Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)
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OpenTable set to end IPO drought in valley
By Scott Duke Harris
Mercury News Columnist
Posted: 05/19/2009 02:41:18 PM PDT
Updated: 05/19/2009 08:07:10 PM PDT
The champagne, presumably, is chilling. OpenTable, the online restaurant reservations service based in San Francisco, is expected to begin trading on Nasdaq with the ticker symbol OPEN on Thursday.
Barring a late cancellation, the OpenTable party will end a kind of famine for Silicon Valley. It will be the first venture capital-backed valley company to debut on Wall Street since February 2008, when the computer security firm ArcSight did its initial public offering.
OpenTable, which is restricted by securities regulations from discussing IPO plans during a "quiet period," is expected today to finalize its initial stock price somewhere between $16 and $18.
If not Thursday, then "one of these days," said Kathy Smith, principal at Renaissance Capital, a Greenwich, Conn.-based research firm that tracks IPOs. "These things are not firm dates. They want to have room for maneuvering."
Significantly, however, OpenTable's IPO seems more a matter of "when" then "if" — a ray of hope for the venture capital industry and the startups they back. Since early 2008, most private companies that filed intentions to go public have not done so, either withdrawing or delaying their plans.
Silicon Valley has long relied on splashy Wall Street premieres. A big jackpot for VCs compensates for the investments that don't pan out. A healthy IPO market also means that acquisitive giants like Cisco Systems, Hewlett-Packard, Google, Oracle or
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Microsoft would have to pay a bit more for startups that otherwise might go public.
Understanding the venture market is like reading alphabet soup. In strong market conditions, "you did A, B, C and then IPO," as CMEA Capital's Faysal Sohail recently put it, the ABC referring to the first, second and third round of investment. But the paucity of IPOs and other "exits" for startups is making it harder for VCs to deliver returns to their LPs — that is, the limited partners such as pension funds, university endowments and other institutional investors. With the recession prompting LPs to pull back from venture investments, VCs are hoping a bullish IPO comeback will restore confidence in the asset class.
OpenTable makes money by charging restaurants a one-time installation fee for its reservation service and by receiving a cut from each bill made from the service. It now books reservations for 10,000 restaurants globally.
As a business serving a particular niche, OpenTable is not expected to deliver a Google-esque bacchanal on Wall Street that will attract hordes of investors who run up the price. The company — whose 300 employees are led by CEO Jeff Jordan, a former PayPal honcho — plans to sell 3 million shares and expects to raise $59 million, attaining a market capitalization of $294.5 million.
OpenTable may not be epic as IPOs go, but the epicurean metaphors are hard to resist. This IPO, to paraphrase Smith, might be a satisfying meal at a reasonable price. Or perhaps OpenTable, founded in the dot-com heyday, could be likened to a nicely aged vintage. Certainly it's not to be confused with those immature, imprudent, unprofitable dot-com IPOs that quickly turned to vinegar.
When the company in January filed its intentions to go public, people wondered how a business tied to the restaurant industry could make such a bold move in a profound recession. But OpenTable filed financial statements that show it tracking nicely against the economic tides. It recently reported first-quarter net income of $366,000 on revenue just shy of $16 million. If that's happening when money is tight, what will good times look like?
OpenTable appears to be ably surfing two related mega-trends that are not contracting with the economy. One is the continuing importance of the Internet in all forms of commerce. OpenTable, which added an iPhone app in November, recently moved into the more social "Web 2.0" trend by joining the Facebook Connect community, allowing its users to broadly share reviews for the first time.
The second trend is globalization: OpenTable's Web site shows job openings in London, Germany and Mexico. Meanwhile, in Silicon Valley, plenty of VCs and entrepreneurs will raise a toast to a new IPO and better times ahead.
And if you're running late to the restaurant ...
