LATTER HALF OF 2009: FORGING FORWARD
DEAL VALUE ON PACE TO MEET NOVEMBER LEVEL
December starts at strong pace: Total transaction value in the Web 2.0 universe for the first week of December is $68.8 million. The number of financings stands at seven, averaging $9.8 million each. In comparison, total capital raised in November was $203.4 million, averaging $11.3 million (18 deals); October was $171.3 million, averaging $6.3 million (27 deals); and September was $232.8 million, averaging $9.0 million (26 deals).
Broad-based sector financing: Video, Gaming, Advertising, Collaboration, and Analytics experienced the most financing activity among our Web 2.0 sector categories in the past three months by number of transactions (six each). Social Networks remain strong with five deals in the past quarter. Infrastructure and Search round out the top three positions at four deals each over the past three months. The $400 million acquisition of Playfish skews the Virtual Worlds segment to the highest total.
Market pull-back abates – universe split between risers and decliners: Twenty-five companies in our universe had positive stock price performances over the past week (for stocks with prices greater than $1), while 22 companies showed negative 1-week returns.
Several of the largest MMOG companies reported their Q4/08 results over the past week; including Shanda, Netease,
and The9. The MMOG market continued to grow on a sequential basis in Q4.
LATTER HALF OF 2009: FORGING FORWARD
DEAL VALUE ON PACE TO MEET NOVEMBER LEVEL
December starts at strong pace: Total transaction value in the Web 2.0 universe for the first week of December is $68.8 million. The number of financings stands at seven, averaging $9.8 million each. In comparison, total capital raised in November was $203.4 million, averaging $11.3 million (18 deals); October was $171.3 million, averaging $6.3 million (27 deals); and September was $232.8 million, averaging $9.0 million (26 deals).
Broad-based sector financing: Video, Gaming, Advertising, Collaboration, and Analytics experienced the most financing activity among our Web 2.0 sector categories in the past three months by number of transactions (six each). Social Networks remain strong with five deals in the past quarter. Infrastructure and Search round out the top three positions at four deals each over the past three months. The $400 million acquisition of Playfish skews the Virtual Worlds segment to the highest total.
Market pull-back abates – universe split between risers and decliners: Twenty-five companies in our universe had positive stock price performances over the past week (for stocks with prices greater than $1), while 22 companies showed negative 1-week returns.
Several of the largest MMOG companies reported their Q4/08 results over the past week; including Shanda, Netease,
and The9. The MMOG market continued to grow on a sequential basis in Q4.
April on track to be record month?: Total transaction value in the Web 2.0 universe April-to-date is $726.1 million. The number of financings stands at 40 averaging $18.2 million each. Note that this includes the $300 million investment in DST by Tencent. Even excluding this transaction, the average is $15.2 million. In comparison, total capital raised in March was $168.1 million, averaging $5.4 million over 31 deals. The highest monthly total in our Web 2.0 financing database was April 2008 with a total of $765.5 million raised in 47 transactions.
Deal round-up for April: The large deal highlights for the month include:
§
•Tencent invested $300mm in DST (investor in Facebook, Zynga, Groupon).
DST invested $135mm in social-shopping service Groupon.
Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142 mm.
•Warner Bros. acquired gaming company, Turbine, for $160 mm.
•Ankeena Networks, media infrastructure solution provider was acquired by Juniper for $100mm.
Bullish week for Web 2.0: Sixty-nine percent of the companies in our universe had increased or flat market caps over the past week, sixty-nine percent had increased EV/Revenue multiples, 75% had increased or flat EV/EBITDA multiples and 73% had increased or flat P/E mutliples .
Introducing the Web 2.0 Weekly - Our weekly report will provide an ongoing framework for investors to identify key trends in Web 2.0, along with specific financial metrics by which to measure the success of the companies.
April 2010 a record month for Web 2.0 Financing: Total transaction value (excluding M&A) in the Web 2.0 universe for April was $808.2 million - the highest monthly total we have recorded. The number of financings was also a record, at 48, averaging $16.8 million each. Note that this includes the $300 million investment in DST by Tencent. Excluding this transaction, the average is $9.6 million. In comparison, total capital raised in March was $168.1 million, averaging $5.4 million over 31 deals.
Deal round-up for April: The large deal highlights for the month include:
Tencent invested $300mm in DST (investor in Facebook, Zynga, Groupon).
Apple acquired Siri, a mobile local search developer for a rumoured $225 mm.
DST acquired ICQ, the instant messaging company, for $187.5 mm.
Warner Bros. acquired gaming company, Turbine, for $160 mm.
DST invested $135mm in social-shopping service Groupon.
Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142 mm.
Ankeena Networks, media infrastructure solution provider was acquired by Juniper for $100mm.
Bearish week: Price performance was largely negative in our Web 2.0 universe, with prices dropping for over 60% of the companies.
Web 2.0 Weekly - June 22, 2010: "AOL Sells Bebo for Massive Loss"David Shore
Deals (M&A, Finance)
AOL is reported to have sold Bebo, the UK-based social network it bought just two years ago for $850 mm, to private equity firm Criterion Partners for under $10 mm. Based on our calculations, AOL paid the equivalent of $38 per Unique Visitor (UV) for Bebo, and sold it for under $1 per UV.
Positive price performance
The Web 2.0 public company universe rose again this week, with 60% of companies seeing their market cap rise vs. 33% falling and 7% flat.
Web 2.0 Weekly - July 27, 2010: "July Financings - Approaching High for 2010"David Shore
Deals (M&A, Finance)
Jive Software received the biggest investment of the week at $30 mm, bringing its total capital raised to date to $57 mm – the company brings social network-like functions to the realm of enterprise collaboration.
Advertising networks continue to receive the most attention among sectors we track – this week, $24.6 mm in financings were announced, including sports-related ad network Sportgenic (acquired by Glam Media for $12 mm), and TurnHere ($12.6mm in Series B funds).
Rumour alert – we continue to hear more frequent buzz concerning the potential acquisition of social gaming developer Playdom by Disney.
Synchronica (AIM:SYNC) intends to acquire iseemedia (TSXV:IEE) for C$8.8 mm in stock – both companies are engaged in mobile communications development, such as email-to-SMS.
Price performance turns positive
The Web 2.0 public company universe was positive this week, with 54% of companies seeing their market cap rise vs. 34% falling and 12% flat.
June financing well ahead of average: Financing in the Web 2.0 universe in June was the third highest month (over the past 12) with total transaction value (excluding M&A) of $459.6 million from 51 transactions, averaging $9.0 million each - led by the $147 million Zynga financing. In comparison, total capital raised in June 2009 was $226.3 million, averaging $4.5 million over 50 deals. Excluding Dec 09 and Apr 10, the average monthly total is ~$260 million.
Deals (M&A, Finance)
Alloy, a provider of news and commentary concerning New Media, was acquired by ZelnickMedia for $127 mm.
Facebook’s implied valuation rose to $24 bn as Elevation Partners purchased 5 mm shares of the company for $120 mm in the secondary market.
Danish Skype competitor, Vopium, received $16.5 mm in financing from Indian financier, Raghuvinder Kataria.
Social networking software developer based in France, Pearltrees, raised $1.6 mm.
PapayaMobile, mobile application software company based in China, raised $4 mm.
Two Israeli mobile developers received funding this week, including Perfecto Mobile ($4 mm) and Snaptu ($6 mm).
Negative price performance
The Web 2.0 public company universe fell this week, with 68% of companies seeing their market cap fall vs. 25% rising and 7% flat.
Google/Zynga deal drives July financing results: After starting very slowly (just one deal announced in the prior week) July financing increased substantially as a result of the Google/Zynga financing ($100-200 million). Total raised month-to-date is $158.8 million over 12 deals - averaging $13.2 million each. In comparison, total capital raised in July 2009 was $206.5 million, averaging $5.3 million over 39 deals. Excluding Dec 09 and Apr 10, the average monthly total is ~$280 million.
Deals (M&A, Finance)
Google invested a rumoured $100-$200 mm in social game developer, Zynga, bringing that company’s total funding to almost $500 mm (assuming the lower end of the range).
The Gaming sector remains hot – along with Google’s investment in Zynga, The9 Ltd. (Chinese online game developer and operator) invested $5 mm in Delaware-based Aurora Feint (focused on gaming for the mobile space).
A triad of financings in the Social Commerce space this week, including Beyond the Rack ($12 mm), ThredUP ($1.7 mm), and BuyWithMe ($16 mm in a Series B financing).
Sysomos, Canadian social media monitoring firm, was acquired by MarketWire for between $25 mm and $35 mm.
Price performance turns positive
The Web 2.0 public company universe rose this week, with 58% of companies seeing their market cap rise vs. 32% rising and 10% flat.
Web 2.0 Weekly - Aug. 4, 2010: "Playdom is going to Disney World"David Shore
Deals (M&A, Finance) – Disney Gets In To Social/Mobile Video Games
Disney acquired social and mobile game developer, Playdom, for $563 mm in upfront consideration and the potential for $200 mm in further earn-out based consideration. Disney management notes that the company continues to be on the acquisition war path.
The largest deals in the week involved (wait for it…) the advertising sector, with $15 mm in follow-on financings to eXelate and AdMeld, and $8 mm to BuzzLogic.
