 1 16.2 50.4 65.4 455.8 8. 6 4. 0 20.5 6. 5 592.9 1,236.3 83.5 5. 9 368.7 293.3 3,519.3 41.8 28.5 28.6 1,745.9 103.3 852.0 43.2 12.6 55.5 2,963.3 245.2 264.8 8. 1 0. 0 0. 0 1,762.1 28.2 46.2 7. 3 13,995.5 0. 5 379.5 60.7 0. 2 51.1 0. 8 416.5 6. 9 798.1 1. 9 26.7 21.7 2. 6 8. 9 3. 1 200.7 104.0 8. 2 1. 0 13,995.5 0. 0 415.0 41.8
US D L TM Total R ev ($m)
3.2 56. 1 59. 9 0.1 0.1 7.7 1.1 0.2 0.0 428.1 6.7 38. 7 1.3 46. 1 226.8 78. 1 NA 0.4 NM NA 19. 1 NM 6.8 4.2 5.4 113.4 74. 1 5.5 233.2 190.4 37. 5 29. 2 111.6 53. 3 1,445.1 0.0 0.0 1.2 12. 7 11. 5 66. 0 120.0 3.3 11. 8 65. 0 0.1 116.5 1,636.0 NM 1.0 138.2 87. 1 451.0 NM 97. 6 134.6 769.3 199.6 210.1 16. 1 0.1 142.0 521.9 213.5 159.0 2.3 2.0 0.1 429.1 NM 57. 3 0.1 1,046.1 112.0 249.8 71. 9 2.0 228.6 24. 1 669.4 0.6 625.8 0.0 21. 6 6.2 0.0 0.1 NA 46. 7 52. 6 14. 9 2.6 1,636.0 0. 0 144.5 52.9
US D L TM Total E B ITDA ($m)
(4.7) 10.2 4.8 (2.3) (2.1) (11.8) (7.7) (1.7) (4.6) 18.8 (6.6) 18.3 NM 3.9 36.2 10.4 NM (3.3) (2.5) NM (0.1) NM 1.2 (8.6) (3.3) 16.4 19.2 (12.7) 144. 4 46.0 7.2 10.5 19.9 (15.0) 64.6 (0.8) (4.6) (4.8) 4.7 (1.8) 6.6 46.2 (1.4) (0.5) (2.0) (3.2) 44.3 261. 6 (1.1) (2.1) 37.1 39.9 293. 2 (4.9) 30.1 23.7 195. 0 (10.2) 113. 7 (0.8) (11.4) 18.6 239. 8 28.4 15.0 0.2 (0.7) (0.1) 180. 5 (1.1) 12.3 (2.7) 517. 4 (13.5) 84.1 7.0 (1.0) (23.9) 0.1 153. 9 (0.5) 113. 6 (1.3) (6.4) (6.5) NM NM NM 15.0 11.8 (1.1) (2.8) 517.4 -23.9 32.1 1. 2
E B ITDA %
NM 18.3% 8.0% NM NM NM NM NM NM 4.4% -98.9% 47.1% NM 8.4% 16.0% 13.3% NM NM NM NM -0.3% NM 18.3% NM -60.6% 14.5% 25.9% NM 61.9% 24.2% 19.2% 36.0% 17.8% -28.2% 4.5% NM NM NM 37.2% -15.3% 9.9% 38.5% -42.5% -4.3% -3.1% NM 38.0% 16.0% NM NM 26.9% 45.7% 65.0% NM 30.8% 17.6% 25.3% -5.1% 54.1% -4.9% NM 13.1% 46.0% 13.3% 9.4% 10.1% -34.8% -60.5% 42.1% NM 21.5% NM 49.5% -12.0% 33.7% 9.7% -50.6% -10.4% 0.4% 23.0% -78.2% 18.2% NM -29.5% NM NM NM NM 32.0% 22.4% -7.6% NM 65.0% -98.9% 8.9% 16.8%
TE V/L TM R evenue
4.0x 1.0x 8.0x 29.8x 12.0x 0.4x 0.0x 9.9x 6.1x 0.8x 0.6x 0.5x 6.0x 1.0x 1.9x 4.0x 1.2x 0.4x 3.6x 1.2x 41.6x 1.1x 0.7x 0.4x 2.1x 0.9x 5.4x 1.1x 3.1x 2.8x 0.3x 4.2x 1.1x 4.7x 2.6x 1.7x 0.2x 2.4x 0.1x 2.6x 0.0x 0.0x 0.7x 1.7x 3.1x 1.1x 0.0x 3.4x 0.8x 14.5x 0.2x 4.6x 0.2x 0.1x 1.1x 11.3x 1.1x 3.5x 3.1x 2.0x 0.6x 0.8x 41.6x 0.0x 3.6x 1.2x
TE V/L TM E B ITDA
5. 6x 9. 6x 21.1x 9. 6x 3. 9x 4. 0x 8. 0x 1. 7x 4. 9x 6. 2x 8. 1x 2. 5x 11.1x 8. 0x 11.1x 6. 6x 9. 7x 3. 7x 1. 2x 9. 6x 0. 1x 0. 1x 5. 5x 17.7x 30.2x 8. 0x 3. 8x 29.2x 29.5x 4. 7x 5. 9x 9. 6x 8. 8x 30.2x 0. 1x 9.1x 8. 0x
E mployees
20 NA NA 3 8 NA 25 9 46 3,125 37 NA NA NA 574 NA NA 11 3 6 NA 2 22 29 NA NA NA 92 NA NA 636 NA NA NA 3,200 NA NA NA 72 NA NA NA NA NA 90 13 NA NA 3 NA NA NA NA 19 NA 286 3,400 627 NA NA NA NA NA 514 NA 5 33 NA 3,197 15 183 7 6,194 347 NA 310 16 700 NA 1,469 NA 1,189 4 330 110 14 1 NA NA NA NA NA 6, 194 1 600 92
Figure 1. Web 2.0 Universe Summary Source. Capital IQ
Page 3
CAPITAL MARKETS ACTIVITY (M&A AND FINANCING) April starts a tad slow : The first week of April saw only 2 financings totalling $7.5 million ($4.5 million raise by Socialtext and $3 million by TubeMogul). For the month of March, 22 financings were announced (total $130.7 million, average $5.9 million) compared to 25 financings announced in February, totalling $185.5 million, or $7.4 million on average (Figure 2). The average value for February was above the $6.8 million average for January, with four financings over $15 million in February (Twitter, Synthasite, Tremor Media, and Offerpal Media) vs. no deals over $15 million in January.
Financing Activity Last Three Months
200.0 8.0
180.0 7.0 160.0 6.0 140.0 5.0 120.0 (US$m) (US$m)
100.0
4.0
80.0 3.0 60.0 2.0 40.0 1.0 20.0
0.0 Feb-09 Mar-09 Total Average Apr-09
0.0
Figure 2. Financings, Last Three Months Source. Company reports
Socialtext largest deal in April: The first week of April saw two only deals and the greater of the two was the $4.5 million Series D round for SocialText (Figure 3), with TubeMogul closely behind with a $3 million Series A. For additional details, see Figures 24 and 25 (at end of note).
Page 4
Financing Summary - Last Three Months
40.0
35.0
30.0
25.0
(US$m)
Apr-09 20.0 Mar-09 Feb-09
15.0
10.0
5.0
0.0 Pixazza Mixpo MMO Life Miva Tongxue AnySource Media OMGPOP FamilyLink.com Synthasite Offerpal Media Greystripe TextDigger FetchDog Mendeley Outbrain Filtrbox Tremor Media Glam Media 7 Billion People LendingClub AdultSpace Auditude Myngle Tvtrip Vidyo Apture Oodle Hunch Bit.ly Visible Measures Emergent Game Cake Financial Three Melons
0.8 Ad Network 1
Twitter
Buzznet
Socialtext
Sports
Simulmedia
WhistleBox
33Across
Tynt
SendMe Inc.
TubeMogul
SuperSecret
OneSpot
Figure 3. Capital Market Activity, Last Three Months Source. Company reports
Video continues to be the most active sector: Activity over the last three months was busiest in the video sector, with 8 companies raising over $63.4 million (Figure 4). Social networking companies have the next highest totals, with 10 companies raising $53 million.
Capital Market Activity by Sector - Last Three Months
70.0
60.0
50.0
(US$m)
40.0
30.0
63.4 53.0
20.0
37.0 31.4 25.6 22.5
10.0
20.0
16.0
15.0
12.0
12.0
9.0 Travel
5.5 Mobile Ad
4.3 Search
4.1 Publishing
Comment/Reputation
Gaming
Visual Commerce
0.0 Microblog Social Networks Video
4.0 Virtual World
3.9 Infrastructure
3.1
Outright
GoViral
Wamba
2.0 Crowdsourced Content
2.0 Financial Services
1.4
1.3 Online Learning 1
Media
# companies
8
10
2
6
3
4
1
3
Virtual Goods
Aggregation
Analytics
1
Lending
1
Mobile
Wiki
1
1
1
1
1
1
1
1
1
1
1
Figure 4. Capital Market Activity, by Sector, Last Three Months Source. Company reports
fav.or.it
Imagini
Virtual
Tvinci
Page 5
CAPITAL MARKETS ACTIVITY (PRICE PERFORMANCE) Price Performance: Our Web 2.0 index (market-cap weighted) underperformed the NASDAQ composite index from mid 2008 until recently when it has moved higher than the NASDAQ index (Figure 11).
Web 2.0 Index Price Performance
140
120
100
80
60
40
20
0 10/20/2008 11/17/2008 12/15/2008 12/29/2008 4/21/2008 5/19/2008 6/16/2008 6/30/2008 7/14/2008 7/28/2008 8/11/2008 8/25/2008 9/22/2008 10/6/2008 11/3/2008 12/1/2008 1/12/2009 1/26/2009 2/23/2009 3/23/2009 4/7/2008 5/5/2008 6/2/2008 9/8/2008 2/9/2009 3/9/2009 4/6/2009
^COMP - Share Pricing
Figure 5. Web 2.0 Price Performance Source. Capital IQ
Index: Web 2.0 X (Market Cap)
A positive week: Most of the companies in our universe had positive stock price performances over the past week (for stocks with prices greater than $1) (Figure 6), with 22 companies showing positive returns on the week. Beyond Commerce Inc. (BYOC-OTCBB) led the group with a 152.9% return over the past week. GigaMedia (GIGM-NasdaqGS) had the worst return, dropping 5.4% in the week.