Glympse, a Seattle-based startup with the slogan "share your where," on Tuesday rolled out a public beta test of its location-based mobile technology. The service, introduced at the Where 2.0 Conference in San Jose, enables smart-phone users to easily communicate their whereabouts to colleagues, friends or family, tracking their progress across a map.
In a recent demo, Glympse CEO Bryan Trussel persuaded me that it would be nice to know where other people are and watch their little locator arrow move (or not move) along the map.
But the social contract makes me pause. Would I really want to let people know where I am?
Vom Umsatz her übertreffen zwei der Kernbeteiligungen den vorstehenden IPO, eine weitere ist gleich, zwei weitere haben etwas mehr als die Hälfte und ein Unternehmen etwas mehr als ein Drittel dieses Umsatzes.
Two companies of the 8 core-companies of Internet Capital are a little bit bigger than Open Table: Metastorm und ICGCommerce.
The revenues of Starcite are equal like the the revenues of Open Table.
The reveneus of Freeborders and Whitefence a litte more than a half of the revenues of Open Table.
And the revenues of Channelintelligence are litte bit more than an a third of Open Table.
As a business serving a particular niche, OpenTable is not expected to deliver a Google-esque bacchanal on Wall Street that will attract hordes of investors who run up the price. The company — whose 300 employees are led by CEO Jeff Jordan, a former PayPal honcho — plans to sell 3 million shares and expects to raise $59 million, attaining a market capitalization of $294.5 million.
When the company in January filed its intentions to go public, people wondered how a business tied to the restaurant industry could make such a bold move in a profound recession. But OpenTable filed financial statements that show it tracking nicely against the economic tides. It recently reported first-quarter net income of $366,000 on revenue just shy of $16 million. If that's happening when money is tight, what will good times look like?
http://messages.finance.yahoo.com/...59833&tof=1&frt=2#259833
Bis der Ipo von Metastorm gefilt wird, sollte man drin sein.
May 21, 2009, 11:11 a.m. EST
OpenTable shares jump following IPOExplore related topics
Computer Software Solarwinds Inc Bank Of America Corporation Story Quotes Comments (15) Alert Email Print ShareBy Steve Gelsi & Dan Gallagher, MarketWatch
SAN FRANCISCO (MarketWatch) -- OpenTable Inc. saw its shares jump more than 35% in its first minutes of trading Thursday following an initial public offering that priced above the company's expectations.
Late Wednesday, OpenTable priced its initial public offering at $20 a share -- above its planned IPO range of $16 to $18 a share.
The stock was last trading up 35% at $27.02 on the Nasdaq.
MarketWatch Hot Stocks: TechnologyChip stocks give the tech sector a boost in Wednesday trade, but shares of PC makers are lower in the wake of Hewlett-Packard's report. MarketWatch's Dan Gallagher reports. (May 20)
The company, which provides an online reservation system for restaurants, is the second venture-backed company to go public this week, following the debut of software maker SolarWinds /quotes/comstock/13*!swi/quotes/nls/swi (SWI 13.85, +0.10, +0.73%) on Wednesday. The two are the first venture-backed deals since August 2008.
OpenTable offered 3 million shares at $20 a share -- for proceeds of $60 million -- throough underwriters Merrill Lynch /quotes/comstock/13*!bac/quotes/nls/bac (BAC 11.78, +0.29, +2.52%) and Allen & Co. The San Francisco-based company drew strong investor interest. Earlier this week, OpenTable had raised its planned pricing range by $4 from a $12-to-$14 range.
The company posted a profit of $366,000 on revenue of $16 million in the three months ended March 31, versus a loss of $87,000 on revenue of $13 million in the year-ago period.
Shareholders of the company include Benchmark Capital and IAC/Interactive.
Open Table ist in einem ähnlichen Geschäftsfeld tätig wie die Internet Capital-Beteiliung Starcite:
www.starcite.com
Der Umsatz beider Unternehmen ist in etwa gleich.
..........tolle Nachrichten waren wohl schon eingepreist .........................................................
................sell on good news, ....................
