Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

entwickelt, die unter der schwachen Nachfrage nach Unternehmenssoftware gelitten haben. Daher sehe ich diese Beteiligung auch am zyklischsten an, obwohl der Markt strukturell eigentlich recht stark wächst. Aber von den angepeilten 100 Millionen Umsatz in 2009 sind dann noch wohl ein großes Stück entfernt geblieben. Daher habe ich meine Ansätze auch für 2010 sehr konserativ angesetzt.

Re: Revenues of Core-Partner-Companies in the 4. quarter (estimates)     20-Feb-10 12:02 pm     Estimates for 2010 for Metastorm:

1. quarter = 20 million

2. quarter = 22 million

3. quarter = 24 million

4. quarter = 26 million

Revenues of Metastorm in 2010 will be 94 million.  

unter der rückläufigen Nachfrage nach Meetings, die durch das strukturelle Wachstum vermutlich gerade so ausgeglichen werden konnte. Auch hier dürfte sich wieder nicht unerhebliches Wachstum in 2010 einstellen.


Re: Revenues of Core-Partner-Companies in the 4. quarter (estimates)     20-Feb-10 12:20 pm     Estimates for 2010 for Starcite:

1. quarter = 14 million

2. quarter = 15 million

3. quarter = 16 million

4. quarter = 17 million

Revenues of Starcite in 2010 will be 62 million.  

kommt Freeborders wie seine indische Konkurrenz wieder in die Gänge:

Re: Revenues of Core-Partner-Companies in the 4. quarter (estimates)     20-Feb-10 12:22 pm     Estimate of Revenues for Freeborders in 2010:

1. quarter = 11 million

2. quarter = 12.5 million

3. quarter = 14 million  

sind zum Schluss Zeilen verloren gegangen, daher den letzten Teil noch einmal:

Re: Revenues of Core-Partner-Companies in the 4. quarter (estimates)     20-Feb-10 12:22 pm     Estimate of Revenues for Freeborders in 2010:

1. quarter = 11 million

2. quarter = 12.5 million

3. quarter = 14 million

4. quarter = 15.5 million

Reveneus of Freeborders in 2010 will be 53 million.  

Und daher sollte man einmal den neuesten Update genauer unter die Lupe nehmen:

http://messages.finance.yahoo.com/...;mid=263224&tof=10&frt=2  

die Entwicklung bei Channelintelligence:

Re: Revenues of Core-Partner-Companies in the 4. quarter (estimates)     20-Feb-10 03:32 pm     Estimates of Revenues for Channelintelligence in 2010:

1. quarter = 5.5 million

2. quarter = 6 million

3. quarter = 6.5 million

4. quarter = 7.5 million

Reveneus of Channelintelligence in 2010 will be 25.5 million. Rating :
(No ratings)  

Re: Revenues of Core-Partner-Companies in the 4. quarter (estimates)     21-Feb-10 02:53 pm     Estimates for the revenues of Whitefence in 2010:

1. quarter: 6.5 million

2. quarter: 7 million

3. quarter: 7.5 million

4. quarter: 8 million

Revenues of Whitefence in 2010 will be about 29 million.  

Leading procurement services provider that helps companies manage significant portions of their non-core spend—

In a typical company, particularly those in manufacturing and in CPG that amount could be as much as 20% of overall revenues
•
Financial Performance

Reported Q3 2009 revenue of $20.5 million –40% increase compared to Q3 2008

Q3 EBITDA of $2.6 million compared to $0.3 million in the prior year period

Expects 2009 revenues to exceed $80 million

Cash position at 9/30/09 of approximately $20.6 million
•
Target customers are Fortune 1000 firms with a billion and a half dollars of revenue and up.