Page 6
1 Week P rice P erformance
B ey ond Commerce, Inc . Openw ave S y s tems Inc . Webz en Inc. Perfect World Co., Ltd. LookS mart, Ltd. V alueClick Inc. United Online Inc . S handa Interactive Entertainment Ltd. S ohu.com Inc. A Q Interactive, Inc . Tree.Com, Inc. The9 Limited Neteas e.com Inc . Modern Times Group Mtg A B Frogs ter Interactiv e Pictures A G Giant Interactive G roup, Inc. IA C/InterA ctiv eCorp. CDC Corp. S hutterfly , Inc. Mix i, Inc . G ree, Inc. XING A G TheS treet.com, Inc . PhotoChannel Netw orks Inc. Open Tex t Corp. S park Netw orks , Inc . G ameOn Co Ltd. Ngi G roup Inc. DA DA S pA GigaMedia Ltd. 152.9% 37.8% 28.6% 18.9% 18.8% 17.2% 16.6% 16.0% 15.3% 14.8% 14.5% 14.4% 13.1% 11.6% 6.4% 6.3% 5.9% 5.6% 4.4% 2.9% 2.9% 1.7% 0.0% 0.0% -1.4% -2.2% -3.3% -4.5% -5.2% -5.4% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0% 180.0%
-20.0%
Figure 6. 1-Week Price Performance Source. Capital IQ
Page 7
INDUSTRY NEWS (PARTNERSHIPS, FINANCIAL RESULTS, NEW PRODUCTS)
K ey Developments
C ompany Headline Notes
B a rcla y s P riv a te E quity L td. agreed to a cqu ire the U K opera tions of K a boos e Inc . (TS X: K AB ) for £ 54 million on M a rch 31, 2009. B arc lays P rivate E quity Ltd. ; K aboos e B a rcl a ys P riva te E quity L td. a greed to a c quire the U K opera tions of K a boose I nc. (T S X : K AB ) for £54 million. Inc . (TS X:K AB); K abo os e Inc . , UK Operations B etawave Co rporation (OT CB B: B WA V) B eta wa ve C orporation R eports C ons olida ted E a rnings R es ults for the F ull Y ea r E nded D ec ember 31, 2008
B eta wa ve Corpora tion reported c ons olida ted ea rnings res ults for the full yea r ended Dec embe r 31, 2008. F or the period, R ev enues were $7,701, 599 a ga ins t $2, 081,182 a yea r a go. Net los s wa s $16,969, 985 or $0. 66 per ba sic and diluted s ha re a gainst net loss of $16,377, 858 or 0. 68 per ba s ic a nd diluted sha re, a yea r a go. N et ca s h us ed in opera ting a c tivities wa s $7,077, 358 a ga ins t $13, 550,034 a y ea r a go.
B eyond Co mmerc e, Inc . (OT CB B: B YOC) B roadWebAs ia Inc . (OT CP K : B WB A) C hang yo u. c om L imited (N as daqG S : C YOU)
B eyond Commerce, Inc . a nnounc ed dela y ed a nnua l 10-K O n 03/31/2009, B eyond Commerce, I nc . a nnounced tha t they will be una ble to file thei r next 10-K by the dea dlin e required by the S E C . filing B roa dW ebAs ia I nc. a nnoun ced dela yed a nnua l 10-K filing O n 04/01/2009, B roa dW ebAsia Inc . a nnounc ed that they will be una ble to file their next 10-K by the dea dline required by the S E C . Cha ngy ou.c om L imited ha s c ompleted a n IP O in the a mount of $120.00 million. Cha ngy ou.c om L imited ha s c ompleted a n I P O in the a mount of $120. 00 million. O ffer D eta ils : S ecurity Ty pe: C ommon S toc k (D eposita ry R ec eipts ) O ffered: 7500000 P rice/R a nge: 16.00
C hina G ateway Corporatio n (OT CB B: C G W Y) DigitalF X International, Inc . (OT CB B: DG F X)
China G a tewa y Corpora tion will Cha nge its Tic ker to CG W Y E from C G W Y Digita lF X Internationa l I nc. L a unches F 5 Ca mpa ign M a il P roduct
E ffectiv e April 06, 2009, C hina G a tewa y C orpora tion will c ha nge its O T CB B stoc k tic k er s ymbol to C G W Y E from CG W Y . Digita lFX Interna tiona l I nc. a nnounc ed tha t it ha s begun s hipping its C ommF 5 S uite product li ne to its independent dis trib utor network. T he F5 e-ma rk eting tool will ena ble s ma ll bus iness es to ea s ily c re a te a nd dis tribute ema il marketing c a mpa igns a t a n a fforda ble price. W ith the declining us a ge of tra ditiona l a dvertis ing c ha nnels s uch a s Y ellow P a ges or news pa pers , busines s es a re c ons ta ntly sea rc hing for solutions whic h c a n meet the c ha llenges of the internet a ge. F 5 is suc h an a pplic a tion . B usines s es, internet ma rketers , non-profit organiz a tions a nd a ss ocia tions of a ll k inds would ha ve to us e a va riety of s ervic es and a pplica tions to a c complis h wha t F5 provides in one singl e s olution. A pa rtial list of F5 func tiona lity inc ludes : Integra ted v ideo a nd a udio c reation, pla ylis ts, pic ture ga lleries , media s tora ge a nd media publis hing; Full ema il c lient with video, a udio, a nd templa te integra tion for indiv idua l follow up; C ontac t lis t ma nager; L ea d c a pture; Auto-res ponder; Cus tomize d templa te crea tion; a nd E ma il delive ry re porting a nd a na ly tic s .
DigitalP os t Interac tive, In c . (OT CB B: DG L P )
Digita lP os t Intera c tiv e I nc. R eports E a rnings R esults for the F ourth Q ua rter a nd F ull Y ear E nded Dec ember 31, 2008
Digita lP ost Intera ctive I nc. reported ea rning s results for the fourth qua rter a nd full year ended Dec ember 31, 2008. F or the qua rter, the compa ny reported net los s wa s $678,600 a dec rea s e of $205, 200 or 23% a s c ompa red to a net loss of $883,800 for the third qua rter of 2008. This wa s a c hieved by reducing opera tiona l ex penses by $323, 900 or 40% from the thi rd qua rter of 2008. For the full y ea r, the compa ny reported growth in rev enue of $488,900 a 314% inc rease from $118,100 for the s a me period la st yea r. T he growth is la rgely due to the c ompa ny's s tra tegic ma rketing pa rtners hip with K iddie K andids, which la unc hed in the fourth quarter of 2008. Ca s h us ed by opera ting a ctivities improved by 12% to $1,515 ,700 for the year ended Dec ember 31, 2008, a s c ompa red to $1,724, 700 c a s h used during the sa me period la s t yea r. N et los s inc rea sed to $4,017, 200 from a net los s of $2, 544,500 for the s a me period la st yea r.
Dis ney Online; K aboos e Inc . (T S X: K AB); Kaboos e Inc ., Intern et A s s ets E A Myth ic; G igaMedia Ltd. (N as daqG S : G IG M)
Dis ney O nline a greed to a c quire the Internet a s sets from Dis ney O nline a greed to ac quire the Internet a ss ets from K a boose I nc. (T S X : K AB ) for $18.4 million on April 1, 2009. T he a s sets wi ll be K a boos e I nc. (T S X : K AB ) for $18. 4 million. integra ted into Dis ney O nline’s extens ive line-up of web s ites. G iga Media a nd E A M ythic to L a unc h T a iwa n Clos ed B eta G iga Media L td. a nd E A My thic a nnounced tha t the clos ed beta for the highly a c cla imed MMO R P G will begin on April 15th, 2009. As pa rt of for W arha mmer O nline: Age of R ec k oning the clos ed beta la unch, clos ed beta pa ck s will be a va ila ble a t ma jor reta ilers. The L imited E dition c losed beta ga me pa c ks , av a ila ble a t pa rtic ipa ting 7-E lev en(R ) reta ilers in T a iwa n, ha v e been sold out. Fea turing i nnova tive R v R game pla y a nd P ublic Q ues ts (TM ), pla yers are immers ed in a world of perpetua l conflic t between the a rmies of O rder and Des truc tio n. Nov ice MM O pla y ers a nd vetera ns a like will a pprecia te the incredible depth a nd va riety a va ila ble in W AR . E xtensions , I nc. a nnounced dela yed a nnua l 10 -K filing G iga Media L td. R eports Una udited C ons olida ted E a rnings R esults for the F ourth Q ua rter a nd Full Y ea r E nded D ec ember 31, 2008; Announc es I mpa irment Cha rges O n 03/31/2009, E xtensions , I nc. a nnounc ed tha t they will be una b le to file their next 10-K by the dea dline required by the S E C . G iga Media L td. reported una udited cons olida ted earnings res ults for the fourth qua rter a nd full yea r ended D ec ember 31, 2008. F or the quarter, the c ompany's rev enues increas ed 1% to $44.6 milli on from $44. 2 million in the s a me period of 2007. Y ear-ov er-yea r results reflec ted c ontinued organic growth i n the c ompany's ga ming s oftwa re bus iness , whic h offset d ecrea s ed fourth-qua rter contributions from the Asia n online ga mes bus ines s. I nc ome from opera tions decrea s ed 16% y ear-over-year to $7. 9 million from $9.4 mil lion in the fo urth qua rter of 2007. The year-ov er-yea r decrea s e in inc ome from opera tions wa s la rgely due to a decline in the compa ny 's cons olida ted operating ma rgin to 17.7% in the fourth quarter from 21. 3% a y ea r a go. Non-G AAP inc ome from opera tions wa s $8. 0 million, down 21% yea r-ov er-year. T he compa ny reported inc ome from co ntinuing opera tions before income ta x es a nd minority interes t of $8. 58 million compa red to $9.72 million reported a y ea r a go. Inc ome from continuing opera tions wa s $8. 08 million or $0. 13 per diluted s ha re c ompa red to $10. 63 million or $0.18 per diluted share reported a yea r a go. Net income d ecrea s ed 15% to $9. 1 million or $0. 15 per diluted s ha re from $10. 7 million or $0. 18 per diluted G iga Media L td. , Q 4 2008 E a rnings C a lls , Mar-31-2009 G ravity Co. , L td, Annua l G enera l Meeting, M a r 31, 2009, a t 10:00 K orea S ta nda rd Time. L oc a tion: Nuritkum S qua re B us ines s Tower 15F , 1605 S a nga m-D ong, Ma po-G u, S eoul 121-270 K orea , S outh K orea . Agenda : To cons ider a udit results a nd b reports for the y ea r ended Dec ember 31, 2008; to c ons ider the approv al of B alance S heet, Inc ome S ta tement, a nd S ta tement of Appropria tion of R eta ined E a rnings for the 2008; to a ppointment of Direc tors ; to c ons ider the a pprov a l of a mendment of Artic le of I ncorpora tion; a nd to c onsider the approva l of the compens a tion ceiling for the D irectors in 2009. G ravity Co. L td. a nnounc ed non-c ons olida ted ea rnings res ults for the fis ca l y ea r ended Dec ember 31, 2008. F or the yea r, the c ompany reported R ev enue wa s K R W 41, 983 million ($33,267, 000), representing a 24. 6% i ncrea s e from K R W 33, 686 million for 2007. R oya lties a nd licens ing fees rev enues for 2008 were K R W 31,587 million ($25, 029,000), representing a 25.6 % inc rea se from K R W 25, 153 million for 2007. This inc rea s e wa s primarily a ttributed to: (i) inc rea sed revenues from J apa n a nd (ii) a ppreciation of Ja panes e Y en a ga ins t K orea n W on in 2008. Also , the increa s es in ga me s ervic es revenue from commerc ia l s ervic e of R equiem in the U .S . a nd R uss ia and E mil C hronic le O nline in T ha ila nd, T a iwa n a nd H ong K ong ha ve c ontributed to the overa ll increas e in rev enues. T he Compa ny recorded a net income of K R W 921 million ($730, 000) for 2008 co mpa red with a net los s of K R W 27, 559 million for 2007.