Four different social network/media companies received financing in the week, including, Hot Potato (acquired for $10 mm by Facebook), PlacePop ($1.4 mm round), Rapportive ($1 mm seed round), and dating site, Triangulate ($0.75 seed round).
Price Performance - Web 2.0 Valuation Reverse Course and Head Upward
The Web 2.0 public company universe was positive this week with 47% of stocks rising, 46% falling, and 7% flat.
Web 2.0 Weekly - July 20, 2010: "DST Cashing Up"David Shore
Large deals drive July financing to near record levels: With another huge financing (DST - see below) July financing is near record monthly levels. Total raised month-to-date is $742.6 million over 29 deals - averaging $25.6 million each. Excluding the Zynga ($100 million) and DST ($388 million) deals, the average deal size is $9.4 million. In comparison, total capital raised in July 2009 was $209.0 million, averaging $5.2 million over 40 deals. The monthly median total is ~$280 million with a median deal size of $8.1 million.
Deals (M&A, Finance)
Naspers, a South African media and print conglomerate, invested $388 mm in Digital Sky Technologies, the Russian digital media holding company with significant stakes in Facebook, Groupon, Mail.ru, and Zynga.
The next biggest raise of the week was Australian enterprise software developer, Atlassian, receiving $60 mm in Series A funds from Accel Partners.
Social Commerce continues to garner attention – this week BlueSwarm ($0.8 mm angel round) and Shopkick ($15 mm Series B round) raised money.
Another $31 mm in venture funds found their way to Advertising-related start-ups, including Israel-based Adsmarket ($17 mm), as well as a pair of India-based companies – Komli Media ($6 mm) and InMobi ($8 mm).
Price performance split
The Web 2.0 public company universe was split this week, with 48% of companies seeing their market cap fall vs. 43% rising and 9% flat.
April on track to be record month?: Total transaction value in the Web 2.0 universe April-to-date is $726.1 million. The number of financings stands at 40 averaging $18.2 million each. Note that this includes the $300 million investment in DST by Tencent. Even excluding this transaction, the average is $15.2 million. In comparison, total capital raised in March was $168.1 million, averaging $5.4 million over 31 deals. The highest monthly total in our Web 2.0 financing database was April 2008 with a total of $765.5 million raised in 47 transactions.
Deal round-up for April: The large deal highlights for the month include:
§
•Tencent invested $300mm in DST (investor in Facebook, Zynga, Groupon).
DST invested $135mm in social-shopping service Groupon.
Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142 mm.
•Warner Bros. acquired gaming company, Turbine, for $160 mm.
•Ankeena Networks, media infrastructure solution provider was acquired by Juniper for $100mm.
Bullish week for Web 2.0: Sixty-nine percent of the companies in our universe had increased or flat market caps over the past week, sixty-nine percent had increased EV/Revenue multiples, 75% had increased or flat EV/EBITDA multiples and 73% had increased or flat P/E mutliples .
Introducing the Web 2.0 Weekly - Our weekly report will provide an ongoing framework for investors to identify key trends in Web 2.0, along with specific financial metrics by which to measure the success of the companies.
April 2010 a record month for Web 2.0 Financing: Total transaction value (excluding M&A) in the Web 2.0 universe for April was $808.2 million - the highest monthly total we have recorded. The number of financings was also a record, at 48, averaging $16.8 million each. Note that this includes the $300 million investment in DST by Tencent. Excluding this transaction, the average is $9.6 million. In comparison, total capital raised in March was $168.1 million, averaging $5.4 million over 31 deals.
Deal round-up for April: The large deal highlights for the month include:
Tencent invested $300mm in DST (investor in Facebook, Zynga, Groupon).
Apple acquired Siri, a mobile local search developer for a rumoured $225 mm.
DST acquired ICQ, the instant messaging company, for $187.5 mm.
Warner Bros. acquired gaming company, Turbine, for $160 mm.
DST invested $135mm in social-shopping service Groupon.
Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142 mm.
Ankeena Networks, media infrastructure solution provider was acquired by Juniper for $100mm.
Bearish week: Price performance was largely negative in our Web 2.0 universe, with prices dropping for over 60% of the companies.
Web 2.0 Weekly - June 22, 2010: "AOL Sells Bebo for Massive Loss"David Shore
Deals (M&A, Finance)
AOL is reported to have sold Bebo, the UK-based social network it bought just two years ago for $850 mm, to private equity firm Criterion Partners for under $10 mm. Based on our calculations, AOL paid the equivalent of $38 per Unique Visitor (UV) for Bebo, and sold it for under $1 per UV.
Positive price performance
The Web 2.0 public company universe rose again this week, with 60% of companies seeing their market cap rise vs. 33% falling and 7% flat.
Web 2.0 Weekly - July 27, 2010: "July Financings - Approaching High for 2010"David Shore
Deals (M&A, Finance)
Jive Software received the biggest investment of the week at $30 mm, bringing its total capital raised to date to $57 mm – the company brings social network-like functions to the realm of enterprise collaboration.
Advertising networks continue to receive the most attention among sectors we track – this week, $24.6 mm in financings were announced, including sports-related ad network Sportgenic (acquired by Glam Media for $12 mm), and TurnHere ($12.6mm in Series B funds).
Rumour alert – we continue to hear more frequent buzz concerning the potential acquisition of social gaming developer Playdom by Disney.
Synchronica (AIM:SYNC) intends to acquire iseemedia (TSXV:IEE) for C$8.8 mm in stock – both companies are engaged in mobile communications development, such as email-to-SMS.
Price performance turns positive
The Web 2.0 public company universe was positive this week, with 54% of companies seeing their market cap rise vs. 34% falling and 12% flat.
June financing well ahead of average: Financing in the Web 2.0 universe in June was the third highest month (over the past 12) with total transaction value (excluding M&A) of $459.6 million from 51 transactions, averaging $9.0 million each - led by the $147 million Zynga financing. In comparison, total capital raised in June 2009 was $226.3 million, averaging $4.5 million over 50 deals. Excluding Dec 09 and Apr 10, the average monthly total is ~$260 million.
Deals (M&A, Finance)
Alloy, a provider of news and commentary concerning New Media, was acquired by ZelnickMedia for $127 mm.
Facebook’s implied valuation rose to $24 bn as Elevation Partners purchased 5 mm shares of the company for $120 mm in the secondary market.
Danish Skype competitor, Vopium, received $16.5 mm in financing from Indian financier, Raghuvinder Kataria.
Social networking software developer based in France, Pearltrees, raised $1.6 mm.
PapayaMobile, mobile application software company based in China, raised $4 mm.
Two Israeli mobile developers received funding this week, including Perfecto Mobile ($4 mm) and Snaptu ($6 mm).
Negative price performance
The Web 2.0 public company universe fell this week, with 68% of companies seeing their market cap fall vs. 25% rising and 7% flat.
Google/Zynga deal drives July financing results: After starting very slowly (just one deal announced in the prior week) July financing increased substantially as a result of the Google/Zynga financing ($100-200 million). Total raised month-to-date is $158.8 million over 12 deals - averaging $13.2 million each. In comparison, total capital raised in July 2009 was $206.5 million, averaging $5.3 million over 39 deals. Excluding Dec 09 and Apr 10, the average monthly total is ~$280 million.
Deals (M&A, Finance)
Google invested a rumoured $100-$200 mm in social game developer, Zynga, bringing that company’s total funding to almost $500 mm (assuming the lower end of the range).
The Gaming sector remains hot – along with Google’s investment in Zynga, The9 Ltd. (Chinese online game developer and operator) invested $5 mm in Delaware-based Aurora Feint (focused on gaming for the mobile space).
A triad of financings in the Social Commerce space this week, including Beyond the Rack ($12 mm), ThredUP ($1.7 mm), and BuyWithMe ($16 mm in a Series B financing).
Sysomos, Canadian social media monitoring firm, was acquired by MarketWire for between $25 mm and $35 mm.
Price performance turns positive
The Web 2.0 public company universe rose this week, with 58% of companies seeing their market cap rise vs. 32% rising and 10% flat.
Web 2.0 Weekly - Aug. 4, 2010: "Playdom is going to Disney World"David Shore
Deals (M&A, Finance) – Disney Gets In To Social/Mobile Video Games
Disney acquired social and mobile game developer, Playdom, for $563 mm in upfront consideration and the potential for $200 mm in further earn-out based consideration. Disney management notes that the company continues to be on the acquisition war path.
The largest deals in the week involved (wait for it…) the advertising sector, with $15 mm in follow-on financings to eXelate and AdMeld, and $8 mm to BuzzLogic.
Four different social network/media companies received financing in the week, including, Hot Potato (acquired for $10 mm by Facebook), PlacePop ($1.4 mm round), Rapportive ($1 mm seed round), and dating site, Triangulate ($0.75 seed round).
Price Performance - Web 2.0 Valuation Reverse Course and Head Upward
The Web 2.0 public company universe was positive this week with 47% of stocks rising, 46% falling, and 7% flat.
Web 2.0 Weekly - July 20, 2010: "DST Cashing Up"David Shore
Large deals drive July financing to near record levels: With another huge financing (DST - see below) July financing is near record monthly levels. Total raised month-to-date is $742.6 million over 29 deals - averaging $25.6 million each. Excluding the Zynga ($100 million) and DST ($388 million) deals, the average deal size is $9.4 million. In comparison, total capital raised in July 2009 was $209.0 million, averaging $5.2 million over 40 deals. The monthly median total is ~$280 million with a median deal size of $8.1 million.
