Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

Top 5 U.S. P&C Insurer Proves That It’s All About the Customer Journey

your company has more to do with the end-to-end experience than individual touchpoints.[i] This is important to understand, because we tend to evaluate business performance based on distinct metrics, such as call handle times, quote starts or quote conversions.
While each of those aspects of the customer experience is important, they provide only a snapshot of the customer’s journey and not the big picture. If McKinsey is right, it’s the picture as a whole that will influence a customer and generate their loyalty.
A leading insurer, who has always placed the customer experience at the forefront of their strategy, proved this to be true as they transformed the entire customer journey with top-tier digital capabilities.

http://blog.boltinc.com/...es-that-its-all-about-the-customer-journey
 

Bundle coverage in one simple seamless transaction.
When insurers provide more than one P&C product to a customer, they realize at least an 85% share of wallet. That number jumps to 90% when an insurer can provide more than two products.[v] More importantly, bundling customers are more loyal and when treated right, stay longer,[vi] ensuring incumbents a bigger piece of the existing pie, including the chunk that now seems destined for InsurTech disruptors.

Quelle: siehe 9226  

https://www.superbcrew.com/...-demand-for-channel-and-product-choice/  

"What sets BOLT apart from other InsurTech providers is our track record of helping insurers address industry challenges and evolving customer needs through a technology agnostic platform that includes a tightly integrated market network of both personal and commercial product options."

Quelle: siehe #9228  

Q: You mentioned the BOLT market network. Can you explain how that comes into play?

A: BOLT’s market network is tightly integrated into the BOLT Platform. Say an insurer has a consumer who wants to bundle home, auto, and business insurance, but the insurer only offers home and auto. Through the market network, that insurer can bundle the home and auto they carry, with commercial insurance from another carrier. They maintain the customer, but take on no additional underwriting risk.

Q: That’s a pretty innovative idea, but how often do insurers have the opportunity to bundle products from another carrier?

A: Nearly 80% of consumers say they want to bundle coverage, but price is usually a determining factor in a customer’s decision to purchase or renew a policy. Often, a customer will keep a coverage type, say home, with the existing insurer, but change to another for the auto because the price is better. With access to the market network, insurers never have to turn a customer away, regardless of the type of coverage or price point they are seeking. The benefits are tremendous, with insurers saying they sell 1.4 more of their own products for every bundled solution sold and realize a 24% increase in revenue over five years.
https://www.superbcrew.com/...-demand-for-channel-and-product-choice/
 

Bolt was originally founded by Israeli software engineers in 2000 as Seapass Solutions, and still has an R&D team in Tel Aviv. It changed its name in 2013, after becoming majority owned by a public company, ICG Group. The Pennsylvania-based venture capital firm paid $13.2 million in late 2012 to grow its Bolt stake from 38 percent to 53 percent. At the end of 2013, ICG owned 70 percent of Bolt.

http://www.hartfordbusiness.com/article/20140714/...n-multiple-fronts
 

wurde, kann man daran erkennen:

• Operating cash flow positive for the first time in its history in Q4 2016
http://www.actua.com/wp-content/uploads/2017/03/...ar-2016-slides.pdf
 

Bolt's Farmington agency — Bolt Insurance Agency — is perhaps the most experienced user of its own technology. It uses the online portal to quote and sell coverage to consumers, helping generate additional revenue through commissions. Bolt launched the agency in 2010 to target businesses with 10 or fewer workers — a customer base ignored by some agents because they're too small to be worth the effort, Hammond said. Bolt's team felt that their product-comparison software could overcome those barriers by speeding up the buying process, allowing for higher sales volumes.

"The small entrepreneur was not a target market for any commercial channel because of size and scale," said Hammond.

Tapping a new market
Last year, Bolt expanded its focus to independent agents — which wrote 79 percent of all commercial insurance premiums in 2012, according to the IIABA — by acquiring Austin, Texas-based Superior Access for $8.7 million.
Superior, which Hammond oversees from Farmington, provides a cloud-based subscription portal to 2,200 Main Street agencies, allowing them to quote and bind products through Bolt's network of insurers that they don't normally sell.

Quelle: siehe 9231  

ähnlichen Werte komme, aber nicht in allen Details - vor allem nicht in der Einschätzung des Wertes von Bolt.

https://seekingalpha.com/article/...rowing-saas-business-point-upside  

nichts zu kritisieren:

Summary:

- Sum of the Parts equate to $22 on this $14 stock.

- Massive repurchasing program at the current price suggests management sees the stock as underpriced.

- Actua has over 20% revenue growth, 70% margins and 98% customer retention.  

As a SaaS company, Actua sales are subscription based. Wikipedia defines Saas as follows: Software as a service (SaaS; pronounced /sæs/) is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. Saas companies are valuable because SaaS customers rarely leave. Instead, clients pay the fees every year and incorporate the SaaS services into their businesses. Once the customer is on board it is hard for them to leave and adopt a new platform. In addition, once scaled, the margins, which are over 70% for ACTA, can be turned into cash flow (think of the power of Amazon (NASDAQ:AMZN), and how the critics didn't understand that Amazon wasn't to be valued on a P/E basis).

Quelle: Adresse in 9234  

obwohl die letztendlich, m.E. zufällig, zu einem ähnlichen Ergebnis wie ich kommen, ist die dort praktizierte Verwendung des EBITDA's.

Ich halte eine Schätzung der Unternehmenswerte auf der Basis des EBITDA's.bei den drei Core's von Actua für problematisch bis absurd, wie das beim Seeking Alpha-Artikel gemacht wird, da bei allen drei Gesellschaften massiv investiert wird und dabei alle Kosten sofort als Aufwand angesetzt werden, also keinerlei Aktivierung erfolgt.