Strong focus on CPG manufacturing and pharmaceutical industries

Significant customers include Kimberly Clark, Goodyear, Whirlpool, and Clorox, Chiquita Brands, Greif, Pinnacle, Teva Pharmaceuticals
•
Revenue model: fixed fee for service which is driven by the amount of spend, the number and complexity of categories  

sucht Personal für 46 Stellen - recht ordentlich für ein Unternehmen mit knapp 700 Beschäftigten:

https://icgcommerce.tms.hrdepartment.com/cgi-bin/...rchjobs_quick.cgi  

News from Channelintelligence     40 minutes ago     White Paper Defines New Model for Measuring Effectiveness of Online Display Advertising

New white paper from Channel Intelligence explains the latest innovations in the accurate measurement of display advertising effectiveness

ORLANDO, Fla. (February 22, 2010) - Channel Intelligence (CI), a leading provider of Performance Advertising services, has published a new white paper titled Beyond Impressions and Clicks: New Metrics for Measuring the Effectiveness of Display Advertising Campaigns. With recent studies showing that fewer people are clicking on display ads (also called banner ads), advertisers are looking for new ways to accurately measure the effectiveness of their campaigns. This white paper examines problems associated with existing metrics and provides a new model for more effective metrics.

Advertisers that rely on the click-thru as a primary metric are failing to capture the activities of those consumers that immediately respond to ads in other ways, such as just typing the advertiser’s URL into their browser. Advertisers using CI’s Performance Advertising services have found that between 40% and 75% of consumers that visit their site within 5 minutes of an ad impression use a method of navigation other than the click-thru. This audience is also disproportionately more likely to purchase, with 77% of sales coming from consumers that immediately respond to ads without clicking.

Other innovations described in this white paper include how to accurate attribute sales to display advertising campaigns, while still measuring the lift that display advertising has on other marketing programs. The white paper also discusses techniques for measuring sales lift as a replacement for using view-thru sales as a success metric.

Steven Roth, VP, Performance Marketing at CI and author of the white paper, explains, “It was time for some significant innovation in display advertising metrics. Advertisers need transparency, accuracy and consistency in their marketing metrics, and display advertising has historically fallen short in these areas. This white paper shares some ideas for how innovative advertisers have solved these deficiencies in display advertising metrics.”

The new white paper by CI Beyond Impressions and Clicks: New Metrics for Measuring the Effectiveness of Display Advertising Campaigns can be accessed here: http://www.channelintelligence.com/perf_...


About Channel Intelligence (CI)
CI helps retailers, manufacturers and other advertisers make their products and services easier for consumers to find and buy both online and in local retail stores. Integrating its powerful product database with both online marketing services such as display advertising, manufacturer based where-to-buy, paid search, shopping engines, social marketing, storefront, order management and robust performance analytics, CI offers the most complete set of performance-based commerce services in the industry. The company, through its proprietary Ad Network, also drives $2B annually in referred sales from leading manufacturers to retailers in Computing, Home Improvement, Appliances, Consumer Electronics, Toys and a variety of other consumer packed goods. Clients include Best Buy, HP Home and Home Office, Kimberly-Clark, Neiman Marcus, Philips, Target, Garmin, OfficeMax, Samsung, Charming Shoppes, Black & Decker and hundreds more. CI is a partner company of Internet Capital Group (Nasdaq: ICGE) and Aweida Capital Management. Learn more at www.channelintelligence.com  

http://www.freeborders.com/images/FBIN20090624.pdf  

http://finance.yahoo.com/news/...Group-bw-962158158.html?x=0&.v=1  

http://messages.finance.yahoo.com/...63349&tof=1&frt=2#263349  

sich an weiteren Unternehmen beteiligen:

Bought a second company additioal to Govdelivery:

Partner Company Highlights

SaaS-based platform focused in P&C
insurance space

Real-time connections between insurance
carriers, agents and brokers

ICG acquired 26% interest in Q4 2009

Insurance sector ripe for automation

Opportunities for market and distribution
expansion promise strong growth  

was wir allerdings schon wussten:

Additional acquired: Govdelivery

Partner Company Highlights

Government-to-citizen communication solutions

ICG acquired 89% interest in Q4 2009

Over 300 government customers

One-half of all Federal agencies
State, county & city across 30 states

Major U.K. government entities


2010:

40% revenue growth

$13 million revenue

EDITDA breakeven

Subscriber base grew to ~15.6M at year-end 2009 from ~7.7M at year-end 2008  

So liegen die Quartalumsätze mit 22,7 Millionen um 1,2 Millionen über meinen Schätzungen von 21,5 Millionen und ein posítives Ebitda von 5 Millionen pro Quartal kann sich sicher auch sehen lassen.