Deals (M&A, Finance)
Naspers, a South African media and print conglomerate, invested $388 mm in Digital Sky Technologies, the Russian digital media holding company with significant stakes in Facebook, Groupon, Mail.ru, and Zynga.
The next biggest raise of the week was Australian enterprise software developer, Atlassian, receiving $60 mm in Series A funds from Accel Partners.
Social Commerce continues to garner attention – this week BlueSwarm ($0.8 mm angel round) and Shopkick ($15 mm Series B round) raised money.
Another $31 mm in venture funds found their way to Advertising-related start-ups, including Israel-based Adsmarket ($17 mm), as well as a pair of India-based companies – Komli Media ($6 mm) and InMobi ($8 mm).
Price performance split
The Web 2.0 public company universe was split this week, with 48% of companies seeing their market cap fall vs. 43% rising and 9% flat.
Web 2.0 Weekly - May 26, 2010: "Market Declines Impact Web 2.0 Universe Valua...David Shore
May tracking to average monthly levels: After a slow start to the month, financing in the Web 2.0 universe has rebounded and is now on track with prior months. Total transaction value (excluding M&A) in the Web 2.0 universe for May (month-to-date) is $189.9 million from 30 transactions, averaging $6.3 million each. In comparison, total capital raised in May 2009 was $375.0 million, averaging $12.5 million over 30 deals. Excluding May 09, Dec 09 and Apr 10, the average monthly total is $212 million.
Deals (M&A, Finance)
Cyberplex (TSX:CX) announced plans to acquire Tsavo Media for US$75.6 mm, partially funded through a C$30 mm bought deal financing at $0.55.
Online gaming company Gaikai, raised $10.0 mm in Series B financing.
Blip.TV, online TV provider, raised $10.1 mm in Series C financing.
Financial Results/Guidance
Netease.com (NasdaqGS:NTES, online gaming) reported Q1/F10 revenue of RMB 1.2 bn (vs. RMB 781.7 mm in the same period last year).
Snap Interactive (OTCBB:STVI, online dating) reported Q1/F10 revenue growth of 20% to $0.927 mm from $0.768 mm.
Bearish week again: Price performance was largely negative in our Web 2.0 universe. This impacted valuation multiples, which fell for ~80% of the companies in our universe.
10 01 05 Web 2.0 Weekly Special EditionDavid Shore
TOP FIVE DEALS OF 2009
The Top Five: Despite over 400 transactions in 2009, it wasn’t hard choosing our Top Five transactions for 2009 (with a little bit of massaging). Our Top Five transactions are: Facebook’s $200 million D round, Twitter’s $100 million E round, the $2.25 billion acquisition of Skype, the almost $1 billion in financing/M&A for Social Gaming companies (including Zynga, Playdom and Playfish), and the incredible per unique visitor value ascribed in the financing for location-based social networking company Gowalla.
• Facebook raises $200 million D round: In May 2009, Facebook announced a new financing round – raising $200 million from Digital Sky Technologies. The transaction gave Digital Sky a 1.96% stake, valuing Facebook at $10 billion. This financing brought the company’s total to $678.2 million. This was also the largest financing we recorded in 2009.
• Twitter raises $100 million E round: The third largest financing round in 2009 belonged to Twitter – a $100 million Series E in September 2009. The financing reportedly valued Twitter at $1 billion – a remarkable valuation for a company that has not yet formalized a revenue model! More recently, it has been reported that Twitter was actually profitable in 2009 due to the $25 million in search deals it signed in October with Google and Microsoft.
• Skype is acquired for $2.025 billion: By far the largest overall transaction in our database in 2009 was the acquisition of a majority position (65%) in Skype from eBay for $2.025 billion – announced in September 2009. The transaction was completed in November 2009. eBay had purchased Skype for $4.0 billion in 2005.
• Social Gaming financing activity reaches ~$1 billion (Zynga, Playfish, Playdom, etc.): Perhaps the hottest sector overall in 2009 was Social Gaming. This segment of the Web 2.0 market had the third highest number of deals (39) and generated almost $1 billion in financing/M&A activity – the second highest total overall (Figure 1). Three transactions in particular stand out in the social gaming space – the $400 million acquisition of Playfish (by Electronic Arts, November 2009), the $180 million financing of Zynga (Series C, December 2009, by Digital Sky), and the $43 million first round of financing for Playdom (New Enterprise lead, November 2009, Series A). There has been much speculation as to how the larger social gaming companies will proceed, with potential IPO or further strategic M&A most likely.
• Hottest new sector? Location-based social networks (Foursquare, Gowalla, etc.). Unique visitor value skyrockets: Financing activity for location-based social networks really heated up late in 2009. While the total financing raised in 2009 was quite small (~$15 million), the hype surrounding location-based SNS companies was substantial. In our opinion, this was highlighted by the $8.4 million December Series B financing for Gowalla. The reported valuation of $28.4 million implies a value of $568 for each of its 50,000 users (Figure 2). That compares to a $40 per user value we estimate for the Foursquare financing in September.
Month-to-date financings in May totalled $106.6 million; led by the $20
million One Net financing. So far, there have been 18 financings in May,
with 10 deals greater than $5 million and only five less than $5 million.
There have been two financings greater than $10 million (Cyberplex and One
Net), with the capital raises by Imeem and EveryZing close behind at $8.8
million and $8.3 million, respectively. The average value thus far in May is
$5.9 million, slightly below the average value for April of $6.5 million on
21 financings. The March average was $6.6 million on 24 financings. Except
for two deals (Kaixin001.com and Collective Media), all were below $20
million for the last three months and a total of four deals were greater
than or equal to $15 million.
*One Net’s $20 million financing is largest deal in May: *One Net announced
a $20 million financing last week, the largest deal so far in May. Ten of
the 18 deals in the month are equal to or greater than $5 million. For
additional details, see Figures 23 and 24 (at end of note). Also note that
the spin-off of StumbleUpon from E-bay on a $29 million valuation occurred
in May. E-bay had bought StumbleUpon for $75 million.
*A strong price performance week: *The companies in our universe had
relatively strong stock price performances over the past week (for stocks
with prices greater than $1) (Figure 6), with 31 companies showing positive
returns on the week. OpenWave Systems (NASDQ:OPWV) led the group with a
49.2% return, while DigitalTown (OTCBB:DGTW) had the worst return, dropping
35.0% in the week.
Financing activity continued to ramp up in April after a slow start to the month. Total financings (month-to-date) jumped to $92.2 million (this week) from $66.3 million (last week) – a significant +40%. As of last week, a total of 12 deals closed, with a $16 million raise by GOOM Radio being a major contributor. A total of four deals greater than $10 million each helped the overall statistics. Social Networking company DigitalTown Inc. (DGTW-OTCBB) was the top price performer for the week, returning 20%, closely followed by Kingsoft Co. Ltd. (3888-EHK) at 17.6%. The9 Ltd. (NCTY-NasdaqGS) had the worst return, dropping 27.6% in the week after news of its losing the license to operate World of Warcraft in China. Of the 34 companies (with stock price greater than $1), 10 companies on our list had price performances greater than +10%. Only one company returned more than
20%.
The fourth week of April had only a marginal number of capital raises (four)
and not enough to push the month above March and February levels. Total
financings (month-to-date) were $102.3 million, with February and March
closing off at $185.5 mm and $159.5 mm, respectively. As of last week, a
total of 16 deals closed, with the $20 million raise by Collective Media and
$16 million by GOOM Radio being major contributors. Most of the companies in
our universe had positive stock price performances over the past week (for
stocks with prices greater than $1), with 22 companies showing positive
returns on the week. Modern Times Group Mtg AB (MTG B-OM) led the group with
a 27.7% return, while DigitalTown Inc. (DGTW-OTCBB) had the worst return,
dropping 21.7% in the week. Two companies had better than 20% price
increases last week.
New royalty agreement for webcasting & copyright firms: SoundExchange, a nonprofit royalty collecting organization associated with the Recording Industry Association of America (RIAA) agreed this past week to a new deal regarding royalty rates for webcasting. Under the new agreement, large commercial webcasters will pay up to 25% of their revenue to copyright holders – well below the 70% that could have been imposed under an earlier deal. While the deal was initially agreed to by three smaller Internet radio webcasters, Pandora Media, the third largest radio site (according to Alexa), also indicated it would sign on to the agreement.
Online Media companies lead financing: Two online media companies – Pandora (Internet Radio) and QuickPlay (Mobile Video) have secured the largest financing transactions thus far in July ($35 million and $12 million respectively). Total capital raised so far in July is $66.1 million through eight transactions, averaging $8.3 million per transaction. June closed with $180 million in financing on 36 transactions. The averages for the months of May (excluding the Facebook transaction) and June were $6.4 million and $4.7 million, respectively.
A weak price performance week: The companies in our universe had weak stock price performances over the past week (for stocks with prices greater than $1) (Figure 6), with 30 companies showing negative returns on the week. Gravity (NasdaqGM: GRVY) led the group with a 33% return, while GungHo (3765-OSE) had the worst return, dropping 26.4% in the week.