Infolgedessen ist meines Erachtsn nur eine Schätzung des Unternehmenswertes auf Umsatzbais, also über ein Umsatzmultiple mölglich, wobei auf Vergleichswerte zurückgreifen werden muss  

Software aus der Cloud ermöglicht durch einfache Skalierbarkeit ein Höchstmaß an Flexibilität. So werden hohe Investitionstätigkeiten und -kosten sowie Lizenzmanagement vermieden.
Das verdeutlicht etwa auch der ITK-Budget-Benchmark auf Basis des eAnalyzers 2017. Demnach wurden bereits 2016 knapp ein Fünftel aller IT-Ausgaben in Software as a Service (SaaS) getätigt. Anders formuliert: Vergangenes Jahr wurden vier Milliarden Euro in SaaS investiert. Rund die Hälfte dieser Investitionen flossen in Collaboration und Communication Lösungen. Unternehmen aller Branchen scheinen die Vorteile von SaaS zunehmend zu erkennen.
Für dieses Jahr sollen laut Prognose die ITK-Ausgaben für Cloud-Apps nun nochmal um 25 Prozent ansteigen – bis Ende 2018 könnte sich der Markt für SaaS verdoppeln.

https://www.cancom.info/2017/04/...um-ein-viertel-fuer-2017-erwartet/
 

gepostet und sehe auch wenig Gründe, ad der Aufteilung etwas zu ändern:

Libuda: My estimate of the split for the 130 million

02.06.17 22:40
#9063  
revenues of the guidance in 2017 are:

VelocityEHs = 60 million

Foliodynamix = 40 million

Bolt = 30 million  

komme wie der Autor bei Seeking Alpha in 9234 (VelocityEHS (98% Ownership): $294 Million) ist reiner Zufall.

Für die von mir angenommen 60 Millionen Umsatz von VelocityEHS halte ich ein Multiple von 5 für angemessen, was 300 Millionen ergäbe und 98% davon wären 294 Millionen.  

aus 9234 (FolioDynamix (99% Ownership): $235 Million (company paid $199M in Sept.'15)).

Ich gehe von 40 Millionen Umsatz und einem Multiple von 5 aus, woraus ein Wert von 200 Millionen resultiert (beim Kauf 2015 wurde noch zu einem Multiple von 6 eingekauft=).  

in der Quelle gemachte Unterstellung: Bolt (70% Ownership): $ 50 Million

Hier zeigt sich meines Erachtens, dass das EBITDA als Bewertung versagt, wenn massiv in ein Unternehmen investiert wird und diie dabei entstehenden Ausgaben sofort als Aufwand angesetzt werden- und nicht teillweise oder ganz als Vermögenswert aktiviert  werden.

Ich rechne wegen der gigantischen Aussichten bei Insurtech und der extrem starken Makrtstellung von Bolt mit einem Multiple von 8, was bei 30 Millionen einen Wert von 240 Millionen verkörpert und 70% davon sind 168 Millionen - mehr als das Dreifache als von Seeking Alpah unterstellt.
 

der drei Core's addieren sich schon auf 662 Millionen.  

mit der Bewertung der beiden nachstehenden Beteiligungen, die beide jeweils unter 20% liegen, einverstanden. Sollte man Velocity monetarisieren, kann ich mir auch einen stärkeren Einstieg bei Instamed vorstellen und bin sauer darüber, dass man bei der letzten Finanzierungsrunde von Instamed nicht mitgemacht hat.

InstaMed Holdings, Inc. - Estimate Value of Company's Ownership: $20 M
InstaMed operates a cloud-based healthcare payments network. With its bank partners, InstaMed moves billions of dollars and information on its single, integrated network, connecting thousands of hospitals, practices and payers, and millions of patients.

Parchment Inc. - Estimate Value of Company's Ownership: $10 M
Parchment's cloud-based software is a transcript exchange and intelligence platform that enables the secure, rapid exchange of electronic transcripts and other student records among schools, state education agencies and individuals.

https://seekingalpha.com/article/...ance-sheet-growing-saas-business-  

BOLT Solutions recognized as a 2017 ACQ5 Global Award Winner

NEW YORK, July 31, 2017 — BOLT® Solutions, Inc. (www.boltinc.com), the leading digital distribution platform provider to the property and casualty (P&C) insurance industry, has been recognized as a winner in the 2017 ACQ5 Global Awards hosted by ACQ Magazine and the ACQ5 news portal, for its intimate knowledge and expertise in the insurance industry as well as its innovative contributions to InsurTech and the P&C insurance industry.

http://www.actua.com/...ons-recognized-2017-acq5-global-award-winner/
 

“The 2017 ACQ5 Global Award winners represent the best of breed across all industry sectors and have earned these honors by standing out in a group of very impressive finalists. We are lucky enough to work with some of the most influential and enterprising organizations in the world and are proud to share their message with our readers,” said Jake Robson, Group Editor of ACQ5. “The ACQ5 Global Awards set out to recognize the achievements of those who are responding most successfully to the demands being placed on them.”  

http://awards.acq5.com/  

in 9234 sehe ich als zu niedrig:

Anthem Ventures Fund, L.P. - Estimated Value of Company's Ownership: $10 million

 

Denn ich gehe davon aus, dass der Wert des nachfolgenden Portfolios, das schwer zu schätzen ist, zwischen 200 und 300 Millionen liegt.

http://anthemvp.com/company_type/active/

Und Actua hält 9% an anthem Venture = ca. 20 Millionen.

 

die drei Core-Beteiligungen kommen also weitere 50 Millionen für die drei Venture-Beteiligungen hinzu, omit wir bei 712 Millionen lägen.