E xtens ions , In c . (OT CP K :E XTI) G igaMedia L td. (N as daqG S : G IG M)
G igaMedia L td. (N as daqG S : G IG M) G ravity Co ., L td (N as daqG M: G R VY)
G iga Media L td., Q 4 2008 E a rnings C a lls , M a r-31-2009 G ra vity Co. , L td, Annua l G enera l M eeting, M a r 31, 2009
G ravity Co ., L td (N as daqG M: G R VY)
G ra vity Co. Ltd. Announc es N on-cons olida ted E a rnings R es ults for the F isc a l Y ea r E nded Dec ember 31, 2008
Page 8
J u mpTV In c . (TS X :J TV)
J umpT V I nc . R eports E a rnings R esults for the F ourth Q ua rter a nd Full Y ea r E nde d D ecember 31, 2008
J umpTV I nc. reported ea rnings results for the fourth qua rter a nd ful l y ea r ended Dec ember 31, 2008. F or the qua rter, the compa ny reported revenue wa s $5. 8 million compa red to $5.3 million in the s a me period in 2007. T he net loss wa s $7. 2 million (including $3. 8 million of nonca s h c ha rges ) or $0.13 per s ha re, ba s ic a nd diluted a s c ompa red to $0. 2 million (including $0. 6 million of non-ca s h c ha rges ) or $0.00 per sha re, ba s ic a nd diluted in the sa me period a yea r a go. For the full y ea r, the compa ny reported rev enue wa s $13. 4 million compa red to $7.8 mil lion in the prior yea r. T he net los s wa s $11.6 million (including $5.5 million of non-ca s h c ha rges ) or $0.21 per s ha re, ba s ic a nd diluted a s c ompa red to $4. 5 million (including $2. 6 million of nonca s h c ha rges ) or $0.11 per s ha re, ba s ic a nd diluted in the prior y ea r.
K abo os e Inc . (T S X:K AB)
K a boos e Announc es F ina ncia l R es ults for the F ourth Q ua rter a nd Fis ca l Y ea r E nded D ecember 31, 2008 ; Announc es Impa irment Cha rges
K a boose Inc . a nnounc ed fina nc ia l res ults for the fourth qua rter a nd fis ca l yea r ended D ec ember 31, 2008. F or the qua rter, rev enue increa s ed 80% to $21. 52 million from $11.97 million in th e s a me qua rter la s t yea r. E B IT DA inc rea sed 254% from $1. 46 million in the sa me qua rter la st yea r to $5.17 million, whic h inc ludes $1. 47 million in foreign exc ha nge ga ins in the fourth qua rte r of 2008, c ompared to a los s of $0.01 mi llion in the s a me qua rter of 2007. N et los s wa s $65. 09 million, or $0. 46 per sha re, compa red to net income of $1.73 million, or $0.02 per s ha re, in the fourth qua rter of 2007, whic h inc ludes the write-down of goodwill a nd long-liv ed a s sets of $65. 54 million des cribed below a nd a morti za tion in the fo urth qua rter of 2008 re la ted to previous a cquis itions of $4.05 million, c ompa red to $2. 00 million in the s a me qua rter of 2007. For the yea r, rev enue increa s ed 144% to $81. 94 million from $33.63 million in fis c a l 2007. E B IT DA inc rea sed 188% from $4. 21 million la st yea r to $12.11 million, whic h includes $1. 42 million in foreign exc ha nge ga ins in 2008, c ompa red to a los s of $0. 30 million in 2007 a nd net loss wa s $74 36 million or $0 53 per s ha re c ompa red to net inc ome of $1 70 million or $0 02 per s ha re in 2007 K ingsoft C o. L td. , 2008 E a rnings C a lls , Apr-01-2009 K ingsoft C o. L td. reported ea rnings results for the y ea r 2008. F or the yea r, the compa ny reported tha t the net profit jumped 87% from one yea r ea rlier to C NY 310 million. The compa ny rea liz ed C NY 820.9 million i n rev enue in 2008, up 47% y ea r on yea r. T he online ga me busines s, whic h c ontributed C N Y 553. 7 million to the c ompa ny , a c counted for 67% of the compa ny's tota l rev enue. The softwa re busines s rea lized C N Y 261. 2 million in sa les inc ome, up 67% from a yea r ea rlier. The compa ny wi ll is sue a dividend of a bout HK D 0.15 per s ha re. The compa ny pla ns to l a unch fiv e new ga mes .
K ings oft Co . Ltd. (S E H K:3888) K ings oft Co . Ltd. (S E H K:3888)
K ings oft C o. L td. , 2008 E a rnings C a lls, Ap r-01-2009 K ings oft C o. L td. R eports E a rnings R esults for the Y ea r 2008 ; to Dec la re D ividend ; P la ns to L a unch Fiv e N ew G a mes
Magnitude Information S ys tems Inc . (OT CB B:MAG Y) Magnitude Information S ys tems Inc . (OT CB B:MAG Y) N eXplo re Corporation (OT CP K :NXP C )
Ma gnitude I nforma tion S ys tems I nc. A cc epts the R es igna tion of Q uentin K elly a s a D irec tor of the B oa rd Ma gnitude I nforma tion S ys tems I nc. a nnounc ed dela yed a nnua l 10-K filing NeX plore Corpora tion Anno unces P ublic B eta L a unc h of Nex plore Ads V ersion 2.0
O n M a rch 24, 2009, M a gnitude Informa tion S ys tems I nc . a cc epted the res igna tion of Q uentin K elly a s a director of the B oa rd of D irectors . Mr. K elly res igned beca us e of persona l rea sons , effec tiv e immedia tely. O n 03/30/2009, Ma gnitude I nforma tion S y stems Inc . a nnounc ed tha t they will be una ble to file their next 10-K by the dea dline required by the S E C. NeX plore Corpora tion a nnounc ed the public beta la unc h of N eX plore Ads vers ion 2. 0, a full lifec yc le sea rc h a dv erti sing pla tform tha t ena bles ma rk eters to ea sily crea te a nd ma na ge pa id sea rc h a d c a mpa i gns tha t c a n include a blen d of text a ds , bra nded ima ges , v ideo c ommerc ia ls a nd other ric h-media a d forma ts fea turing built-in, rea l-time c ons umer-intera ction ca pa bilities , including vide o c ha t, c a ll sc heduling, ema il, insta nt mess a ging a nd more. NeX plore Ads s ea ml ess ly integra tes with NeX plore S ea rch, a vi sua lly enga ging W eb 2. 0 sea rc h engine optimized for multi-media displa y a nd ea s y soc ia l sha ring. N eX plore S ea rc h ha s been in public beta s inc e J a nua ry 2008. I n J a nua ry 2009 NeX plore S ea rch ha d more the 5.5 million unique monthly v is itors . O pen T ext C orp. ha s joined the C is c o T echnology D eveloper P rogra m a s pa rt of the progra m's IP C ommunica tions s oluti on c a tegory . In a ddition, O pen T ext F a x S erver ha s suc c ess fully completed interopera bility tes ting with C isc o Unified C ommunic a tions Ma na ger 7.0 a nd Cis co Unity C onnection 7. 0. T he C isc o Tec hnology Dev eloper P rogra m unites Cis co with third-pa rty developers of ha rdwa re a nd so ftwa re to deliver tes ted interopera ble s olutio ns to joint c ustomers. M embers of the progra m s ha re C isc o's s trong commitment to c us tomer s erv ice a nd sa tisfa c tion a nd a re required to undergo interopera bility tes ting ba s ed on criteria set forth by C isc o. W ith C i sc o T echnol ogy Dev eloper P rogra m member offerings s uc h a s O pen Tex t Fa x S erv er, v ersions 9. 3 a nd 9. 4, cus tomers c a n more quic kly deploy a broa d ra nge of C isc o Compa tible bus iness a pp lica tions tha t ca n enha nc e the c a pa bilities, performa nce, a nd ma na gement of their C is c o network . O penwa ve S y stems Inc . a nnounc ed O penwa ve(R ) Ac cel era tor, the la tes t serv ice ena bler for Openwa v e(R ) Integra , a next genera tion mobile internet s ervic e ma na gement pla tform. O penwa ve Acc elera tor, whic h c ompliments ex isting optimiza tion func tions within c ore I ntegra , increa s es da ta tra nsfer ra tes ov er wireless da ta networks while dec rea s ing ba ndwidth cons umption. T he result is a n optimiz ed network : fa s ter brows ing s peeds for the subs criber a t a lower tota l c os t for the opera tor. Acc elera tor is pa rt of O penwa v e's Mobile Internet va luea dded S erv ices tha t a re a va ila ble for the I ntegra Mobi le I nternet S erv ic e P la tform. I ntegra 's plug-in fra mework mea ns tha t a ll da ta tra ffic routed through Integra ca n benefit from A cc elera tor. O pe nwa ve Ac celera tor reduc es s ervic e la tenc y a nd the v olume of da ta going ov er the a ir to the mobile devic e by a pplying enha nced c ontent c ompress ion tec hniques (ima ge a nd ja va s cript in pa rticula r) a nd content c a ching to speed up a c c ess a nd c ontent deliv ery without a ffec ting the v isua l qua lity . T hese multiple a cc elera tion techniques employ ed by O penwa ve Acc elera to r optimiz e the number of tra nsa c tions neces sa ry to deliver content a nd the volume of da ta per tra ns a ction with the res ult tha t the re
Open T ext C orp. (N as daqG S :OT E X)
O pen T ext J oins C isc o Tec hnology Dev eloper P rog ra m
Openwave S ys tems In c . (N as daqG S :OP W V)
O penwa v e S y stems Inc . I ntroduc es N ew Acc elera tor S ervic e to Help O pera tors Improve the Mo bile I nternet E xperienc e
Openwave S ys tems In c . (N as daqG S :OP W V)
O penwa v e S howca s es L a test S olutions a t C T IA W ireless O penwa ve S y stems Inc . a nnounc ed tha t the c ompa ny will showca s e its la test mobile internet, mess a ging a nd loc a ti on s oftwa re a pplica tions 2009 a nd infra struc ture a t C T IA W ireles s 2009 in L a s V ega s , N eva da , April 1-3, 2009. O penwa ve is helping opera tors deliv er a n internet experienc e to their mobile subs c ribers tha t a re ta nta mount to the P C experienc e. Openwa v e c omplete mobi le internet, mes sa ging a nd loca tion s olutions a re helpi ng opera tors with ev erything from prov iding a better understa nding of their subs c riber's beha viors , whic h c a n tra ns la te into more c us tomer v a lue through the delivery of more releva nt serv ices a nd inc rea sed serv ice us a ge-to providing new wa y s for a n opera tor to ma ximize ba ndwidth c ons umption a nd lower tota l cos t of ownership for their mobile internet infra struc ture. S NAP I ntera c tiv e Inc . R eports C onsolida ted E a rnings S NAP I ntera c tiv e I nc . reported cons olida ted ea rning s res ults for the fourth qua rter ended D ecember 31, 2008. R ev enue inc rea s ed from R es ults for the F ourth Q ua rter E nded Dec ember 31, 2008 $389,181 for th e fourth qua rter 2007 to $1,087, 144 for the fourth qua rter 2008, a 179% inc rea se. R ev enue inc rea sed from $424,564 for the full yea r ended D ecember 31, 2007 to $3, 011, 627 for the full yea r ended D ecember 31, 2008, a 609% inc rea s e. T he increa s e in rev enue wa s prima rily due to the growth of our a pplica tions a nd the inc rea sed usa ge in 2008 c ompa red to the sa me time period in 2007. Net Inc ome inc rea sed to $796, 960 for the yea r from a los s of $914, 997 for the y ea r 2007, a n inc rea se of $1,711, 957. E B I T D A for the yea r wa s $946, 510. O n a n E B I T DA ba sis , the c ompa ny ea rned $0. 09 per s ha re for the fis ca l yea r ended Dec ember 31, 2008. I nco me from opera tions for the yea r wa s $933, 879 c ompa red to loss from opera tions of $916, 313 in 2007. I ncome before provis ion for income ta xes for the yea r wa s $937, 060 compa red to loss before provis ion for income ta xes of $913,622 for the s a me period a yea r a go. Net Inc ome per diluted s ha re for the y ea r wa s $0. 07 c ompa red to $0. 09 per diluted s ha re for the sa me perio d a yea r a go.