Web 2.0 Weekly - Aug. 10, 2010: "Consolidation by Google"David Shore
Deals (M&A, Finance) – Consolidation by Google
Google confirmed or announced two acquisitions during the week, including Jambool
($70 mm) involved in virtual goods monetization processes, and widget market, Slide
($182 mm).
In other acquisition-related news, Forbes sold investment media website Investopedia to ValueClick for $42 mm. Zynga acquired Japanese mobile app and game developer,
Unoh, for an estimated $29 mm. Finally, dubbed “the Spanish Facebook,” social
networking site, Tuenti, was acquired by Telefonica in a $99 mm deal.
The largest financing (aside from the aforementioned M&A activity) involved “the
Chinese Youtube,” Tudou, raising $50 mm in Series E funds.
Price Performance
Distinctly negative price momentum, with 49% of stocks falling over the past week (after 48% of stocks declines last week, and 51% declined the week prior).
Summer financing doldrums: After a very strong June (with total transaction value (excluding M&A) of $542.8 million from 66 transactions, averaging $8.4 million each), July has started very slowly with only one small financing announced. However, we have seen some large M&A transactions (see below). In comparison, total capital raised in July 2009 was $206.2 million, averaging $5.4 million over 38 deals. Excluding Dec 09 and Apr 10, the average monthly total is ~$270 million.
Deals (M&A, Finance)
Google, acquired ITA Software, search provider for the travel industry for $700 mm.
infoGROUP, provider of business and consumer databases for sales leads, mailing lists, direct marketing, database marketing, e-mail marketing, and marketing research solutions, was taken private for $645 mm by CCMP Capital Advisers.
GroupSpaces, a provider of web-based tools for sports clubs, university societies, organizations, and groups of friends or coworkers, raised $1.3 mm.
Domain based online advertising services provider, OCTANE360, was acquired by Local.com for $10.9 mm.
Negative price performance
The Web 2.0 public company universe fell again this week, with 61% of companies seeing their market cap fall vs. 27% rising and 12% flat.
Slow start in May after record April: Total transaction value (excluding M&A) in the Web 2.0 universe for April was $813.5 million - the highest monthly total we have recorded. The number of financings was also a record, at 49, averaging $16.6 million each. Note that this includes the $300 million investment in DST by Tencent. Excluding this transaction, the average is $10.7 million. May 2010, in contrast, has started slowly, with only $37.4 million in financing announced thus far, averaging just $3.4 million across 11 deals. In comparison, total capital raised in May 2009 was $375.0 million, averaging $12.5 million over 30 deals.
Deal round-up for May: The large deal highlights for the month include:
Fluid Music (TSX:FMN, digital music distributor) will acquire Mood Media (provider of sensorial marketing solutions) for €160 mm.
Lithium is purchasing analytics developer, Scout Labs, for $20 mm.
Fatfoogoo (purveyor of virtual goods) is being acquired by Digital River for $10 mm.
Groupalia, the Spanish answer to online group discount retailers, Groupon and LivingSocial, raised $2.5 mm in a Series A financing – the online group discounters have been raising money quickly (DST invested $135 mm in Groupon in April) with a total of $222 mm in funding coming to just these three players thus far.
Bearish week again: Price performance was largely negative in our Web 2.0 universe, with prices dropping for over 70% of the companies.
*Capital Market Activity: *The month of May closed with 20 financings
totalling $327.1 million led by the $200 million investment by Digital Sky
Technologies in Facebook. Excluding the Facebook transaction, May would have
been the lowest month in CY2009. The Facebook transaction aside, four
transactions (One Net Ent., Cyberplex, Peer39 and OpenX), were greater than
or equal to $10 million. The average value in May is $15.6 million (and $6.4
million excluding the Facebook transaction), greater than the average value
for April of $6.2 million on 21 financings. The March average was $6.5
million on 24 financings. If you are aware of any companies that have
recently raised money that are not on our list, please send me an email to
have them added to our database.
*Price Performance: *Most of the companies in our universe had positive
stock price performances over the past week (for stocks with prices greater
than $1) (Figure 12), with 29 companies showing positive returns on the
week. GameOn co. Ltd (3812-TSE) led the group with a 28.2% return, while
eolith Co. Ltd. (A041060-KOSE) had the worst return, dropping 13.7% in the
week.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
The WhatsPump Pseudonym Problem and the Hilarious Downfall of Artificial Enga...
09-04-14 Web 2.0 Weekly
1. SOFTWARE & SERVICES 14 APRIL 2009
DAVID SHORE, CFA, MBA 416.860.6784
WEB 2.O WEEKLY david.shore@researchcapital.com
Arun Thomas (Associate) 416.860.7666
COLLECTIVE MEDIA LEADS PICK-UP IN FINANCING
ACT I VIT Y P E RK S U P I N S E CO ND WE E K OF A P RIL
Month-to-date, April finished with nine financings totalling $66.3 million, a run-rate that could potentially make it a
better month for capital market activity than March. A total of three deals greater than $10 million each helped the
overall statistics. Although April activity has picked up from a total dollars raised perspective, the number of
transactions month-to-date (nine) is well below numbers for March (21) and February (25).
Financing Activity Last Three Months
200.0 8.0
180.0
7.0
160.0
6.0
140.0
5.0
120.0
(US$m)
(US$m)
100.0 4.0
80.0
3.0
60.0
2.0
40.0
1.0
20.0
0.0 0.0
Feb-09 Mar-09 Apr-09
Total Average
Capital Market Activity: The second week of April saw seven companies raising money, with Collective Media raising
$20 million (behind Twitter which raised $35 million in February). The month-to-date total of total capital raised
stands at $66 million. The Rubicon Project (ad network sector) and Cellufun (gaming sector) followed Collective
Media, raising $13 million and $10 million, respectively.
Price Performance: Gaming company Hanbitsoft Inc. (A047080-KOSE) was the top price performer for the week,
returning 45.6%, closely followed by NEOW IZ Games Corp. (A095660-KOSE). Sitesearch Corp. (STPC-OTCBB)
returned the least at -30.0%. Of the 48 companies (with stock price greater than $1), sixteen companies on our list
had price performance greater than 10%. Eight companies returned more than 20%.
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550
2. Page 2
THE WEB 2.0 UNIVERSE
Ninety-tw o public Web 2.0 companies identified: Our W eb 2.0 universe contains 92 companies, with a combined market
cap of $40 billion (Figure 1). The average market cap for the group is ~$437 million (but a median of only $46 million),
with average trailing revenue of $144 million (median $52 million). The companies are also generally profitable, with a
median EBITDA margin of 17.6%. On a valuation basis, the overall average is 4.7x trailing revenue (median 1.3x) and 8.9x
trailing EBITDA (median 6.7x). Twelve of the companies have more than 500 employees.