More than excellent: ICGCommerce - Internet Capital owns 64% of ICGCommerce. I am sure, that the value of ICGCommerce is about a half million.

Procurement outsourcing specialist

2009 revenues grew 28% to $81.5 million compared with
2008

2009 EBITDA grew to $13.4 from $7.6 million in 2008

Year-end cash balance $23 million

Signed 5 multi-year contracts valued at $42 million

New clients include:
Clorox
Pinnacle Foods
global food and beverage company
leading heavy equipment manufacturer

Record backlog expanded to $51million

Significantly expanded relationships with 4 clients


Excellent are the numbers of the fourth quarter:

ICG Commerce’s reported revenue grew to $22.7 million in the fourth quarter and $81.5 million for the year ended December 31, 2009, increases of 30% and 28%, respectively, over the comparable 2008 periods. ICG Commmerce’sEBITDA, excluding the impact of stock-based compensation and unusual items, was $4.9 million in the fourth quarter and $13.4 million for the year ended December 31, 2009, up from $3.1 million and $7.6 million, respectively, in the comparable 2008 periods.  

die Kurse auf dem momentanen Niveau zu halten - das sollte man konsequent für Käufe nutzen.  

von Internet Capital mit ca. 125 Millionen Dollar. Im ersten Quartal hat sich durch die Verkäufe allerdings die Zusammensetzung der Liquidtät geändert: Die Kasse is mehr geworden, im gleichen Umfang hat sich der Wertpapíerbestand reduziert.

Liquidity at the end of 2009:

Liquidity Fourth Quarter ($M)

Cash at September 30, 2009 $56.2

Partner company fundings $(34.7)

Receipt of proceeds from the sale of 317,489 shares of Blackboard from late Q3/Q4 2009 $12.5

Share repurchases $(2.3)

Corporate operating expenses/interest/other $(2.3)

Cash at December 31, 2009 $29.4

Additional liquidity items:

Fair value of 1,619,571 Blackboard shares $73.5

Fair value of Blackboard hedges $(0.5)

Fair value of GoIndustry holdings $5.9

ICG's share of ICG Commerce's cash $14.8

Income tax receivable $11.1

Approximate value of portion of ICE escrows expected to be received in March 2010 $5.0

Total Liquidity at December 31, 2009 $139.2

But you must subtract from the 139 million the 14 million porportional cash of ICGCommerce = 125 million cash/securites  


Diese letzte Subtraktion ist vielleicht etwas erkärungsbedürftig: Da Internet Capital wegen der 64%igen Beteiligung an ICGCommerce diese anteilsmäßig einbeziehen muss, muss man den anteiligen Kassenbestand von ICGCommerce von 14 Millionen aus den 139 Millionen rausrechnen, sodass "nur" noch 125 Millionen verbleiben.  

Wie viele Softwareanbieter hatten sie Umsatzrückgänge, die sich aber doch in sehr engen Grenzen hielt und das Ebitda konnten sie trotzdem steigern. Und das neue Quartal hat aufgrund von nachgeholten Aufträgen aus dem vierten Quartal prächtig begoennen.

I believe, that the numbers of Metastorm are okay in times of downturns of the economy:

Partner Company Highlights

BPM software and services
2009 revenue declined to $67.7 million compared
with 2008

EBITDA significantly improved compared with 2008
Q4 2009 EBITDA was $1.0 million
2009 EBITDA was $1.8 million

Q4 2009 revenue declined to $17.1million from
$19.1 million in Q4 2008

Revenue deferrals impacted results

Bookings strong in Q4 at $19.5 million

Down slightly from $19.9 million in Q4 2008

Entering 2010 with $6.5 million of revenue to be

recognized from deferred 2009 bookings



I believe, 2010 will bring increases again. Look for example on the last numbers of my last posting: "Entering 2010 with $6.5 million of revenue to be recognized from deferred 2009 bookings"  

http://messages.finance.yahoo.com/...;mid=263343&tof=31&frt=1  

dürfte wohl jedem klar sein - das konnte die Internet Capital-Beteiligung Starcite gerade so durch das strukturelle Wachstum hin zu elektronischen Plattformen ausgleichen.