S NAP Interac tive, Inc . (OT CB B:S TVI)
S NAP Interac tive, Inc . (OT CB B:S TVI) S oh u.c om Inc . (N as daqG S : S OH U)
S NAP I ntera c tiv e Inc . R eports R evenue R es ults for the Fourth Q ua rter E nded D ecember 31, 2008 S ohu.c om I nc . Announces Ma na gement Cha nges
T heS treet.c om, Inc . (Nas daqG M:T S CM) TheS treet.c om I nc. to C ut a bout 6% of its W orkforc e T heS treet.c om, Inc . (Nas daqG M:T S CM) TheS treet.c om I nc. Announ ces R esigna tion of S tev en E lk es a s Chief R ev enue O ffic er W izz a rd S oftwa re C orpora ti on, Q4 2008 E a rnings C a lls, W izz ard S oftware Co rporation Apr-01-2009 (A ME X: WZ E ) W oozy Fly , Inc . a nnounc ed dela y ed a nnua l 10-K filing W ooz yFly, In c . (OTC BB :WZYF )
S NAP I ntera c tiv e I nc . reported revenue results for the fourth qua rter ended Dec ember 31, 200 8. F or the fou rth qua rter revenue wa s $1,087, 144, a s c ompa red to $871, 324 in third qua rter of 2008 a 25% inc rea s e. S ohu.c om I nc. a nnounced tha t C ha rles Z ha ng, W a ng T a o, H e J ie, Chen D ewen a nd H ong X ia ojia n a re a ppointed a s boa rd c ha irma n, chief exec utiv e offic er, c hief fin a ncia l offic er, chief opera ting officer, a s well a s c hief tec hnology offic er. TheS treet. c om Inc . a nnounc ed it will cut a bout 6% of its work force. E ffectiv e M a rch 30, 2009, S teven E lkes a nd T heS treet. com I nc . ended M r. E lk e's enga gement a s C hief R evenue O ffic er of the compa ny. W izza rd S oftwa re C orpora tion, Q 4 2008 E a rnings C a l ls, Apr-01-2009 O n 04/01/2009, Wo ozyF ly, Inc . a nnounc ed tha t they will be una ble to file their nex t 10-K by the dea dline required by the S E C .
Figure 7. Key Developments Source. Capital IQ
Page 9
VALUATION MMOG companies lead market-cap charts: Nine companies in our Web 2.0 universe top US$1 billion in market capitalization (Figure 8). Sixty-five of the 90 companies have market caps under US$100 million, with 30 under $10 million. Online gaming companies dominate the top of the list with four of the top five by market cap.
Market C ap (US D m)
Tencent Holdings Ltd. Neteas e.com Inc. S handa Interactive Entertainment IA C/InterA ctiveCorp. S ohu.com Inc. Open Tex t Corp. Giant Interactive G roup, Inc. G ree, Inc. Modern Times G roup Mtg A B Perf ect World Co., Ltd. V alueClick Inc. Mix i, Inc. K ings of t Co. Ltd. Chines e G amer International United Online Inc. The9 Limited NEOWIZ G ames Corporation G igaMedia Ltd. NetDragon WebS of t, Inc. S K Communications Co., Ltd. S hutterf ly , Inc. XING A G G amania Digital Entertainment Co. , G ungHo Online Entertainment, Inc. CDC Corp. Y edangOnline Corp. Openw ave S y s tems Inc. DA DA S pA GameOn Co Ltd. A ctoz S oft Co., Ltd. Moggle, Inc DigitalTow n, Inc. K aboos e Inc. TheS treet. com, Inc. OA O R B C Information S y s tems HanbitS of t, Inc. B ey ond Commerc e, Inc . Tree. Com, Inc. J umpTV Inc. S park Netw orks , Inc. PhotoChannel Netw orks Inc. NeXplore Corporation Cy berplex Inc. B roadWebA s ia Inc. Dolphin Digital Media, Inc. Northgate Technologies Limited Ngi G roup Inc. S ites earch Corporation Webz en Inc. G eoS entric Oy j A Q Interactive, Inc. G rav ity Co. , Ltd Frogs ter Interactive Pictures A G Wiz z ard S of tw are Corporation Fluid Mus ic Canada, Inc. DXN Holdings B hd LookS mart, Ltd. Eolith Co. Ltd. J umbuck Entertainment Pty Ltd. IdeaEdge, Inc. Ex tens ions , Inc. Quepas a Corp. Worlds .com Inc. Lingo Media Corporation A cceleriz e New Media, Inc. Y nk K orea Inc. S NA P Interactive, Inc. S pectrumDNA , Inc. UOMO Media, Inc CornerWorld Corporation Magnitude Information S y s tems MOK O.mobi Limited IA S Energy , Inc. is eemedia Inc. LiveWorld Inc. B etaw ave Corporation Wy nds torm Corporation B right Things plc Wooz y Fly , Inc. V OIS , Inc. DigitalPos t Interactive, Inc. ZipLoc al Inc. Unis erve Communications Corp. B igs tring Corp. Financial Media G roup, Inc. The Parent Company Total S port Online A S A s s ociated Media Holdings Inc. China G atew ay Corporation S ocial Media V enures , Inc. Dibz International, Inc. S NM G lobal Holdings 0
Figure 8. Market Cap Ranking Source. Capital IQ
592. 9 455.8 442. 7 416.5 379.5 368.7 302.0 293. 3 264.8 245. 2 200. 7 150.9 144. 3 123.0 104. 0 103. 3 97. 6 86.9 84.5 83.5 67. 9 65. 4 60. 7 55. 5 54. 9 53. 3 51. 1 50. 4 46.2 43.2 41.8 38.9 38.2 32. 6 28. 6 28. 5 28. 2 26. 7 25. 0 24. 8 23. 6 22. 0 21. 7 21. 2 20. 9 20. 5 19. 1 16.2 14.4 14.2 12.6 8.9 8.6 8.6 8.2 8.1 7.3 6.9 6.6 6.5 5.9 4.9 4.1 4.0 3.8 3.1 3.0 2.6 1.9 1.5 1.0 0.8 0.8 0.6 0.5 0.2 0.1 0.0 0.0 0.0 0.0 500
852. 0 798. 1
1275.9 1236.3
1762.1 1745. 9 1640.8
2274.9
2963.3
3519.3
1, 000
1,500
2, 000
2,500
3,000
3, 500
4,000
Page 10
TEV/Revenue (LTM) averages 3.6x: The overall average TEV/Revenue (LTM) multiple for our group is 3.6x – down from from 4.7x last week (Figure 9). However, this is skewed by Gree (3633-TSE) at 41.6x and Bigstring (BSGC-OTCBB) at 29.8x. The median is only 1.2x. Note that we exclude multiples greater than 50x. Thirty-two companies have multiples under 1.5x.
T E V/L T M R evenue (x)
45.0 40.0 35.0 29.8 30.0 25.0 20.0 15.0 10.0 4.04. 0 4.24.64.7 A verage, 3. 6 2.83. 13.13.13.43.53. 6 5.0 1.71.71. 92.0 2. 12.42.62.6 0. 40.40.40.50.60.60.70. 70.80.80.80.91. 01.01. 11.11.11.11.11. 11.21.2 0.00.00.00. 00.10. 10.20.20.20.3 0.0 5.46. 06.1 14.5 12.0 11. 3 9.9 8. 0
41.6
Figure 9. TEV/Revenue Ranking Source. Capital IQ
TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are listed or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest number of companies (22), trading at an average multiple of 8.6x (up slightly from 8.4x last week). On a geographic basis, the United States has the most companies (41), trading at an average of 3.4x revenue (down from 5.5x last week) (Figure 11). Eleven of the companies are Canadian (average 3.0x revenue).
(x)
(x)
OTCNO
OTCBB
OTCPK
GTSM
NasdaqGM
TSE
KOSE
SEHK
HLSE
OSE
NasdaqGS
OM
XTRA
TSX
AMEX
CM
TSXV
KLSE
AIM
ASX
Germany
United Kingdom
Japan
United States
Australia
# Companies
5
1 22 3
2
1
1
2
2
4
2
9
5
7
1 13 1
1
1
5
# Companies
1
6
1
9
3
1
2
41
11
2
9
1
1
Malaysia 1
China
Finland
Canada
Norway
Taiwan
South Korea
Sweden
Figures 10 & 11. TEV/Revenue Ranking (Exchange, Country) Source. Capital IQ
Hong Kong 1
Italy
C hina G ateway C orporation O AO R B C Information S y s tems S oc ial Media V enures , Inc . S handa Interactive E ntertainment Ltd. O penwave S y s tems Inc . Unis erve C ommunications C orp. Northgate T ec hnologies L imited T he P arent C ompany T ree.C om, Inc. LiveWorld Inc . IAC /InterActiveC orp. C DC C orp. G ameO n C o Ltd. DXN Holdings B hd Y nk K orea Inc . DADA S pA HanbitS oft, Inc. S hutterfly , Inc . C y berplex Inc. S park Network s , Inc. Z ipLoc al Inc . J umbuc k E ntertainment P ty L td. E olith C o. Ltd. Actoz S oft C o., Ltd. S NM G lobal Holdings Modern T imes G roup Mtg AB V alueC lic k Inc. U nited O nline Inc. K aboos e Inc . G ungHo O nline E ntertainment, Inc . G amania Digital E ntertainment C o. , L td. G igaMedia Ltd. S K C ommunic ations C o., Ltd. NetDragon WebS oft, Inc. F luid Mus ic C anada, Inc. Y edangO nline C orp. is eemedia Inc. O pen T ex t C orp. NE O WIZ G ames C orporation P hotoC hannel Network s Inc. L ingo Media C orporation S NAP Interac tive, Inc. XING AG K ings oft C o. Ltd. S ohu.c om Inc. Wiz z ard S oftware C orporation G eoS entric O y j F rogs ter Interac tive P ictures AG Ac celeriz e New Media, Inc . Mix i, Inc. T otal S port O nline AS MO K O .mobi L imited J umpT V Inc. DigitalP os t Interac tive, Inc. C ornerWorld C orporation As s oc iated Media Holdings Inc. C hines e G amer International U O MO Media, Inc B right T hings plc T enc ent Holdings Ltd. B igs tring C orp. G ree, Inc.