C omparable C o mpany A nalys is > W eb 2.0
Trading Current U S D Market U S D LT M To tal US D L TM T otal E BITDA TE V/LT M T E V/LT M
C om pany Nam e L TM as o f T ic ker E xc h ange Currenc y H Q P ric e C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B IT DA E mployees
Acce le rize N ew Me dia, Inc. 1 2/31 /200 8 AC LZ OT C B B US D U nited S ta tes 0 .38 1 0.4 3.8 (4 .8) NM 3.9 x - 11
Actoz S of t C o., L td. 1 2/31 /200 8 A0 527 90 K OS E KR W S outh K orea 14 800 .00 9 4.7 70. 2 1 4.0 20 .0% 1.0 x 4.8x NA
AQ Inte ractive , Inc. 1 2/31 /200 8 38 38 TSE JPY J apan 43 200 .00 2 3.4 60. 1 4 .8 8 .0% - - NA
As s ocia ted Media H oldings Inc. 6 /30 /200 7 AS MH OT C P K US D U nited S ta tes 0 .00 0 .1 0.1 (2 .3) NM 8.4 x - 3
B igstring Corp. 1 2/31 /200 8 BS GC OT C B B US D U nited S ta tes 0 .01 0 .7 0.1 (2 .1) NM 23.6 x - 4
B e tawave Co rpora tion 1 2/31 /200 8 B W AV OT C B B US D U nited S ta tes 0 .13 3 .8 7.7 (1 1. 8) NM - - 45
B e yond Commerce, Inc. 1 2/31 /200 8 B Y OC OT C B B US D U nited S ta tes 1 .28 5 2.9 1.8 (8 .6) NM 30.8 x - NA
B right T hings plc 9 /30 /200 8 AIM:B G T AIM GBP U nited K ingdom 0 .01 4 .3 0.2 (1 .7) NM 17.2 x - 3 ,12 5
B roa dW ebAs ia Inc. 9 /30 /200 8 BW BA OT C P K US D U nited S ta tes 0 .45 3 8.2 0.0 (4 .6) NM - - 37
C D C C orp. 9 /30 /200 8 C HIN .A N as da qG S US D H ong K ong 1 .26 13 5.9 428 .1 1 8.8 4 .4% 0.4 x 1 0.2 x NA
C hina G ate wa y C orpora tion 9 /30 /200 8 C GW Y OT C B B US D U nited S ta tes 0 .00 0 .0 6.7 (6 .6) -9 8.9% 7.0 x - NA
C hine s e G amer International 1 2/31 /200 8 G T S M:308 3 GTSM TWD T aiwan 190 . 00 47 9.6 46. 3 2 3.4 50 .5% 1.1 x 1 3.2 x NA
C ornerW orld C orporation 1 /31 /200 9 C WR L OT C B B US D U nited S ta tes 0 .12 7 .7 1.3 NM NM 0.6 x 3.8x 574
C yberplex Inc. 1 2/31 /200 8 T S X:C X TSX C AD C ana da 1 .22 5 3.5 46. 8 3 .9 8 .4% 0.5 x 3.8x NA
D AD A S pA 9 /30 /200 8 C M:D A CM EUR Ita ly 4 .29 9 2.6 226 .0 3 6.1 16 .0% - - NA
D XN Holdings B hd 1 1/30 /200 8 D XN KL SE MY R Ma la ys ia 0 .30 1 8.9 76. 5 1 0.2 13 .3% 5.0 x - 11
D ibz Inte rnational, Inc. NA D IB Z OT C P K US D U nited S ta tes 0 .00 0 .0 NA NM NM - - 3
D igitalP ost Inte ra ctive , Inc. 9 /30 /200 8 D G LP OT C B B US D U nited S ta tes 0 .02 1 .1 0.4 (3 .3) NM - - 6
D igitalT own, Inc. 1 1/30 /200 8 DGT W OT C B B US D U nited S ta tes 2 .50 6 7.9 NM (2 .5) NM 1.3 x - NA
D olphin D igital Me dia, Inc. NA DPDM OT C B B US D U nited S ta tes 0 .57 2 7.7 NA NM NM - - 2
E olith C o. L td. 1 2/31 /200 7 A0 410 60 K OS E KR W S outh K orea 700 . 00 2 4.6 18. 8 (0 .1) -0 .3% - - 22
E xte ns ions , Inc. 9 /30 /200 8 E XT I OT C P K US D U nited S ta tes 0 .15 1 4.2 NM NM NM - - 29
F inancia l Med ia G roup, Inc. 1 1/30 /200 8 F NG P OT C B B US D U nited S ta tes 0 .01 0 .5 6.8 1 .2 18 .3% 4.4 x - NA
F luid Mus ic Ca nada, Inc. 9 /30 /200 8 T S X:F MN TSX C AD U nited S ta tes 0 .33 1 4.2 4.2 (8 .6) NM 1.2 x 8.4x NA
F rogs te r Inter active P icture s AG 6 /30 /200 8 F RG XT R A EUR G ermany 7 .72 2 4.2 5.4 (3 .2) -6 0.6% 0.5 x 1.8x NA
G a ma nia D igital E ntertainment C o., L td. 1 2/31 /200 8 61 80 GTSM TWD T aiwan 34 .40 15 5.1 111 .9 1 6.2 14 .5% 4.8 x - NA
G a me On C o L td. 1 2/31 /200 8 38 12 TSE JPY J apan 93 000 .00 8 9.6 74. 4 1 9.2 25 .9% - - NA
G e oS e ntric O yj 1 2/31 /200 8 G E O1 V H LS E EUR F inland 0 .03 3 5.8 5.8 (1 3. 1) NM 1.4 x 5.6x NA
G iant Intera ctive G roup, Inc. 1 2/31 /200 8 GA NYS E US D C hina 7 .57 1,7 10.8 233 .3 14 4.4 61 .9% - - 636
G iga Media Ltd. 1 2/31 /200 8 G IG M N as da qG S US D T aiwan 6 .18 33 3.6 190 .4 4 6.0 24 .2% 41.2 x - NA
G ravity C o., L td 9 /30 /200 8 GR VY N as da qG M US D S outh K orea 0 .94 2 6.1 36. 8 7 .1 19 .2% 1.1 x 6.3x NA
G ree, Inc. 6 /30 /200 8 T S E : 363 2 TSE JPY J apan 5 700 .00 1,2 67.3 29. 3 1 0.5 36 .0% 1.3 x - NA
G ungH o O nline E ntertainment, Inc. 1 2/31 /200 8 37 65 OS E JPY J apan 127 500 . 00 14 5.6 112 .1 2 0.0 17 .8% 0.4 x 9.1x 3 ,20 0
H anbitS of t, Inc. 1 2/31 /200 8 A0 470 80 K OS E KR W S outh K orea 5 030 .00 8 2.9 52. 3 (1 4. 7) -2 8.2% - - NA
IAC /InterActiveC orp. 1 2/31 /200 8 IAC I N as da qG S US D U nited S ta tes 16 .60 2,3 39.7 1 ,44 5.1 6 4.6 4 .5% - - NA
IAS E nergy, Inc. 1 /31 /200 9 IAS C.A OT C B B US D C ana da 0 .07 4 .9 0.0 (0 .8) NM 2.5 x - NA
IdeaE dge, Inc. 1 2/31 /200 8 OT C B B :ID AE OT C B B US D U nited S ta tes 0 .39 1 6.6 0.0 (4 .6) NM 1.0 x 2.6x 72
is ee media Inc. 1 2/31 /200 8 IE E T S XV C AD C ana da 0 .11 4 .6 1.2 (4 .9) NM 2.9 x - NA
J umbuck E ntertainment P ty Ltd. 1 2/31 /200 8 AS X:J MB AS X AU D Aus tra lia 0 .48 1 7.3 13. 0 4 .9 37 .2% 1.1 x 1 1.1 x NA
J umpT V Inc. 1 2/31 /200 8 T S X:J T V TSX C AD C ana da 0 .58 5 4.0 13. 4 (8 .4) -6 2.6% 3.0 x 7.9x 2 ,27 1
K a boos e Inc. 1 2/31 /200 8 T S X:K AB TSX C AD C ana da 0 .58 6 6.4 67. 0 6 .7 9 .9% 2.7 x - NA
K ings oft Co. Ltd. 1 2/31 /200 8 38 88 S E HK HKD C hina 3 .24 44 8.9 120 .1 4 6.3 38 .5% 0.1 x - NA
Lingo Media Corporation 9 /30 /200 8 T S XV : LM T S XV C AD C ana da 0 .80 8 .4 3.3 (1 .4) -4 2.5% - - 90
Live World Inc. 1 2/31 /200 8 LV WD OT C P K US D U nited S ta tes 0 .08 2 .5 11. 8 (0 .5) -4 .3% - - 13
LookS mart, Ltd. 1 2/31 /200 8 LOOK N as da qG M US D U nited S ta tes 1 .19 2 0.3 65. 0 (2 .0) -3 .1% 4.2 x 1 0.9 x NA
Magnitude Information S ys tems Inc. 9 /30 /200 8 MA G Y OT C B B US D U nited S ta tes 0 .01 4 .4 0.1 (3 .2) NM 1.1 x 6.7x NA
Mixi, Inc. 1 2/31 /200 8 21 21 TSE JPY J apan 385 000 . 00 58 9.1 116 .9 4 4.5 38 .0% - - 3
Mode rn Times G roup Mtg AB 1 2/31 /200 8 MT G B OM S EK S weden 155 . 50 1,2 51.5 1 ,60 8.2 25 9.4 16 .1% 4.3 x - NA
Moggle , Inc 1 2/31 /200 8 MMOG OT C B B US D U nited S ta tes 2 .30 8 3.5 NM (1 .1) NM 3.7 x 1 3.6 x NA
MOK O.mobi L imited 1 2/31 /200 8 MK B AS X AU D Aus tra lia 0 .09 5 .5 1.1 (2 .2) NM 1.6 x 3.4x NA
N E OW IZ G ames C orpora tion 1 2/31 /200 7 A0 956 60 K OS E KR W S outh K orea 70 000 .00 50 6.3 135 .6 3 6.4 26 .9% - - NA
N etD ragon W ebS oft, Inc. 1 2/31 /200 8 77 7 S E HK HKD C hina 4 .16 28 3.7 87. 2 3 9.9 45 .7% - - 19
N ete as e.com I nc. 1 2/31 /200 8 NT E S N as da qG S US D C hina 29 .37 3,6 14.0 451 .2 29 3.4 65 .0% - - NA
N eXplore Co rpora tion 9 /30 /200 7 N XP C OT C P K US D U nited S ta tes 0 .90 5 0.2 NM (4 .9) NM 0.2 x 1.3x 286
N gi G roup Inc. 1 2/31 /200 8 24 97 TSE JPY J apan 27 400 .00 3 3.7 98. 0 3 0.2 30 .8% 2.5 x 1 0.0 x 3 ,40 0
N orthgate Te chnologies L imited 1 2/31 /200 8 59 005 7 BS E INR India 43 .25 3 0.3 135 .4 2 3.8 17 .6% 0.1 x - 627
Open T e xt Co rp. 1 2/31 /200 8 OT E X N as da qG S US D C ana da 35 .11 1,8 22.2 769 .3 19 5.0 25 .3% - - NA
Openwave S ys tems Inc. 1 2/31 /200 8 OP W V N as da qG S US D U nited S ta tes 1 .34 11 1.6 199 .6 (1 0. 2) -5 .1% 2.9 x - NA