..................hehehehehehehehe...............
Wenn man sich das folgende ansieht, erkennt man ziemlich schnell, dass Internet Capital momentan eine der am extremsten unterbewertesten Aktien der Nasdaq ist und man sich mit dem Kaufen beeilen sollte:
http://messages.finance.yahoo.com/...59881&tof=1&frt=2#259881
Das einzige, was nicht nachvollziehbar ist, ist dass die Penner vom Management zu Ende des letzten Quartals erst 10 Millionen eines 25-Millionen-Programms für Rückkäufe genutzt hatten - und das bei 142 Millionen Cash/Wertpapiere bei nur momentan 175 Millionen Marktkapitalisierung.
http://www.fool.com/investing/high-growth/2009/05/...ing-through.aspx
als Maßstab nimmt, müsste der Kurs von Internet Capital bei $20 stehen.
NEW YORK (CNNMoney.com) -- Two successful venture capital-backed initial public offerings in as many days have created a buzz that the IPO market is opening up.
The market for public offerings this year has been sluggish at best as backers have been wary of taking small, virtually unknown, companies public in an environment where stocks have been wildly gyrating, credit conditions have been tight and the economy has remained mired in a recession.
The tide may be turning. Four venture capital-backed companies have gone public in the past two months, including network software company SolarWinds' (SWI) IPO on Wednesday and online restaurant reservation company OpenTable's (OPEN) on Thursday. That's a good start compared with last year, when only six venture capital-backed firms went public.
"Do we see a trend? Yes we do. The market is starting to open up," said Kathy Smith, analyst at Renaissance Capital LLC.
Investors seem to like what they're seeing.
SolarWinds is trading more 10% above its initial asking price, and OpenTable's stock was up 67% on Thursday.
"The latest two IPOs are clearly encouraging, but we're not declaring a recovery just yet," said Emily Mendel, spokeswoman for National Venture Capital Association (NVCA). "We'll be watching to see how they're doing: If these companies do well, it will be a tremendous boost of confidence."
Recent IPO levels pale in comparison to previous years. In 2007, 86 VC-backed companies went public, and in 2006, there were 56 VC-backed IPOs, according to NVCA.
Furthermore, the other two VC-backed IPOs this year, DigitalGlobe (DGI) and Bridgepoint Education (BPI), started strong on their first day, but tapered off recently. Shares were up 13% and 6% after one day, but are now down 4% and 5% respectively.
Narrow pipeline. It will likely take a while to rebuild the pipeline of VC-backed companies that are ready to be taken public.
Typically, VC investors take the proceeds from companies go public, funnel them back into new companies, and the cycle continues.
But the recession put the brakes on VC-backed IPOs with many VC firms opting to hold onto companies until market conditions turned. Venture capitalists invested just $3 billion in 549 companies during the first quarter of 2009. Last year, they invested an average of $7 billion in 975 deals per quarter, and in 2007, they invested $7.7 billion in 1,000 deals each quarter.
Mendel thinks that the IPO market will recover, but not before late 2010. She said an investment level of $6 billion to $8 billion per quarter would signal a healthy level of investment.
"We don't want it to be too big," she said. "We went down that road before, and look what happened."
Of the 80 companies that have registered for IPOs over the past year, only 19 are VC-backed. But on the bright side, 10 of those were registered in the past two months.
Eight are biotech companies, and many are clean energy related, including Nexsan Technologies, which makes energy efficient data storage systems; First Wind Holdings, which specializes in wind energy products; and A123 Systems, which is developing lithium ion batteries for electric cars.
Other notable VC-backed IPOs in the pipeline include ePocrates, a company that makes medical software that can give physicians drug interactions, disease and laboratory information on their smartphones. LogMeIn gives users remote access to their computers, and NextG Networks is designing more aesthetically pleasing cell phone towers that also improve wireless capabilities.
Die restlichen fünf Kernbeteiligungen sind Kandidaten für 2010 und 2011.