Average TEV/LTM Revenue - By Exchange
18.0 15.4 16.0 14.0 12.0 12.0 8.6 10.0 8.0 6.4 5.6 4.6 6.0 3.6 3.5 2.8 2.3 4.0 2.2 1.9 1.7 1.4 1.1 1.1 1.1 0.6 2.0 0.5 0.2 0.0
14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0
Average TEV/LTM Revenue - By Country
12.0 11.8
4.6
4.5
4.1
3.6
3.5 3.4
3.0
2.8
1.4 1.1
0.6
0.5 0.4
Page 11
TEV/EBITDA (LTM) averages 9.1x: The average multiple for the 30 companies with positive EBITDA (and multiples under 100x) is 9.1x LTM EBITDA (slightly down from 9.2x last week), led by SNAP Interactive’s (STVI-OTCBB) 30.2x multiple (Figure 12). Sixteen of the companies have EBITDA multiples under 7x. The median multiple is 8.0x (vs. 6.6x last week).
T E V/L T M E B IT DA (x)
35. 0 30. 0 25. 0 21. 1 20. 0 17. 7 29. 2 29. 5 30. 2
15. 0 10. 0 5. 0 0.1 O AO R B C Information S y s tems 0. 0 0.1 S handa Interac tive E ntertainment Ltd. 1. 2 Northgate T ec hnologies Limited 1. 7 G ameO n C o Ltd. A verage, 9.1 4. 7 4. 9 5. 5 5. 6 5.9 6.2 6.6 8. 8 9. 6 9. 6 9. 6 9. 6 9. 7 11. 1 11. 1
8. 0 3. 7 3. 8 3. 9 4. 0
8. 0
8. 0
8. 1
2. 5
G ungHo O nline E ntertainment, Inc.
J umbuc k E ntertainment P ty L td.
G amania Digital E ntertainment C o. , L td.
NE O WIZ G ames C orporation
C hines e G amer International
U nis erve C ommunic ations C orp.
DXN H oldings B hd
C DC C orp.
S K C ommunic ations C o. , Ltd.
Modern T imes G roup Mtg AB
United O nline Inc.
O pen T ex t C orp.
NetDragon WebS oft, Inc .
Figure 12. TEV/EBITDA Ranking Source. Capital IQ
TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange. The OTCBB has the largest number of companies (22), trading at an average multiple of 30.2x. On a geographic basis, the United States has the most companies (41), trading at an average of 9.7x EBITDA (Figure 14). Ten of the companies are Canadian (average 14.9x EBITDA).
Average TEV/LTM EBITDA - By Exchange
35.0 30.2 30.0 25.0 (x) 20.0
(x) 16.0 14.0 14.9
Average TEV/LTM EBITDA - By Country
29.5 14.6 13.6
12.0 10.0
11.4 10.4 9.8 9.7 9.6 9.6 6.6 6.3 4.0 3.9 2.5 Germany United States Hong Kong Japan China Malaysia Canada Taiwan South Korea Italy Australia 2 Sweden 1.2 India 1
15.0 10.0 5.0 OTCBB
10.410.3 9.6 6.6 6.4 6.3 6.2
8.0 6.0
4.0 3.9 3.8 2.5 CM AMEX KLSE ASX
1.2 0.1 RTS BSE
4.0 2.0 0.0
GTSM
0.0
KOSE
TSE
SEHK
# Companies
22
5
2
3
7
4
2
1
5
13
NasdaqGS
TSXV
XTRA
OSE
TSX
OM
1
1
1
2
2
1
1
# Companies
11
3
9
9
41
2
1
1
6
1
1
Figures 13 & 14. TEV/EBITDA Ranking (Exchange, Country) Source. Capital IQ
P/E (LTM) averages 16.0x: The average multiple for the 31 companies with positive earnings (and multiples under 100x) is 16.0x LTM EPS (unchanged from 16x last week), led by TheStreet.com’s (TSCM-NASDAQ) 64.1x multiple (Figure 15). Sixteen of the companies have P/E multiples under 10x. The median is just 10.4x.
S NAP Interactive, Inc.
IAC /InterAc tiveC orp.
C y berplex Inc .
T enc ent H oldings Ltd.
V alueC lick Inc .
XING AG
S park Network s , Inc.
G igaMedia Ltd.
S ohu.c om Inc.
Y edangO nline C orp.
Ac toz S oft C o., Ltd.
K ings oft C o. Ltd.
S hutterfly , Inc .
K aboos e Inc .
DADA S pA
Mix i, Inc.
Page 12
P /E L T M (x)
70.0 60.0
64.1 55.1
50.0 39.8 40.0 30.0 20.0 15.5 17.0 5.7 7.4 8.2 8.5 9.1 9.6 11.4 11.6 11.9 9.7 11.1 20.8 19.3 19.7 29.2 26.2 35.7
44.3
A verage, 16.0
10.0 1.1 0.0 G iant Interactive G roup, Inc. T he9 Limited P erfect World C o., Ltd. 1.5 1.6 1.9 Northgate T echnologies Limited 2.3 Neteas e.com Inc. 2.5 S handa Interactive E ntertainment Ltd. 3.3 Worlds .com Inc. 3.5 Modern T imes G roup Mtg AB
4.0
J umbuck E ntertainment P ty Ltd.
G amania Digital E ntertainment C o., Ltd.
NE O WIZ G ames C orporation
C hines e G amer International
DXN H oldings B hd
G ameO n C o Ltd.
Ngi G roup Inc.
S NAP Interactive, Inc.
O pen T ex t C orp.
NetDragon WebS oft, Inc.
IAC /InterActiveC orp.
T encent H oldings Ltd.
S park Network s , Inc.
Y edangO nline C orp.
Figure 15. P/E Ranking Source. Capital IQ
P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the largest number of companies (22), trading at an average multiple of 23.8x. On a geographic basis, the United States has the most companies (41), trading at an average of 32.5x earnings (Figure 17). Eleven of the companies are Canadian (average 22.0x EPS).
Average P/E - By Exchange
70.0 60.0 50.0 (x) 40.0 30.0 20.0 10.0 OTCBB NasdaqGM GTSM 0.0 TSE KOSE SEHK NasdaqGS XTRA AMEX 23.8 22.8 20.8 64.1
Actoz S oft C o., Ltd.
35.0 30.0 25.0
20.4
Average P/E - By Country
32.5
(x)
20.0 15.0 10.0 5.0 0.0
22.0
20.8
18.4 15.6 15.6 9.1 7.4 5.7
15.6 15.6
15.1 11.1
8.2
7.4
5.7 CM
4.0 KLSE
3.5 OM
4.0
TSX
ASX
Germany
United States
Japan
China
Australia
Malaysia 1
Canada
Taiwan
South Korea
Italy
# Companies
5
22
2
2
3
5
7
13
2
4
2
1
1
1
# Companies
41
11
2
3
6
9
9
2
1
Figures 16 & 17. P/E Ranking (Exchange, Country) Source. Capital IQ
Sweden 1
T heS treet.com, Inc.
3.5
G igaMedia Ltd.
C y berplex Inc.
S ohu.com Inc.
K ings oft C o. Ltd.
XING AG
Mix i, Inc.
S hutterfly , Inc.
DADA S pA
Page 13
UPCOMING EVENTS
Upc o min g E vents
Event
M esh 2009
Date
April 7-8
L ocatio n
T oronto
Webs ite
www.mes hconference. c om
Figure 18. Upcoming Events Source. Company reports
E arnings Calendar
C ompany
T ree. C om, Inc . (N a sda qG M :T R E E )
Figure 19. Earnings Calendar Source. Company reports
D ate & T ime
F rida y, M a y 01, 2009 11:00 AM (E DT )
Qu arter
Q 1 2009
C onf C all D etails
877-407-0782
Page 14
C omparable C ompany Analys is > Web 2.0
P ric e P erformance
C ompany Name Accelerize New Media , Inc. Actoz S oft C o., L td. AQ Interactive, Inc. As s ociated Media Holdings Inc. B igs tring C orp. B eta wa ve C orpora tion B eyond C ommerce, Inc. B right T hings plc B roa dW ebAs ia Inc. C DC C orp. C hina G a tewa y C orpora tion C hines e G a mer Interna tiona l C ornerW orld C orpora tion C yberplex Inc. DADA S pA DXN Holdings B hd Dibz Interna tional, Inc. DigitalP os t Interactive, Inc. DigitalT own, Inc. Dolphin Digita l Media , Inc. E olith C o. L td. E xtens ions , Inc. F ina ncial Media G roup, Inc. F luid Mus ic C ana da, Inc. F rogs ter Interactive P ictures AG G a mania Digital E nterta inment C o. , L td. G a meO n C o L td. G eoS entric O yj G iant Intera ctive G roup, Inc. G iga Media Ltd. G ra vity C o. , Ltd G ree, Inc. G ungHo O nline E nterta inment, Inc. Ha nbitS oft, Inc. IAC /InterActiveC orp. IAS E nergy, Inc. Idea E dge, Inc. is eemedia Inc. J umbuck E nterta inment P ty Ltd. J umpT V Inc. K a boos e Inc. K ings oft C o. L td. L ingo Media C orporation L iveW orld Inc. L ookS mart, L td. Ma gnitude Information S ys tems Inc. Mixi, Inc. Modern T imes G roup Mtg AB Moggle, Inc MO K O .mobi Limited NE O W IZ G a mes C orpora tion NetDragon W ebS oft, Inc. Netea s e.com Inc. NeXplore C orpora tion Ngi G roup Inc. Northga te T echnologies L imited O pen T ext C orp. O penwa ve S ys tems Inc. P erfect W orld C o., L td. P hotoC ha nnel Networks Inc. Q uepas a C orp. O AO R B C Information S ys tems S handa Interactive E nterta inment L td. S hutterfly, Inc. S K C ommunications C o., L td. S NAP Interactive, Inc. S NM G loba l Holdings S ocia l Media V enures , Inc. S ohu. com Inc. S ites earch C orpora tion S park Networks , Inc. S pectrumDNA, Inc. T encent Holdings L td. T he P a rent C ompany T he9 L imited T heS treet.com, Inc. T ota l S port O nline AS T ree.C om, Inc. U nis erve C ommunica tions C orp. U nited O nline Inc. U O MO Media, Inc V a lueC lick Inc. V O IS , Inc. W ebzen Inc. W izza rd S oftwa re C orpora tion W oozyF ly, Inc. W orlds . com Inc. W ynds torm C orpora tion XING AG Y eda ngO nline C orp. Y nk K orea Inc. ZipL oca l Inc. High L ow Average Media n C urrenc