P e rf ect W orld C o., Ltd. 1 2/31 /200 8 PW R D N as da qG S US D C hina 16 .99 89 6.3 210 .2 11 3.8 54 .1% - - 74
P hotoChannel N etwork s Inc. 1 2/31 /200 8 T S XV : P N T S XV C AD C ana da 1 .70 4 7.6 16. 3 (0 .8) -4 .9% 0.0 x 0.1x NA
Quepa s a C or p. 1 2/31 /200 8 QP S A N as da qC M US D U nited S ta tes 0 .92 1 1.7 0.1 (1 1. 4) NM 0.2 x 0.5x NA
OA O R B C Information S ys tems 1 2/31 /200 7 R BC I R TS US D R us s ia 0 .53 7 2.8 141 .9 1 8.5 13 .1% 0.9 x 6.4x 514
S handa Inter active E ntertainme nt L td. 1 2/31 /200 8 S NDA N as da qG S US D C hina 52 .18 3,6 20.4 522 .1 23 9.9 46 .0% 2.0 x 2 1.5 x NA
S hutte rf ly, Inc. 1 2/31 /200 8 S F LY N as da qG S US D U nited S ta tes 10 .75 27 0.5 213 .5 2 8.4 13 .3% 2.0 x 6.4x 11
S K C ommun ications Co., Ltd. 1 2/31 /200 7 A0 662 70 K OS E KR W S outh K orea 10 200 .00 31 5.4 155 .9 1 4.7 9 .4% - - 33
S N AP Inte ra ctive , Inc. 1 2/31 /200 8 S T VI OT C B B US D U nited S ta tes 0 .70 7 .6 3.0 0 .9 31 .4% 0.1 x - NA
S N M G lobal H oldings 9 /30 /200 8 S N MN OT C P K US D U nited S ta tes 0 .00 0 .0 2.0 (0 .7) -3 4.8% 3.7 x 8.8x 3 ,19 7
S ocia l Media V e nures , Inc. 1 2/31 /200 8 S MV I OT C P K US D U nited S ta tes 0 .88 0 .0 0.1 (0 .1) -6 0.5% - - 15
S ohu. com Inc. 1 2/31 /200 8 S OH U N as da qG S US D C hina 50 .00 1,9 05.8 429 .1 18 0.5 42 .1% 0.8 x 3.8x 183
S ite s earch C orporation 1 /31 /200 9 S T PC OT C B B US D U nited S ta tes 3 .50 2 8.2 NM (1 .1) NM - - 7
S park N etworks , Inc. 1 2/31 /200 8 LOV AME X US D U nited S ta tes 2 .25 4 6.2 57. 3 1 2.3 21 .5% 14.9 x 3 0.4 x 6 ,19 4
S pectrumDN A, Inc. 1 2/31 /200 8 S P XA OT C B B US D U nited S ta tes 0 .15 7 .3 0.1 (2 .5) NM 0.2 x - 347
T encent Hold ings L td. 1 2/31 /200 8 70 0 S E HK HKD C hina 61 .80 14,3 60. 1 1 ,04 6.6 51 1.9 48 .9% - - NA
T he P arent C ompany 8/2/2008 K ID S .Q OT C P K US D U nited S ta tes 0 .02 0 .4 112 .0 (1 3. 5) -1 2.0% - - 310
T he 9 L imited 1 2/31 /200 8 N CT Y N as da qG S US D C hina 13 .25 35 5.3 249 .9 8 4.2 33 .7% 4.6 x - 16
T he S treet.com, Inc. 1 2/31 /200 8 TSCM N as da qG M US D U nited S ta tes 2 .12 6 4.7 71. 9 7 .0 9 .7% 0.3 x - 700
T otal S port O nline A S 3 /31 /200 6 T OS O OT C NO NOK N orwa y 0 .04 0 .2 2.0 (1 .0) -5 0.6% 0.1 x 2 9.5 x NA
T ree.C om, In c. 1 2/31 /200 8 TR EE N as da qG M US D U nited S ta tes 5 .50 5 4.9 228 .6 (2 3. 9) -1 0.4% 1.1 x 4.9x 1 ,46 9
U nis erve C ommunications Corp. 1 1/30 /200 8 T S XV : US S T S XV C AD C ana da 0 .04 0 .8 24. 4 0 .1 0 .4% 15.4 x - NA
U nited Online Inc. 1 2/31 /200 8 U NT D N as da qG S US D U nited S ta tes 5 .36 44 0.3 669 .4 15 3.9 23 .0% 1.2 x 6.6x 1 ,18 9
U OMO Media , Inc 1 /31 /200 9 U OMO OT C B B US D C ana da 0 .11 9 .4 0.6 (0 .5) -7 8.2% - - 4
V a lueC lick Inc. 1 2/31 /200 8 V C LK N as da qG S US D U nited S ta tes 10 .11 87 7.1 625 .8 11 3.6 18 .2% - - NA
V O IS , Inc. 1 2/31 /200 8 V OIS OT C B B US D U nited S ta tes 0 .30 2 .5 0.0 (1 .3) NM 5.4 x - 110
W ebze n Inc. 1 2/31 /200 8 W ZE N N as da qG M US D S outh K orea 2 .89 3 4.3 21. 4 (4 .2) -1 9.8% - - 14
W izza rd S of twa re Corpora tion 1 2/31 /200 8 W ZE AME X US D U nited S ta tes 0 .69 3 2.5 6.1 (6 .0) -9 8.2% - - 1
W oozyF ly, Inc. 9 /30 /200 8 W ZY F OT C B B US D U nited S ta tes 0 .15 2 .6 0.0 NM NM - - NA
W orlds .com Inc. 9 /30 /200 8 W DD D OT C B B US D U nited S ta tes 0 .17 8 .9 0.1 NM NM 2.9 x 9.1x 174
W ynds torm C orporation NA W YND OT C B B US D U nited S ta tes 0 .17 3 .1 NA NM NM 2.2 x 9.9x NA
XIN G AG 1 2/31 /200 8 O1B C XT R A EUR G ermany 28 .28 19 3.0 46. 5 1 4.9 32 .0% 0.7 x - NA
Y e dangOnline Corp. 1 2/31 /200 7 A0 527 70 K OS E KR W S outh K orea 9 810 .00 11 5.4 51. 6 1 1.5 22 .4% 0.6 x - NA
Y nk K orea Inc. 1 2/31 /200 7 A0 237 70 K OS E KR W S outh K orea 5 500 .00 1 0.1 14. 7 (1 .1) -7 .6% - - -
ZipLocal Inc. 1 2/31 /200 8 T S XV : ZIP T S XV C AD C ana da 0 .01 0 .3 2.7 (2 .8) NM 41.2 x 3 0.4 x 2 0,22 2
H igh 14,3 60. 1 1 ,608 .2 51 1. 9 65 .0% 41.2 x 3 0.4 x 20 ,22 2
Low 0 .0 0.0 -23.9 -9 8.9% - - 0
A vera ge 437.0 144.4 32.0 6.9% 4 .7x 8.9x 1,071
Median 4 6.2 51. 9 1 .2 17 .6% 1.3 x 6.7x 142
4. Page 4
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
April run-rate building up: The first two weeks of April has had nine financings, with the month-to-date total capital raise
of $66.3 million. The month of April (so far) has registered three deals greater than or equal to $10 million and one deal
greater than $15 million. The month of March registered 22 financings (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 0.0
Feb-09 Mar-09 Apr-09
Total Average
Figure 2. Financings, Last Three Months
Source. Company reports
Collective Media largest deal in April: Two weeks into April and Collective Media tops the list with a $20 million raise,
followed by The Rubicon Project and Cellufun with $13 million and $10 million, respectively (Figure 3). For additional
details, see Figures 23 and 24 (at end of note).
5. (US$m)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Twitter
Collective Media
Synthasite
Source. Company reports
Tremor Media
Vidyo
Offerpal Media
Imagini
The Rubicon Project
Buzznet
Emergent Game
Outbrain
LendingClub
Figure 3. Capital Market Activity, Last Three Months
SendMe Inc.
Miva
Auditude
companies raising $54.4 million.
Cellufun
Glam Media
Visible Measures
SuperSecret
Tvtrip
GoViral
ScanScout
Tongxue
Oodle
Greystripe
Wamba
DoubleTwist
OMGPOP
Socialtext
TextDigger
OneSpot
Apture
Simulmedia
Mixpo
FetchDog
Virtual Fairground
Tynt
AnySource Media
Pixazza
TubeMogul
Financing Summary - Last Three Months
7 Billion People
FamilyLink.com
WhistleBox
Hunch
Outright
Mendeley
Sports Composite DE
Bit.ly
Tvinci
Socialcast
Filtrbox
Scan & Target
MMO Life
AdultSpace
Myngle
Cake Financial
33Across
fav.or.it
Three Melons
Apr-09
Mar-09
Feb-09
Page 5
eight companies raising over $63.4 million (Figure 4). Social networking companies have the next highest totals, with 11
Video continues to be the most active sector: Activity over the last three months was busiest in the video sector, with
6. Page 6
Capital Market Activity by Sector - Last Three Months
70.0
60.0
50.0
40.0
(US$m)
63.4
30.0
54.4
20.0 41.9 41.4
37.0
30.6
22.5
10.0 20.0
16.0 15.0
12.0 12.0
9.0
5.5 4.3 4.1 4.0 3.9 3.1 2.0 2.0 1.4 1.3 1.3
0.0
Comment/Reputation
Gaming
Visual Commerce
Wiki
Travel
Microblog
Media
Mobile
Publishing
Online Learning
Financial Services
Lending
Mobile Ad
Search
Infrastructure
Social Networks
Virtual Goods
SAS
Video
Aggregation
Virtual World
Crowdsourced
Ad Network
Analytics
Content
# companies
8 11 5 7 2 4 4 1 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Figure 4. Capital Market Activity, by Sector, Last Three Months
Source. Company reports
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Price Performance: Our W eb 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 5).