Very, very important news form Metastorm 22-May-09 07:53 am The 451 Take on Tech M&A Inorganic Growth / The 451 KnowledgeBase Metastorm in the market in a big way
Posted by Brenon Daly on May 19, 2009
Contact: Brenon Daly
If Metastorm does re-paper an S-1, it will be a much larger company than the one that filed for an IPO last year. (The business process management (BPM) vendor put in its paperwork in mid-May and then pulled it in mid-September.) The growth will come both organically and from acquisition, CEO Bob Farrell said Monday during a presentation at the JMP Securities Research Conference.
In terms of organic growth, Farrell projected that the company would ring up about $90m in revenue this year, up from about $77m in 2008. Additionally, Farrell said he expected to add to the company’s top line with a shopping trip. We understand Metastorm has three term sheets out for possible acquisitions, with one possibly closing in the summer. One of the potential deals could double the company’s revenue. Farrell said his company has considered outside funding for a purchase, which is how it covered its 2007 acquisition of Proforma.
In terms of target markets, Metastorm is looking in several areas, including risk and compliance, collaboration and document management. In terms of possible BPM-document management transactions, we would note that we recently heard of deal flow going the other way. Open Text, having consolidated much of the content management market, said it may well look to buy its way into the BPM market.
Filed Under IPO, M&A, application software, investment banking |
http://www.whitefence.com/blog/press/2009/05/...the-fox-business.html
Internet Capital hält 35% an Whitefence.
http://messages.finance.yahoo.com/...59914&tof=1&frt=2#259914
TOP INSTITUTIONAL HOLDERS
Holder Shares % Out Value* Reported
DIMENSIONAL FUND ADVISORS INC 3,257,042 8.87 $13,125,879 31-Mar-09
Capital World Investors 3,096,000 8.43 $12,476,880 31-Mar-09
SCHNEIDER CAPITAL MANAGEMENT, L.P. 2,227,964 6.07 $8,978,694 31-Mar-09
COLUMBIA PARTNERS, L.L.C, INVESTMENT MANAGEMENT 2,226,502 6.06 $8,972,803 31-Mar-09
MASON CAPITAL MANAGEMENT, LLC 2,174,027 5.92 $8,761,328 31-Mar-09
Barclays Global Investors UK Holdings Ltd 1,938,054 5.28 $7,810,357 31-Mar-09
GOLDMAN SACHS GROUP INC 1,646,843 4.49 $6,636,777 31-Mar-09
VANGUARD GROUP, INC. (THE) 1,449,876 3.95 $5,843,000 31-Mar-09
EMERALD ADVISERS 1,044,485 2.84 $4,209,274 31-Mar-09
FMR LLC 3,850,000 10.49 $15,515,500 31-Mar-09
TOP MUTUAL FUND HOLDERS
Holder Shares % Out Value* Reported
SMALLCAP WORLD FUND 3,096,000 8.43 $12,476,880 31-Mar-09
DFA U.S. SMALL CAP VALUE SERIES 1,072,331 2.92 $4,621,746 31-Jan-09
FIDELITY GROWTH COMPANY FUND 3,850,000 10.49 $15,515,500 31-Mar-09
ISHARES RUSSELL 2000 INDEX FD 477,639 1.30 $1,924,885 31-Mar-09
DFA Tax Managed U.S. Targeted Value Port 436,786 1.19 $1,882,547 31-Jan-09
VANGUARD SMALL-CAP INDEX FUND 414,604 1.13 $2,259,591 31-Dec-08
VANGUARD TOTAL STOCK MARKET INDEX FUND 401,997 1.09 $2,190,883 31-Dec-08
DFA U.S. MICRO CAP SERIES 368,125 1.00 $1,586,618 31-Jan-09
SCHNEIDER SMALL CAP VALUE FUND 340,000 .93 $1,377,000 28-Feb-09
Powershares Exhg Traded Fd-Powershares Listed Private Equity 314,570 .86 $1,355,796 31-Jan-09
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* Value shown is computed using the security's price on the report date given.