y US D KR W JPY US D US D US D US D GBP US D US D US D TWD US D C AD E UR MY R US D US D US D US D KR W US D US D C AD E UR TWD JPY E UR US D US D US D JPY JPY KR W US D US D US D C AD AU D C AD C AD HK D C AD US D US D US D JPY SEK US D AU D KR W HK D US D US D JPY INR US D US D US D C AD US D US D US D US D KR W US D US D US D US D US D US D US D HK D US D US D US D NO K US D C AD US D US D US D US D US D US D US D US D US D E UR KR W KR W C AD Ticker AC LZ A052790 3838 AS MH BS GC B W AV B Y OC AIM:B G T BWBA C HIN.A CGWY G T S M:3083 CWR L T S X:C X C M:DA DXN DIB Z DG L P DG T W DP DM A041060 E XT I F NG P T S X:F MN FR G 6180 3812 G E O 1V GA G IG M GR VY T S E :3632 3765 A047080 IAC I IAS C . A O T C B B : IDAE IE E AS X: J MB T S X:J T V T S X:K AB 3888 T S XV :L M LV W D LOOK MAG Y 2121 MT G B MMO G MK B A095660 777 NT E S NXP C 2497 590057 OT E X OP W V PWRD T S XV :P N QP S A R BCI S NDA S F LY A066270 S TVI S NMN S MV I S O HU S TPC LOV S P XA 700 K IDS . Q NC T Y TSCM T OS O TREE T S XV :U S S U NT D U O MO V C LK V O IS W ZE N W ZE W ZY F W DDD W Y ND O 1B C A052770 A023770 T S XV :ZIP E xc hange OT C B B K OS E TS E OT C P K OT C B B OT C B B OT C B B AIM OT C P K Nas daqG S OT C B B GTS M OT C B B TS X CM K LS E OT C P K OT C B B OT C B B OT C B B K OS E OT C P K OT C B B TS X XT R A GTS M TS E HLS E NY S E Nas daqG S Nas daqG M TS E OS E K OS E Nas daqG S OT C B B OT C B B T S XV AS X TS X TS X S E HK T S XV OT C P K Nas daqG M OT C B B TS E OM OT C B B AS X K OS E S E HK Nas daqG S OT C P K TS E BS E Nas daqG S Nas daqG S Nas daqG S T S XV Nas daqC M R TS Nas daqG S Nas daqG S K OS E OT C B B OT C P K OT C P K Nas daqG S OT C B B AME X OT C B B S E HK OT C P K Nas daqG S Nas daqG M O T C NO Nas daqG M T S XV Nas daqG S OT C B B Nas daqG S OT C B B Nas daqG M AME X OT C B B OT C B B OT C B B XT R A K OS E K OS E T S XV US D Market C ap ($m) 8. 6 84.5 24.8 0. 1 0. 8 3. 8 53.3 3. 0 38.2 123.0 0. 0 442.7 6. 6 38.9 97.6 20.9 0. 0 1. 5 67.9 32.6 19.1 14.2 0. 6 21.2 22.0 150.9 86.9 25.0 1,640.8 302.0 23.6 1,275.9 144.3 54.9 2,274.9 4. 9 14.4 4. 1 16.2 50.4 65.4 455.8 8. 6 4. 0 20.5 6. 5 592.9 1,236.3 83.5 5. 9 368.7 293.3 3,519.3 41.8 28.5 28.6 1,745.9 103.3 852.0 43.2 12.6 55.5 2,963.3 245.2 264.8 8. 1 0. 0 0. 0 1,762.1 28.2 46.2 7. 3 13, 995.5 0. 5 379.5 60.7 0. 2 51.1 0. 8 416.5 6. 9 798.1 1. 9 26.7 21.7 2. 6 8. 9 3. 1 200.7 104.0 8. 2 1. 0 C urrent P rice 0.32 12,500.00 45,900.00 0.00 0.02 0.13 1.29 0.02 0.45 1.14 0.00 173.00 0.14 0.90 4.50 0.32 0.00 0.02 2.50 0.67 535.00 0.15 0.01 0.50 7.01 33.00 90,500.00 0.03 7.26 5.59 0.85 5,760.00 126,900.00 3,265.00 16.14 0.07 0.34 0.10 0.46 0.55 0.58 3.29 0.83 0.13 1.20 0.02 389,000.00 151.00 2.30 0.10 50,000.00 4.30 28.60 0.75 23,200.00 41.10 33.64 1.24 16.15 1.60 0.99 0.40 42.71 9.75 8,400.00 0.75 0.00 0.52 46.23 3.50 2.25 0.15 60.30 0.02 14.15 1.99 0.04 5.12 0.04 5.07 0.08 9.20 0.23 2.25 0.46 0.15 0.17 0.17 29.29 8,670.00 4,385.00 0.02 1 Wk 28.0% 12.1% 14.8% 0. 0% 0. 0% -13. 3% 152.9% 13.6% -11. 8% 5. 6% 100.0% -5.5% -6.7% 2. 3% -5.2% 14.3% -90. 0% 100.0% -16. 7% 13.6% 1. 9% -25. 0% 18.8% 25.0% 6. 4% 0. 5% -3.3% 0. 0% 6. 3% -5.4% 23.2% 2. 9% 6. 3% -4.4% 5. 9% 55.6% -2.9% 11.1% -8.0% 1. 9% 45.0% 6. 8% 18.6% 0. 0% 18.8% 0. 0% 2. 9% 11.6% 15.0% 7. 7% 13.8% 0. 0% 13.1% 25.0% -4.5% 25.3% -1.4% 37.8% 18.9% 0. 0% 3. 1% -9.1% 16.0% 4. 4% 4. 1% -6.3% 0. 0% -56. 7% 15.3% -30. 0% -2.2% -21. 1% 8. 6% -5.0% 14.4% 0. 0% 0. 0% 14.5% -20. 0% 16.6% -38. 5% 17.2% 91.7% 28.6% 7. 0% 0. 0% -5.6% 41.7% 1. 7% -1.3% 7. 3% 200.0% 200.0% -90. 0% 10.6% 4. 2% 1 Mth 3.2% 25.6% 43.9% -72.0% 22.0% 8.3% 158. 0% -2.0% -40.0% 50.0% 100. 0% 30.1% -65.9% 157. 1% -7.3% -3.0% -90.0% 400. 0% 25.0% 31.4% 2.9% -25.0% -62.0% 16.3% 90.0% 37.8% 1.1% -25.0% 1.7% 15.7% 32.8% 20.5% 4.4% 12.6% 14.4% 0.0% -15.0% 25.0% 2.2% 44.7% 52.6% 37.7% -4.6% 225. 0% 22.4% -16.7% 17.9% 30.2% 15.0% 96.0% 60.0% 51.9% 35.9% -21.1% 30.3% 24.2% 12.1% 64.2% 48.7% 0.0% 6.5% 33.3% 36.6% 26.3% 40.0% -21.1% 0.0% -13.3% 5.1% NM -7.8% -25.0% 36.4% 26.7% 49.1% 8.2% 0.0% 29.0% -20.0% 24.9% 14.3% 57.5% -69.3% 81.5% 4.5% 0.0% 41.7% 41.7% 20.0% 27.9% 27.8% -25.0% 400. 0% -90.0% 24.3% 20.0% 3 Mth -8. 6% 18.5% 52.5% -53.3% -11.8% -40.9% 12.2% 30.4% -18.2% -11.6% 0.0% 83.1% -68.9% 136. 8% -39.1% -8. 6% -90.0% 0.0% -23.1% -16.3% -6. 1% 185. 7% -87.3% 35.1% 8.0% 51.4% -31.4% -25.0% 13.6% -19.3% 44.1% 7.3% 28.8% -5. 9% -1. 3% 250. 0% -57.5% 33.3% 17.9% 17.0% 45.0% 18.3% -17.0% 333. 3% -31.8% -40.0% -35.4% -12.5% 53.3% 96.0% 132. 6% 44.3% 42.8% -25.0% -59.2% -41.4% 6.3% 58.0% -13.8% 1.3% -56.4% -20.0% 30.1% 23.1% 46.9% 15.4% 150. 0% -50.0% -3. 7% NM -13.5% 0.0% 16.0% -62.4% -0. 6% -43.0% -20.0% 28.0% 0.0% -15.9% -33.3% 24.0% -42.5% 125. 0% -50.0% NM -15.0% 41.7% 2.8% 37.0% -0. 5% 50.0% 333. 3% -90.0% 12.4% 0.0% 6 Mth -31. 9% 46.5% 42.5% -93. 6% -57. 1% -48. 0% -35. 5% 50.0% -69. 8% -15. 6% -86. 7% 160.2% -77. 0% 87.5% -40. 6% -15. 8% -98. 0% -60. 0% -41. 2% -31. 6% -7.0% 50.0% -97. 3% -16. 7% 59.3% 96.4% 41.4% -25. 0% 27.1% -16. 6% 3. 7% NM -18. 0% -3.7% 9. 2% -50. 0% -83. 7% 17.6% -8.0% 10.0% -13. 4% 57.4% -51. 2% 0. 0% -38. 5% -40. 0% -11. 2% -22. 0% NM 78.2% 155.1% -8.5% 43.9% 36.4% -67. 8% -71. 0% 21.0% 36.3% -17. 2% -20. 0% -63. 5% -90. 6% 66.3% 33.9% -21. 5% 275.0% -99. 8% -14. 8% -8.2% NM -37. 5% -25. 0% 18.2% -98. 1% -7.2% -55. 1% -20. 0% 152.2% -50. 0% -41. 0% -55. 6% 22.8% -72. 9% 150.0% -50. 5% NM -43. 3% -32. 0% 17.2% 21.4% -60. 1% -81. 3% 275.0% -99. 8% -7.2% -16. 9% 1 Yr -55. 6% 52. 4% -76. 2% 27. 3% -91. 4% -51. 9% -35. 5% -40. 0% -85. 0% -70. 1% -96. 7% 58. 7% -88. 8% 18. 4% -65. 7% -37. 3% -98. 0% -89. 5% 13. 6% NM -50. 9% 0.0% -95. 1% NM 57. 2% 9.3% -13. 0% -57. 1% -43. 5% -63. 5% -35. 6% NM -48. 8% -34. 8% -60. 8% -69. 6% -62. 2% -71. 0% -23. 3% -14. 1% -58. 0% 27. 5% -51. 2% -13. 3% -65. 7% -40. 0% -57. 0% -64. 3% NM 263.0% 46. 0% -58. 3% 48. 3% NM -84. 0% -89. 9% 0.4% -48. 3% -37. 4% -55. 9% -67. 9% -95. 7% 56. 9% -29. 7% -49. 4% 15. 4% -100.0% NM -6.1% NM -48. 7% NM 24. 1% -99. 4% -24. 5% -77. 3% -33. 3% NM -88. 6% -52. 8% -77. 1% -45. 9% NM -25. 5% -79. 1% NM -51. 4% NM -20. 8% -22. 2% -72. 0% -92. 3% 263.0% -100.0% -37.4% -50. 2% 52 Week -59.0% -11.3% -80.5% -97.2% -93.2% -69.0% -60.9% -64.7% -84.5% -72.9% -95.6% -9.7% -88.8% -10.0% -72.2% -42.9% -98.0% -92.9% -59.0% -40.7% -57.9% -85.1% -99.0% -75.5% -8.4% -10.7% -44.6% -57.1% -57.8% -71.9% -57.5% -8.6% -70.8% -53.4% -68.0% -80.0% -88.0% -77.3% -29.8% -57.0% -62.3% -23.7% -62.3% -82.7% -75.0% -50.0% -63.6% -66.8% 0.0% -2.0% 0.0% -68.4% -0.5% -48.3% -86.1% -91.3% -13.9% -55.7% -51.8% -61.4% -71.4% -95.8% -2.9% -45.7% -57.4% -30.6% -100. 0% -89.6% -49.5% -30.0% -51.6% -75.0% -16.3% -99.5% -50.4% -79.0% -60.0% -53.9% -91.1% -59.4% -90.0% -56.2% -95.9% -49.4% -80.8% -96.3% -62.2% -80.0% -37.2% -30.9% -74.3% -92.9% 0.0% -100. 0% -59.6% -61.8%
415.0
Figure 20. Price Performance Source. Capital IQ
Page 15
C omparable C ompany Analys is > Web 2.0
Valuation Multiples C ompany Name