Web 2.0 Index Price Performance
140
120
100
80
60
40
20
0
4/14/2008
4/28/2008
5/12/2008
5/26/2008
6/9/2008
6/23/2008
7/7/2008
7/21/2008
8/4/2008
8/18/2008
9/1/2008
9/15/2008
9/29/2008
10/13/2008
10/27/2008
11/10/2008
11/24/2008
12/8/2008
12/22/2008
1/5/2009
1/19/2009
2/2/2009
2/16/2009
3/2/2009
3/16/2009
3/30/2009
4/13/2009
^COMP - Share Pricing Index: Web 2.0 X (Market Cap)
7. Page 7
Figure 5. Web 2.0 Price Performance
Source. Capital IQ
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 34 companies showing positive returns on the week. HanbitSoft Inc.
(A047080-KOSE) led the group with a 45.6% return over the past week. Sitesearch Corporation (STPC-OTCBB) had the
worst return, dropping 30.0% in the week.
1 Week P rice P erformance
HanbitS of t, Inc. 45. 6%
NEOWIZ Games Corporation 42.6%
Cy berplex Inc. 35.6%
Webz en Inc. 28. 4%
Eolith Co. Ltd. 26. 1%
S handa Interactive Entertainment Ltd. 22. 2%
Y nk K orea Inc. 20.6%
Ngi Group Inc. 20.1%
A ctoz S of t Co., Ltd. 15. 6%
Moggle, Inc 15.0%
Y edangOnline Corp. 13. 9%
S K Communications Co., Ltd. 10.9%
CDC Corp. 10. 5%
G igaMedia Ltd. 10. 5%
Frogs ter Interactive Pictures A G 10.3%
S hutterf ly , Inc. 10.3%
V alueClick Inc. 9. 9%
Northgate Technologies Limited 8. 8%
S ohu. com Inc. 8. 2%
Openw ave S y s tems Inc. 8. 1%
Chines e Gamer International 8. 0%
Tree. Com, Inc. 7. 4%
TheS treet.com, Inc. 6. 5%
PhotoChannel Netw orks Inc. 6. 2%
United Online Inc. 5. 7%
Perfect World Co., Ltd. 5.2%
G ree, Inc. 5.2%
Open Tex t Corp. 4.4%
Giant Interactive G roup, Inc. 4.3%
IA C/InterA ctiveCorp. 2.9%
Neteas e. com Inc. 2.7%
Tencent Holdings Ltd. 2. 5%
GameOn Co Ltd. 2. 3%
Gamania Digital Entertainment Co., Ltd. 1.8%
S park Netw orks , Inc. 0. 0%
A Q Interactive, Inc. 0. 0%
B ey ond Commerce, Inc. -0.8%
XING A G -0.8%
LookS mart, Ltd. -0.8%
Modern Times Group Mtg A B -1.0%
K ings of t Co. Ltd. -1.5%
Mix i, Inc. -1.5%
GungHo Online Entertainment, Inc. -1.5%
NetDragon WebS of t, Inc. -3.3%
The9 Limited -6.4%
DA DA S pA -8. 7%
DigitalTow n, Inc. -16. 7%
S ites earch Corporation -30. 0%
-40. 0% -30.0% -20.0% -10. 0% 0.0% 10. 0% 20.0% 30.0% 40. 0% 50. 0%
Figure 6. 1-Week Price Performance
Source. Capital IQ
8. Page 8
INDUSTRY NEWS (PARTNERSHIPS, FINANCIAL RESULTS, NEW PRODUCTS)
K ey Developments
C ompany Headline Notes
A T&T , Inc . (NYS E : T); Open Text Corp. O pen T ext C orp. (N asdaqG S : O T E X ) a cquired V izible O pen T ext C orp. (Na s daqG S : O T E X ) ac quired V izible Corporation from AT & T , Inc. (NY S E : T) a nd other sha reholders on April 8, 2009. O pen
(Nas daqG S : OT E X); Viz ible C orporation Corpora tion from AT &T , Inc . (N Y S E : T) and other T ext will a dd the V i zible tea m to the company 's Digital M edia G roup. V izible emp loyees will remain in the T oronto area a t O pen T ext's
sha reholders . R ic hmond H ill, O nta rio offic e.
O pen T ext C orp. (Na s daqG S : O T E X ) completed the a cquisition of V izible Corporation from AT & T , Inc. (N Y S E : T ) a nd other sha reholders on
April 8, 2009.
B eyond Commerc e, Inc . B eyond Commerce I nc. Appoi nts R ona ld L . Loveles s to B eyond Commerce Inc . a nnounc ed the appointment of R onald L . L oveles s, who owns and manages I ntegrity M a rketing and Cons ulting in
(OT CB B: B Y OC) the B oa rd of Direc tors R ogers , AR . , to the B oard of D irectors . He is a retired exec utive of W al-M art S tores Inc. H e s erved four years in the U S A ir F orce Intelligenc e
S ervice and bega n his ca reer with W al-M a rt in 1964.
G igaMedia L td. (Nas daqG S : G IG M) G igaMedia L td. to L aunch W a rhammer O nline Clos ed G igaMedia L td. ann ounced that it will be la unching W a rhammer O nli ne: Age of R ec koning clos ed beta in T a iwa n. T he ga me wa s originally
B eta in Ta iwan launched in N orth Americ a, E urope, a nd A ustra lia in S eptember 2008 a nd R uss ia in F ebrua ry 2009.
J u mpTV Inc . (TS X : J TV) University of N ebrask a A thletics Teams Up with J umpTV J umpTV I nc. and U nivers ity of N ebra s ka a nnounced the debut of a grand sla m n ew video service dedicated to Nebras ka H usk ers ba s eba ll.
Inc . for E x clus ive Live O nline V ideo S ervic e B eginning immediately this online s ervic e will a ir all home baseball ga mes free to fa ns through the res t of this s ea son. T he onl ine des tination
showca s es a sleek look and feel and delive rs the most c omplete a nd comprehensiv e v ideo covera ge of N ebra sk a baseball. H us kers .com is
the single des tina tion for Nebras ka baseba l l fans to wa tc h live games with a ll the bes t content a nd features in one centra l l ocation. T he
University of Nebras k a is the firs t J umpT V C ollegiate P artner to use NeuL ion technology . Nebra s ka, in conjunction with N euL ion, will offer
exc lusiv e free live video strea ms of a ll home ba seba ll ga mes through H usk erV isi on, the athletic depa rtment's televis ion production group.
J u mpTV Inc . (TS X : J TV) Indy C ar S eries and JumpT V I nc. Announces New J umpTV I nc. annou nced the launc h of a new online video portal dedicated to the Indy Ca r S eries . T he Indy ca r.c om Media C enter gives auto
P a rtners hip racing fa ns a cros s the globe a n opportunity to tune into their favorite multimedi a c ontent and on-demand programs online. P owered by
lea ding s ports tec hnology compa ny N euLion, the I ndyc ar.com M edia C enter is an a ll-in-one online media s olution for both the Indy Ca r S eries
a nd F irestone Indy L ights. T his is the firs t and only dedicated onli ne network that gives Indy Car S eries fans worldwide one central l ocation to
a cc ess all things entertainment. The Media C enter u ses the la tes t NeuL ion technology a nd serv ice to deliver popula r Up to S peed segments,
race highlights , vinta ge races , 2008 a rchiv es , podca s ting and all other v ideo ass ets . T he M edia C enter will a ls o provide live online event
strea mi ng of I ndyC a r S eries a nd F irestone Indy L ights prac tic e a nd qua lifying ses si ons. T he I ndyC ar. com M edia C enter inc ludes a n
integrated s earch feature that allows fans to view archived video by s ea rc hing by driver, tra ck , video title, etc. I t a ls o includes a built-i n option
a llowing fa ns to easily s hare a udio and video clips on their pers ona l F ac ebook, M yS p a ce, twitter, d igg, or more than 20 other top soc ial networ
L iveWorld Inc . (OT CPK :L VWD ) L iveW orld Inc. R eports P rel imina ry E arnings R es ults for L iveW orld Inc. reported preliminary earnings res ults for the firs t quarter of 2009. F or the quarter, the company wa s cas h flow pos itive by
the F irst Q ua rter of 2009 a pproxima tely $65, 000 for the firs t quarter of 2009. This is an improvement of a pprox ima tely $162, 000 compared to the firs t qua rter of 2008
a nd a pprox imately $97, 000 when c ompared to the fourth quarter of 2008. T he revenue for the fi rs t quarter was approximately $2.5 million.
T his repres ented a decreas e of 15% compared to $3. 0 million in revenue for the fi rs t qua rter of 2008 and a 16% decrease compared to the
$3.0 mi llion in revenue for the fourth quarter of 2008.