After stagnation in 2009 (by about 50 million revenues) Starcite will growth again in 2010:

Partner Company Highlights


On-demand global meeting solutions

Added 12 new marquee customers

One of world’s largest oil & gas corporations
Fortune 5 pharmaceutical leader
Fortune 500 online technology corporation
Several global healthcare leaders

Q4 2009 bookings improved 40% to $25 million
compared with Q4 2008

Strong customer renewals and upgrades

Renewed supplier relationship with Hilton Worldwide

Added new strategic partners

Including Rearden Commerce and Experient  

her in 2009 fast stagniert haben. 2010 erwarte ich aber wieder starkes Wachstum - u.a. auch weil sie im Laufe von 2009 zwei amerikanische Beratungsfirmen gekauft haben, sodass sie nur noch 5 Millionen in der Kasse haben. Aber sie schreiben auch, dass sie in jedem Quartal von 2009 Gewinne gemacht haben, sodass sie organisches Wachstum sicher aus der eigenen Cash finanzieren können. Und in China wollen sie offensichtlich aus Qualitätsgründen nur organisch wachsen. Nach dem sehr starken Wachstum in 2007 und teilweise auch in 2008 ist also hier etwas Geduld angesagt. Von den Möglichkeiten her hätte eigentlich Freeborders unter den Beteiligungen von Internet Capital das größte Potential. Aber die Konkurrenz ist auch da und teilweise schneller gewachsen, weil sie im Gegensatz zu Freeborders auch in China nicht nur auf organisches Wachstum gesetzt hat. Aber auf der anderen Seite zahlt sich dieses Beharren auf Qualität sicher auch langfristig aus.

The turbulent global economy reduced the growth of Freeborders to near stagnation, but Freeborders was the first year profitable in 2009 and reported positive net income in each quarter.

Partner Company Highlights

Global provider of offshore IT services delivered
from China

Reported record revenues despite turbulent
global economy

Annual gross margins improved by 9% compared
with 2008

Profitable in 2009 and reported positive net
income in each quarter

Ended year with strongest balance sheet in history

Over $5 million in liquidity  

sind schon mehr wert als die Marktkapitalisierung:

http://messages.finance.yahoo.com/...63353&tof=1&frt=1#263353  

durch die Krise gekämpft, was für das einzige noch verbliebene überwiegend reine Softwareunternehmen im Portflolio von Internet Capital ganz passabel ist, denn den Softwarekauf kann man leichter einschranken als Dienstleistungen und On-Demand-Leistungen, in den Metastorm auch schon etwas eingestiegen ist.  Eigentlich passt Metastorm dadurch nicht mehr unbedingt zum Portfolio von Internet Capital und ich gehe daher auch von einer Monetarisierung aus, wenn auch durch einen Verkauf und nicht durch einen Ipo.

I believe, that the numbers of Metastorm are okay in times of downturns of the economy:

Partner Company Highlights

BPM software and services

2009 revenue declined to $67.7 million compared
with 2008

EBITDA significantly improved compared with 2008

Q4 2009 EBITDA was $1.0 million

2009 EBITDA was $1.8 million

Q4 2009 revenue declined to $17.1million from

$19.1 million in Q4 2008

Revenue deferrals impacted results

Bookings strong in Q4 at $19.5 million

Down slightly from $19.9 million in Q4 2008

Entering 2010 with $6.5 million of revenue to be
recognized from deferred 2009 bookings


Dass es besser wird kann man an der letzten Aussage erkennen: "Entering 2010 with $6.5 million of revenue to be recognized from deferred 2009 bookings" . Außerdem daran, dass 1,0 Millionen des immerhin noch mit 1,8 Millionen positiven Ebidas von 2009 im vierten Quartal erzielt wurden - die 1,0 Millionen hochgerechnet, wären es immerhin 4 Millionen geworden.  

Very Strong Performance of Channelintelligence:

Partner Company Highlights

Leading provider of performance advertising
services for manufacturers and retailers

2009 revenue increased 24% compared with 2008

Q4 2009 revenue increased 37% compared
with Q4 2008

Q4 2009 EBITDA increased to $1.1 million compared
with Q4 2008

Customer base includes one-third of “Internet Retailer” Top 50

Introduced highly successful personalized display
advertising component

Signed seven new customers in Q4