Accelerize New Media , Inc. Actoz S oft C o., Ltd. AQ Interactive, Inc. As s ociated Media Holdings Inc. B igs tring C orp. B etawa ve C orpora tion B eyond C ommerce, Inc. B right T hings plc B roadW ebAs ia Inc. C DC C orp. C hina G a teway C orporation C hines e G a mer Interna tiona l C ornerW orld C orpora tion C yberplex Inc. DADA S pA DXN Holdings B hd Dibz Internationa l, Inc. Digita lP os t Intera ctive, Inc. Digita lT own, Inc. Dolphin Digital Media, Inc. E olith C o. Ltd. E xtens ions , Inc. F ina ncial Media G roup, Inc. F luid Mus ic C a na da, Inc. F rogs ter Intera ctive P ictures AG G a ma nia Digita l E nterta inment C o., Ltd. G a meOn C o Ltd. G eoS entric Oyj G ia nt Intera ctive G roup, Inc. G igaMedia L td. G ravity C o. , L td G ree, Inc. G ungHo O nline E nterta inment, Inc. Ha nbitS oft, Inc. IAC /InterActiveC orp. IAS E nergy, Inc. IdeaE dge, Inc. is eemedia Inc. J umbuck E nterta inment P ty Ltd. J umpT V Inc. K aboos e Inc. K ings oft C o. L td. L ingo Media C orporation L iveW orld Inc. L ookS mart, Ltd. Ma gnitude Information S ys tems Inc. Mixi, Inc. Modern T imes G roup Mtg AB Moggle, Inc MO K O .mobi L imited NE O W IZ G ames C orpora tion NetDra gon W ebS oft, Inc. Netea s e.com Inc. NeXplore C orpora tion Ngi G roup Inc. Northgate T echnologies L imited O pen T ext C orp. O penwa ve S ys tems Inc. P erfect W orld C o., L td. P hotoC ha nnel Networks Inc. Q uepa s a C orp. O AO R B C Information S ys tems S ha nda Intera ctive E ntertainment L td. S hutterfly, Inc. S K C ommunica tions C o. , L td. S NAP Intera ctive, Inc. S NM G loba l Holdings S ocia l Media V enures , Inc. S ohu.com Inc. S ites earch C orporation S pa rk Networks , Inc. S pectrumDNA, Inc. T encent Holdings L td. T he P a rent C ompany T he9 Limited T heS treet.com, Inc. T ota l S port O nline AS T ree. C om, Inc. U nis erve C ommunica tions C orp. U nited Online Inc. U O MO Media , Inc V alueC lick Inc. V OIS , Inc. W ebzen Inc. W izza rd S oftwa re C orporation W oozyF ly, Inc. W orlds .com Inc. W ynds torm C orpora tion XING AG Y edangO nline C orp. Y nk K orea Inc. ZipL ocal Inc. High L ow Average Media n
S ector
Direct Ma rketing G a ming G a ming Mobile Ins ta nt Mes s a ging Media S ocia l Networking S ocia l Networking S ocia l Networking G aming Mobile G a ming C ontent Advertis ing S ocia l Networking S ocia l Networking S NS Apps C ontent S ocia l Networking S ocia l Networking G a ming C ontent Direct Ma rketing Media G a ming G a ming G a ming Mobile G a ming G a ming G a ming S ocia l Networking Media G a ming Media V ideo S ocia l Networking C ontent S ocia l Networking V ideo C ontent G a ming L ea rning S ocia l Networking Direct Ma rketing S ocia l Networking S ocia l Networking Media G a ming S ocia l Networking G a ming G a ming G a ming C ontent Media Direct Ma rketing C olla boration Mobile G a ming Digita l Imaging S ocia l Networking Media G a ming Digita l Imaging S earch Dating Media S ocia l Networking G a ming S ocia l Networking S ocia l Networking Media P ortal Media G a ming Media Media P ortal S ocia l Networking Media Media Advertis ing S ocia l Networking G a ming P odcas ting S ocia l Networking C ontent C ontent S ocia l Networking G a ming G a ming Directory
C ountry
United S ta tes S outh K orea J a pa n United S ta tes United S ta tes United S ta tes United S ta tes United K ingdom United S ta tes Hong K ong United S ta tes T aiwan United S ta tes C a na da Italy Ma la ys ia United S ta tes United S ta tes United S ta tes United S ta tes S outh K orea United S ta tes United S ta tes United S ta tes G ermany T aiwan J a pa n F inla nd C hina T aiwan S outh K orea J a pa n J a pa n S outh K orea United S ta tes C a na da United S ta tes C a na da Aus tralia C a na da C a na da C hina C a na da United S ta tes United S ta tes United S ta tes J a pa n S weden United S ta tes Aus tralia S outh K orea C hina C hina United S ta tes J a pa n India C a na da United S ta tes C hina C a na da United S ta tes R us s ia C hina United S tates S outh K orea United S ta tes United S ta tes United S ta tes C hina United S ta tes United S ta tes United S ta tes C hina United S ta tes C hina United S ta tes Norwa y United S ta tes C a na da United S ta tes C a na da United S ta tes United S ta tes S outh K orea United S ta tes United S ta tes United S ta tes United S ta tes G ermany S outh K orea S outh K orea C a na da
P rimary E xchange
OT C B B K OS E TSE OT C P K OT C B B OT C B B OT C B B AIM OT C P K Na s daqG S OT C B B GTS M OT C B B TSX CM K LS E OT C P K OT C B B OT C B B OT C B B K OS E OT C P K OT C B B TSX XT R A GTS M TSE HL S E NY S E Na s daqG S Na s daqG M TSE OS E K OS E Na s daqG S OT C B B OT C B B T S XV AS X TSX TSX S E HK T S XV OT C P K Na s daqG M OT C B B TSE OM OT C B B AS X K OS E S E HK Na s daqG S OT C P K TSE BSE Na s daqG S Na s daqG S Na s daqG S T S XV Na s daqC M R TS Na s daqG S Na s daqG S K OS E OT C B B OT C P K OT C P K Na s daqG S OT C B B AME X OT C B B S E HK OT C P K Na s daqG S Na s daqG M O T C NO Na s daqG M T S XV Na s daqG S OT C B B Na s daqG S OT C B B Na s daqG M AME X OT C B B OT C B B OT C B B XT R A K OS E K OS E T S XV
Tic ker
AC L Z A052790 3838 AS MH BS GC B W AV B Y OC AIM:B G T BWBA C HIN.A CGWY G T S M:3083 CWR L T S X:C X C M:DA DXN DIB Z DG LP DG T W DP DM A041060 E XT I F NG P T S X:F MN FR G 6180 3812 G E O 1V GA G IG M GR VY T S E :3632 3765 A047080 IAC I IAS C . A O T C B B :IDAE IE E AS X:J MB T S X:J T V T S X: K AB 3888 T S XV :L M LV W D LO O K MAG Y 2121 MT G B MMO G MK B A095660 777 NT E S NXP C 2497 590057 OT E X OP W V PWR D T S XV : P N QP S A R BCI S NDA S FLY A066270 STVI S NMN S MV I S O HU S TPC LO V S P XA 700 K IDS . Q NC T Y TS CM T OS O TR E E T S XV : US S UNT D U OMO V C LK V O IS W ZE N W ZE W ZY F W DDD W Y ND O 1B C A052770 A023770 T S XV :ZIP
US D Market C ap ($m)
8. 6 84. 5 24. 8 0. 1 0. 8 3. 8 53. 3 3. 0 38. 2 123. 0 0. 0 442. 7 6. 6 38. 9 97. 6 20. 9 0. 0 1. 5 67. 9 32. 6 19. 1 14. 2 0. 6 21. 2 22. 0 150. 9 86. 9 25. 0 1, 640. 8 302. 0 23. 6 1, 275. 9 144. 3 54. 9 2, 274. 9 4. 9 14. 4 4. 1 16. 2 50. 4 65. 4 455. 8 8. 6 4. 0 20. 5 6. 5 592. 9 1, 236. 3 83. 5 5. 9 368. 7 293. 3 3, 519. 3 41. 8 28. 5 28. 6 1, 745. 9 103. 3 852. 0 43. 2 12. 6 55. 5 2, 963. 3 245. 2 264. 8 8. 1 0. 0 0. 0 1, 762. 1 28. 2 46. 2 7. 3 13, 995. 5 0. 5 379. 5 60. 7 0. 2 51. 1 0. 8 416. 5 6. 9 798. 1 1. 9 26. 7 21. 7 2. 6 8. 9 3. 1 200. 7 104. 0 8. 2 1. 0 13, 995. 5 0. 0 415.0 28. 5
TE V/L TM R evenue
4.0x 1.0x 8.0x 29. 8x 12. 0x 0.4x 0.0x 9.9x 6.1x 0.8x 0.6x 0.5x 6.0x 1.0x 1.9x 4.0x 1.2x 0.4x 3.6x 1.2x 41. 6x 1.1x 0.7x 0.4x 2. 1x 0.9x 5. 4x 1.1x 3.1x 2.8x 0.3x 4.2x 1.1x 4.7x 2.6x 1.7x 0.2x 2.4x 0.1x 2.6x 0.0x 0.0x 0.7x 1.7x 3.1x 1.1x 0.0x 3.4x 0.8x 14. 5x 0.2x 4.6x 0.2x 0.1x 1.1x 11. 3x 1.1x 3.5x 3.1x 2.0x 0.6x 0.8x 41. 6x 0.0x 3.6x 1.2x
TE V/ NTM R evenue
0.4x 0.6x 1.3x 1.2x 0.4x 1.0x 1.0x 2.2x 0.1x 1.8x 0.2x 0.8x 2.9x 0.2x 0.7x 1.2x 2.9x 0.1x 1.0x 0.9x
TE V/L TM E B ITDA
5.6x 9.6x 21. 1x 9.6x 3.9x 4.0x 8.0x 1.7x 4.9x 6.2x 8.1x 2.5x 11. 1x 8.0x 11. 1x 6.6x 9.7x 3.7x 1.2x 9.6x 0.1x 0.1x 5.5x 17. 7x 30. 2x 8.0x 3.8x 29. 2x 29. 5x 4.7x 5.9x 9.6x 8.8x 30. 2x 0.1x 9.1x 8.0x
TE V/NTM E B ITDA
7. 8x 6. 4x 5. 0x 3. 1x 6. 2x 7. 9x 8. 4x 1. 7x 5. 5x 0. 6x 5. 0x 6. 7x 3. 0x 5. 1x 8. 4x 0. 6x 5.2x 5. 3x
P /L TM E P S
15. 5x 26. 2x 8.2x 5.7x 4.0x 19. 3x 9.1x 1.6x 9.6x 17. 0x 7.4x 11. 9x 29. 2x 3.5x 19. 7x 9.7x 2.3x 8.5x 1.9x 35. 7x 1.5x 2.5x 55. 1x 44. 3x 11. 4x 11. 1x 39. 8x 1.1x 64. 1x 3.3x 20. 8x 11. 6x 64. 1x 1.1x 16.0x 10. 4x
P /NTM E P S
17.5x 9. 0x 12.0x 8. 7x 27.7x 7. 9x 14.8x 13.8x 41.3x 7. 9x 20.7x 14.5x 11.3x 9. 4x 7. 0x 15.5x 41.3x 7. 0x 14.9x 12.9x
P /TangB V
1.6x 0.4x 0.4x 8.5x 8.5x 0.4x 1.7x 2.0x 2.1x 1.2x 5.3x 0.3x 2.7x 20. 2x 1.8x 1.1x 10. 6x 2.4x 1.9x 3.6x 2.7x 1.8x 0.7x 4.7x 5.1x 11. 6x 1.6x 0.7x 0.5x 1.4x 0.5x 9.8x 9.4x 1.1x 1.4x 5.9x 5.4x 40. 1x 7.8x 16. 3x 0.1x 0.6x 0.7x 7.7x 4.3x 0.0x 5.4x 5.4x 40. 1x 0.0x 4.8x 2.1x
Figure 21. Valuation Comparison Source. Capital IQ
Page 16
C omparable C ompany Analys is > Web 2.0
S ummary by C ountry