Modern Times G ro up Mtg AB (OM: MTG Modern Times G roup MT G AB M ulls an E quity B uy back Modern Times G roup MT G AB expec ts to initia te a s ha re repurc ha s e progra m to be approv ed a t its Annua l G eneral Meeting to be held on
B) Ma y 11, 2009. U nder the proposal, M odern T imes will repurchase its o wn C las s C sha res . T he repurc hase ma y only be e ffected through a
public offer directed to al l holders of C la s s C shares and s hall comprise all outs ta nding C la ss C s hares . T he purcha s e may be effected at a
purchas e pric e corres ponding to not less tha n S E K 5 a nd not more than S E K 5. 1. T he total price will not exc eed S E K 1.88 milli on. P ayment
for the C la s s C s hares s hall be ma de in ca s h. T he purpos e of the repurchas e is to ens ure the deliv ery of Cla s s B s hares under the P lan. The
Company would a ls o s eek approva l to repurc ha se C la s s A and/or Cl a ss B s ha res that the Company's holding does not a t a ny time ex ceed
10% of the tota l number of shares in the C ompany. T he repurchas e of s ha res s hall take pla ce on the N asda q O MX S toc kholm a nd may only
occ ur at a price within the s ha re price interva l regis tered at that time, where s hare pric e in terv al means the differenc e between the highes t
buying price and l owest selling pric e. The purpose of the authoriza tion is to give the B oard of Di rec tors increas ed flex ibility to continuously dec
Modern Times G ro up Mtg AB (OM: MTG Modern Times G roup Mtg A B P ropos es Amendment to Modern Times G roup Mtg AB announced at A nnual G enera l Meeting to be held on M a y 11, 2009, to propos e a mendment of the A rtic les of
B) its Artic les of As so ciation; P ropos es Div idend Ass ocia tion.
T he company propos ed a dividend of S E K 5. 00 per share. T he record date is propos ed to be M ay 14, 2009.
Modern Times G ro up Mtg AB (OM: MTG Upda te to Modern T imes G roup Mtg AB ’ s E quity B uybac k As of D ecember 31, 2008, Modern Times G roup Mtg A B ha s ma de no repurchases under the plan.
B)
Open T ext C orp. (Nas daqG S : OT E X) L ock heed Ma rtin Aeronautics E xtends Us e of O pen O pen T ext C orp. announced L oc kheed Ma rtin Aeronautic s J oint-S erv ice T echnical D a ta (J T D ) I ntegrated P roduct T ea m (I P T), based in F ort
T ex t's D igital As set M a na gement S olution W orth, T exas , extended its us e of O pen T ext's Digital As s et Management (D AM) solution to ma na ge graphic s and rich media content for F -
35 Lightning I I T echnic al Da ta . T he F -35 L ightning I I, or J oint S trike F ighter (J S F ), is a DoD multi -s ervice/mul ti-na tiona l effort to create a next-
generation stea lth fighter plane. T he company behind the des ign of the J T D I P T s ys tem, and the J oint-S ervice Technica l D ata IP T team
selec ted O pen Tex t to complement a n exis ting X ML -ba s ed content management s ys tem (C M S ). W ith its J av a E nterpris e E dition (JE E )
a rchitecture and open interfac e, the DAM s oftware from O pen T ext is seamles sly integra ted with a complex array of unique F -35 P rogra m
T echnical D a ta development a nd support authoring work flows.
Open T ext C orp. (Nas daqG S : OT E X) Anthony G allo to J oin O pen T ext C orp. as V ice P res ident O pen T ext C orp. announced tha t it ha s ac quired V izible Corpora tion. Anthony G a llo, former F ounder and C hief T echnology O fficer of V izi ble,
of Digi ta l Media E xperiences who will join O pen T ex t a s V ic e P res ident of D igital M edia E x periences .
P erfec t World C o. , Ltd. P erfect W orld L aunches Hot D a nce P arty 3.0 - B a by P l a n P erfect W orld Co. L td. announced it launc hed 'H ot Dance P arty 3. 0-B aby P la n' e xpa nsion pac k. 'H ot Da nc e P a rty ' was P erfec t W orld's firs t
(Nas daqG S : PW R D) E xpa ns ion P ack 3D online ca s ual ga me. T he game ha s been well-received by online game play ers s ince its la unch beca us e of its excellent graphic des ign,
innovative ga me s ys tems a nd continued introduction of new fea tures . I n 'Hot Dance P arty 3. 0-B aby P la n,' a 'B a by R ea ring S y stem' is a dded
to the exis ting c la ss ic pla y mode, enhancing the fun of players ' game life. P la y ers who ha ve paired up through the game's 'P a rtnership
S ys tem' ca n be bes towed a baby by an angel a nd enjoy the fun of rais ing the baby in game together.
T enc en t Ho ldings Ltd. (S E H K: 700) T enc ent H oldings Limited Mulls a s ha re buy back O n April 7, 2009, T encent Holdings L imited a nnounc ed that it’s B oard of Directors would seek a pprov al in the c ompany’s Annua l G eneral
Meeting on May 13, 2009 , to commence a share buybac k progra m. Under the program, the C ompany will repurchas e up to 10% of the
a ggrega te of th e nominal amount of the iss ued s hare capita l of the Compa ny a s a t the date of pass ing this res olution and the s a id approv al
sha ll be limited ac cordingly. T he s hare buyba ck progra m s hall ex pire at the conclusio n of the nex t annual genera l meeting of the C ompany,
the expiration of the period within which the next a nnua l general meeting of the C ompa ny is required by the Articles of As s ociation of the
Company or any a p plicable la w to be h eld and the date on which the authority set out i n this resolu tion is revok ed or v aried by a n ordina ry
resolution of the sha reholders in genera l meeting.
Figure 7. Key Developments
Source. Capital IQ
9. 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 28 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 L td.
S handa Interac tive Entertainment L td. 3620. 4
Neteas e.c om Inc . 3614.0
IA C/InterA c tiveCorp. 2339.7
S ohu.c om Inc . 1905.8
Open Tex t Corp. 1822.2
Giant Interactiv e Group, Inc . 1710.8
Gree, Inc . 1267.3
Modern Times G roup Mtg A B 1251.5
Perf ec t World Co., L td. 896.3
V alueClick Inc . 877.1
Mix i, Inc . 589.1
NEOWIZ Games Corporation 506.3
Chines e Gamer International 479. 6
K ings of t Co. L td. 448.9
United Online Inc . 440.3
The9 L imited 355. 3
GigaMedia L td. 333.6
S K Communic ations Co., L td. 315.4
NetDragon WebS of t, Inc . 283.7
S hutterf ly, Inc . 270.5
XING A G 193. 0
Gamania Digital Entertainment Co. , 155.1
GungHo Online Entertainment, Inc . 145. 6
CDC Corp. 135.9
Y edangOnline Corp. 115. 4
Openw ave S ys tems Inc . 111. 6
A c toz S of t Co., L td. 94.7
DA DA S pA 92.6
GameOn Co L td. 89.6
Moggle, Inc 83.5
HanbitS of t, Inc . 82.9
OA O R B C Inf ormation S y s tems 72. 8
DigitalTow n, Inc . 67.9
K aboos e Inc . 66.4
TheS treet.com, Inc . 64.7
Tree.Com, Inc. 54.9
J umpTV Inc . 54.0
Cyberplex Inc. 53.5
B eyond Commerc e, Inc . 52.9
NeXplore Corporation 50.2
PhotoChannel Netw orks Inc . 47.6
S park Netw orks , Inc . 46.2
B roadWebA s ia Inc . 38. 2
G eoS entric Oy j 35.8
Webz en Inc . 34.3
Ngi Group Inc . 33.7
Wiz z ard S of tw are Corporation 32.5
Northgate Tec hnologies L imited 30.3
S ites earc h Corporation 28. 2
Dolphin Digital Media, Inc . 27. 7
G ravity Co., L td 26. 1
Eolith Co. L td. 24. 6
Frogs ter Interactiv e Pictures A G 24. 2
A Q Interactiv e, Inc . 23.4
L ookS mart, L td. 20.3
DXN Holdings B hd 18.9
J umbuck Entertainment Pty L td. 17.3
IdeaEdge, Inc . 16.6
Fluid Mus ic Canada, Inc . 14.2
Ex tens ions , Inc . 14.2
Quepas a Corp. 11.7
A c celeriz e New Media, Inc . 10.4
Y nk K orea Inc . 10.1
UOMO Media, Inc 9. 4
Worlds .c om Inc . 8. 9
L ingo Media Corporation 8. 4
CornerW orld Corporation 7. 7
S NA P Interactiv e, Inc . 7. 6
S pectrumDNA , Inc . 7. 3
MOK O. mobi L imited 5. 5
IA S Energy, Inc . 4. 9
is eemedia Inc . 4. 6
Magnitude Inf ormation S ys tems Inc. 4. 4
B right Things plc 4. 3
B etaw av e Corporation 3. 8
Wy nds torm Corporation 3. 1
Wooz yFly, Inc . 2. 6
V OIS , Inc . 2. 5
L iveWorld Inc . 2. 5
DigitalPos t Interactiv e, Inc . 1. 1
Unis erve Communic ations Corp. 0. 8
B igs tring Corp. 0. 7
Financial Media Group, Inc . 0. 5
The Parent Company 0. 4
ZipLocal Inc . 0. 3
Total S port Online A S 0. 2
A s s oc iated Media Holdings Inc . 0. 1
China G atew ay Corporation 0. 0
S ocial Media V enures , Inc . 0. 0
Dibz International, Inc . 0. 0
S NM Global Holdings 0. 0
0 500 1,000 1,500 2,000 2,500 3, 000 3, 500 4,000
Figure 8. Market Cap Ranking
Source. Capital IQ