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Möglich ist natürlich, dass die weiter billig aufstocken wollen und daher schweigen.
For example the biggest of the world: Fidelity, who is owning 10,49% of the outstanding shares.
Or Goldman Sachs Group, who is owning 4,49% of the outstanding shares.
Or Barclays, who is owning 5,28% of the outstanding shares.
Or Vanguard, who is owning 3,95% of the outstanding shares.
Nicht ganz verstehen kann ich, dass die dem Management nicht mehr Dampf dabei machen, die Werte zu zeigen oder sie haben eine extrem langfristige Strategie. Zu dieser langfristigen Strategie gehört es meines Erachens auch, mit der vorhandenen Cash/Securities von 140 Millionen eigene Aktien zurückzukaufen - solange der Kurs so niedrig ist wie jetzt. Die einzige Entschuldigung wäre, dass sie mit Cash bereitstehen, um ein noch rentableres Ding zu drehen, z.B. Metastorm den oben beschriebenen Kauf, der die Umsätze verdopppelt zu finanzieren und dabei den Anteil an dem Unternehmen, das unmittelbar vor einem Börsengang steht, massiv zu erhöhen.
The Next Frontier In Search Marketing
More By This Author
It may be hard to believe for tech types like us, but in 2008 newspaper advertising still consumed almost $35 billion of U.S. advertising spending while TV took in double that amount. If I were a CMO, would I be spending so much on avenues that are so wishy-washy, unmeasurable and downright ineffective?
Online advertising's lure has been growing as businesses see it as a more effective way to measure customer engagement. In 2008, the Internet took in $23.4 billion in ad spending. Pioneered by Google ( GOOG - news - people ), Pay-Per-Click (PPC) advertising is both measurable and efficient, and is attractive due to its pay-for-performance attribute.
But recently, paid search ad spending has been slowing down as advertisers figure out that organic search results drive a much more significant portion of their traffic. Organic search refers to search results that are not paid for by advertisers. They are a search engine's natural results, purely driven by the algorithms.
Internet tracker Hitwise claims that "the share of search traffic to Web sites generated from paid listings has dropped to about 7.25% over the last four weeks, down from 9.8% during the same period a year ago. And Hitwise noted that paid clicks from searches for brand name terms--such as Home Depot ( HD - news - people ) and Orbitz ( OWW - news - people )--saw especially sharp drops."
Andy Beal of Marketing Pilgrim points out that these major advertisers are most likely relying more heavily on organic traffic. Thus far, however, organic search marketing via search engine optimization (SEO) has not exactly been a science. CMOs have been leery of paying fees to SEO agencies and consultants without the ability to measure what they're getting in return.
Real-Time Quotes
05/22/2009 4:01PM ET
GOOG$393.50-0.76%HD$22.86-0.13%OWW$2.08-5.02%SY$32.59-0.03%OMTR$10.260.20%Get Quote
BATS Real-Time Market Data by XigniteThis could change with Enquisite, a new search engine marketing company. For businesses that rely heavily on online traffic, Enquisite's search marketing innovation promises to address an important gap in search marketing: driving more of the right organic search traffic.
Through its suite of products like Enquisite Campaign, Enquisite Optimizer and Enquisite Auditor, customers can maximize their traffic flow from organic search results, and agencies can be completely transparent in demonstrating the progress and value of their work. They can even charge on a pay-for-performance basis, making organic search engine marketing a viable bucket in which CMOs can now safely allocate ad dollars.
I'm not the only one who is excited about this company. Veteran entrepreneur Mark Hoffman has made Enquisite his next run. For those too young to remember, he founded the database technology pioneer Sybase ( SY - news - people ), and served as its chairman, chief executive and president. He was also chairman, chief executive and president of Commerce One, which is considered to have established the software standards for electronic commerce.
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