C ompany Name United S tates C anada C hina S outh K orea J apan T aiwan Aus tralia G ermany Norway Hong K ong F inland Italy United K ingdom India S weden R us s ia Malays ia G rand Total 41 11 9 9 6 3 2 2 1 1 1 1 1 1 1 1 1 92 US D Market C ap ($m) C hina United S tates J apan C anada S weden S outh K orea T aiwan G ermany Hong K ong Italy R us s ia India F inland Aus tra lia Malays ia United K ingdom Norway G rand Total 25, 861. 5 4, 511. 0 2, 153. 3 1, 970. 1 1, 236. 3 954. 5 895. 6 222. 8 123. 0 97. 6 55. 5 28. 6 25. 0 22. 1 20. 9 3. 0 0. 2 38,180.8 Avg US D Market C ap ($m) C hina S weden J apa n T aiwan C anada Hong K ong G ermany United S ta tes S outh K orea Italy R us s ia India F inla nd Ma lays ia Aus tralia United K ingdom Norwa y G rand Total 2, 873. 5 1, 236. 3 358. 9 298. 5 179. 1 123. 0 111. 4 110. 0 106. 1 97. 6 55. 5 28. 6 25. 0 20. 9 11. 0 3. 0 0. 2 415.0 US D L TM Total R ev ($m) United S tates C hina S weden C anada S outh K orea J apan Hong K ong T aiwan Italy R us s ia India Malays ia G ermany Aus tra lia F inland Norway United K ingdom G rand Total 3, 742. 2 3, 348. 3 1, 636. 0 940. 9 552. 3 488. 9 428. 1 342. 5 226. 8 142. 0 134. 6 78. 1 52. 1 13. 7 5. 5 2. 0 0. 2 12,134.6 US D L TM Total E B ITDA ($m) C hina S weden United S tates C ana da J apan T aiwan S outh K orea Italy India Hong K ong R us s ia G erma ny Malays ia Aus tralia Norway United K ingdom F inland G rand Total 1, 659. 2 261. 6 239. 7 192. 7 128. 7 80. 7 58. 7 36. 2 23. 7 18. 8 18. 6 11. 7 10. 4 2. 6 -1. 0 -1. 7 -12. 7 2,728.0 E B ITDA % S weden G erma ny India F inland J apan C ana da T aiwan Italy Norway S outh K orea Hong K ong C hina United S tates United K ingdom Aus tralia R us s ia Malays ia G rand Total 38. 0% 32. 0% 30. 8% 25. 9% 19. 4% 18. 3% 16. 2% 13. 3% 9. 7% 8. 4% 4. 4% 2. 6% -0. 4% N/A N/A N/A N/A 8.7%
Figure 22. Comparison by Country Source. Capital IQ
Comparable Company Analys is > Web 2.0
S ummary by E xc hange
C ompany Na me OTCB B Nas da qG S OTCP K K OS E TS E Nas da qG M T S XV TS X S E HK A ME X XT R A ASX GTSM O T C NO H LS E NY S E CM BSE Nas da qC M OSE A IM OM RTS K LS E G rand Total 22 13 9 7 5 5 5 4 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 92 US D Mar ket C a p ($m) Na sd aqG S S E HK TS E NY S E OM K OSE GTS M OTCB B XTR A Na sd aqG M TS X OS E OTCP K CM A ME X T S XV R TS BSE HL S E AS X K LS E Na sd aqC M A IM O T C NO G r and T ota l 15 ,485 . 1 14 ,744 . 6 2 ,008 . 9 1 ,640 . 8 1 ,236 . 3 904 . 2 593 . 6 352 . 0 222 . 8 182 . 6 175 . 9 144 . 3 98 . 7 97 . 6 67 . 9 57 . 7 55 . 5 28 . 6 25 . 0 22 . 1 20 . 9 12 . 6 3 .0 0 .2 38 ,180.8 Avg US D Mark et C ap ($m ) S E HK NY S E OM Nas da qG S TS E GTSM OSE K OS E XT R A CM RTS TS X Nas da qG M A ME X BSE HL S E K LS E OTCB B Nas da qC M T S XV AS X OTCP K A IM O T C NO G ra nd Total 4, 914. 9 1, 640. 8 1, 236. 3 1, 191. 2 401. 8 296. 8 144. 3 129. 2 111. 4 97. 6 55. 5 44. 0 36. 5 34. 0 28. 6 25. 0 20. 9 16. 0 12. 6 11. 5 11. 0 11. 0 3. 0 0. 2 415. 0 US D L T M T otal R ev ($m ) OM Nas daqG S S E HK NY S E CM R TS BS E OSE Nas daqG M KL S E GTSM TSE KOS E TSX AM E X XT R A OTCPK TSXV AS X H LS E O T C NO OT CBB AI M Nas daqC M G rand T otal 1 , 636 .0 492 .5 417 .8 233 .2 226 .8 142 .0 134 .6 111 .6 84 .9 78 .1 76 .1 75 .5 70 .5 32 .0 31 .7 26 .0 21 .0 9 .4 6 .9 5 .5 2 .0 1 .8 0 .2 0 .1 12,134 .6 US D L T M Total E B I TDA ($m) Nas da qG S S E HK OM NY S E TSE K OS E CM GTSM B SE OSE R TS XT R A K LS E A ME X ASX TSX O T C NO A IM TSXV Nas da qC M HLS E Nas da qG M OTCPK OTCBB G rand T otal 1,52 1. 6 60 3. 5 26 1. 6 14 4. 4 10 8. 8 5 7. 9 3 6. 2 3 4. 7 2 3. 7 1 9. 9 1 8. 6 1 1. 7 1 0. 4 5. 8 2. 6 0. 1 -1. 0 -1. 7 -9. 6 -1 1. 4 -1 2. 7 -1 8. 1 -2 6. 5 -5 2. 4 2,728.0 E B IT DA % OM OS E XTRA BSE T S XV HL S E S E HK TS X TS E CM K OSE O T C NO OTCP K Na sdaqG S OTCB B Na sdaqC M Na sdaqG M GTS M NY S E A ME X A IM AS X RTS K LS E G ra nd T ota l 3 8. 0% 3 6. 0% 3 2. 0% 3 0. 8% 2 7. 4% 2 5. 9% 1 8. 4% 1 4. 0% 1 3. 9% 1 3. 3% 1 2. 8% 9 .7% 7 .8% 2 .3% 1 .8% -4 .9% -5 .3% -6 .7% N/A N/A N/A N/A N/A N/A 8 .7%
Figure 23. Comparison by Exchange Source. Capital IQ
Page 17
Financing - Last Three Months (US$ m)
Month Feb-09 Company Name Twitter Synthasite Tremor Media Offerpal Media Imagini Emergent Game Technologies Outbrain Tvtrip Tongxue Oodle TextDigger OneSpot Mixpo FetchDog Virtual Fairground 7 Billion People FamilyLink.com WhistleBox Mendeley Outright Tvinci Filtrbox MMO Life Cake Financial fav.or.it Feb-09 Total Mar-09 Vidyo Buzznet LendingClub SendMe Inc. Auditude USA USA USA USA USA 12.0 12.0 10.5 10.0 10.0 5.5 5.0 4.1 4.0 3.9 3.2 3.1 2.0 2.0 2.0 1.3 1.3 0.8 1.3 1.3 0.6 0.6 32.3 30.3 43.0 12.0 4.5 3.0 3.0 4.5 10.0 Country USA South A frica USA USA UK USA Israel France China USA USA USA Canada USA Netherlands USA USA USA UK USA Israel USA Netherlands USA UK Angel/Seed Debt financing
PIPE
Series A
Series B 20.0
Series C 35.0 18.0
Series D
Series E
Grand Total 35.0 20.0 18.0 15.0 13.5 12.5 12.0 9.0 6.0 5.6 4.3 4.2 4.0 4.0 4.0 3.0 2.9 2.3 2.0 2.0 1.6 1.4 1.3 1.3 0.7 185.5 15.0 12.5 12.0 12.0 10.5 10.0 10.0 5.5 5.0 4.1 4.0 3.9 3.2 3.1 2.0 2.0 2.0 1.3 1.3 0.8 0.6 130.7 4.5 3.0 7.5
15.0 13.5 12.5 12.0 9.0 6.0 5.6 4.3 4.2 4.0 4.0 4.0 3.0 2.9 2.3 2.0 2.0 1.6 1.4 1.3 1.3 0.7 24.8
13.3
76.4
58.6 15.0 12.5
12.5
Glam Media Visible Measures
Greystripe OMGP OP Apture Simulmedia Tynt AnySource Media
USA USA
USA USA USA USA Canada USA
Pixazza
Sports Composite DE Hunch
USA
USA USA
Bit.ly
AdultSpace Myngle 33Across
USA
USA Netherlands USA
Three Melons
Mar-09 Total Apr-09 Apr-09 Total
Argentina
Socialtext TubeMogul
USA USA
Figure 24. Financing, Last Three Months Source. Company reports
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C ompany Des c riptions - C urrent Mo nth C apital Market A c tivity
Company
S oc ialtext Inc orporated
HQ
U nited S tates
W ebs ite
www. s ocialtext.c om
Des criptio n
S oci a ltext Inc orpora ted develops enterpris e s oc ial s oftware. T he compa ny focus es on offering c ollaboration pla tform that allows organizations to c ollaborate. It offers P eople, whic h enables users to integrate s oc ial network ing with enterprise collaboration; W eblog that supports c ollabora tive and ongoing conversations among c ollea gues ; W orks pac e, an enterpris e wiki for sea rc hing information and people; and S ig nals that amplifies, clarifies, and c omplements other c ollaboration ac tivities , as well as provides a medium for informa tion s haring. The c ompany als o provides D ashboa rd, which a ggregates content from S oc ia ltex t wik i pages , the W eb, and enterprise sy stems; an d S oci a lCa lc s preadsheets that inc lude information from other spreads heets or works pa ce pages . The compa ny was founded in 2002 and is ba sed in P a lo Alto, C alifornia. TubeM ogul, I nc. operates as an online v ideo a nalytics and dis tribution c ompany worldwide. It foc uses on providing video publis hing tools . The c ompany provides a single point for deploy ing uploads to the video s haring s ites , and analytics on who, wha t, a nd how videos are being viewed. It serves content produc ers, media companies , ad age ncies , digita l c onsultants, rec ord labe ls, film s tudios , politicians , c onsumer products orga niz ations , and corporations. The company wa s founded in 2006 and is based in B erkeley , California.
T ubeMogul, Inc .
U nited S tates
www. tubemogul. c om
Figure 25. Company Descriptions Source. Company reports, Capital IQ, Crunchbase
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Tor ont o 41 6. 860 .7 60 0
M ontr eal 5 14. 39 9. 15 00
V a nc ouve r 6 04.6 6 2.1 80 0
Ca lgar y 4 0 3. 2 65 .7 40 0
Re gi na 30 6.5 66. 75 50
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