Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

immer noch mit kriminellen Mitteln, weil Bush die SEC total machtlos gemacht hat. Zum Beispiel sind die, eigentlich unglaublich, noch nicht in der Lage, Börsendaten in Kontrollprogramme einzulesen, sondern die werden auch nach einem Jahr Obama immer noch per Hand eingegeben.

http://messages.finance.yahoo.com/...64554&tof=1&frt=1#264554  

von Message-Boards durch die kriminellen nackten Shortseller, die die SEC aufgrund der unglaublichen Tatsache, dass sie zu Kontrollen nicht in der Lage ist, bei ihren nicht legalen Aktionen nicht kontrollieren kann.

http://messages.finance.yahoo.com/...64554&tof=1&frt=1#264554  

http://www.viddler.com/explore/Freeborders/videos/4/  

Internet Capital increased the ownership in ICGCommerce from 76% to 81%:

Form 8-K for INTERNET CAPITAL GROUP INC


-------------------------------------------------- ---------------------------

1-Jul-2010

Other Events



Item 8.01. Other Events
On July 1, 2010, ICG Holdings, Inc. ("ICG Holdings"), a wholly-owned subsidiary of Internet Capital Group, Inc. ("ICG"), acquired additional shares of capital stock of its existing partner company, ICG Commerce Holdings, Inc. ("ICG Commerce"). The aggregate cash consideration paid for these shares, which represent approximately 5% of ICG Commerce, was approximately $14.4 million. As a result of this transaction, ICG Holdings increased its ownership interest in ICG Commerce from approximately 76% to approximately 81%.

ICG Holdings acquired the additional ICG Commerce shares pursuant to a tender offer that ICG Holdings made to all of the stockholders of ICG Commerce other than ICG Commerce employees and the holders of ICG Commerce's Series F Preferred Stock. Mr. Douglas Alexander, ICG's President, holds a limited partnership interest in a partnership that tendered its shares to ICG Holdings. Dr. Thomas P. Gerrity, a director of ICG, tendered shares of ICG Commerce that he held directly. Each of Mr. Alexander and Dr. Gerrity received less than 5% of the aggregate cash consideration paid by ICG Holdings in the tender offer.

In light of the ICG Commerce interests held by Mr. Alexander and Dr. Gerrity, an independent committee of disinterested independent directors of the ICG Board of Directors (the "Special Committee") considered and approved the terms of the tender offer, including the extension of the offer to ICG Commerce stockholders that are directly and indirectly affiliated with ICG. The Special Committee received advice from independent legal counsel and financial advisers. The consideration offered for shares of ICG Commerce in the tender offer was based on a valuation of ICG Commerce that was negotiated by ICG Holdings and a third party on an arms' length basis in connection with ICG Holdings' acquisition of approximately 12% of ICG Commerce that was previously announced on May 6, 2010.  

angeboten, wo Internet Capital inzwischen 8% hält:

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

 

nachdem man 5% zu den schon vorhandenen 76% dazu gekauft wurden. Der Carry-Value bei dieser Transaktion waren übrigen 14,4 Millionen, was auf eine Bewertung bei dieser Transaktion von 288 Millionen hinauslauft. Da Transaktionen zwischen Wagnisfinanzierern zu wesentlich niedrigeren Preisen ablaufen, als bei einem IPO oder einem Verkauf an ein ähnliches Unternehmen, kann man bei einem IPO oder einem Verkauf von einer halben Milliarde ausgehen. Das ICGCommerce aber immer noch mit ca. 30% wächst, könnte es auch sein, dass sie ICGCommerce zunächst noch einige Zeit behalten, ehe vermutliche ein Börsengang kommt.  

Friday, July 2, 2010, 12:32pm EDT
Internet Capital Group increases ICG Commerce stake
Philadelphia Business Journal - by Peter Key Staff Writer

Internet Capital Group Inc. said in a filing with the Securities and Exchange Commission Friday that its ICG Holdings Inc. subsidiary has acquired an additional 5 percent of ICG Commerce Holdings Inc. for $14.4 million.

The Wayne, Pa., company said the purchase increases its stake in ICG Commerce from 76 percent to 81 percent.

ICG (NASDAQ:ICGE) made the purchase pursuant to a tender offer it made to all ICG Commerce’s shareholders except ICG Commerce employees and the holders of ICG Commerce’s Series F preferred stock.

Internet Capital Group invests in companies that sell software as a service, Internet marketing firms and companies that use technology to provide outsourced services.

ICG Commerce of King of Prussia, Pa., handles noncore purchasing for its customers

Read more: Internet Capital Group increases ICG Commerce stake - Philadelphia Business Journal  

obwohl nicht sofort in den beschriebenen Frühstadien:

http://www.ftd.de/unternehmen/finanzdienstleister/...en/50136639.html


Es bietet also die Chance sich an diesen Chancen schon mit kleinen Beträgen zu beteiligen. Und das Zuckerl dazu ist, dass man für eine Portfolio mit nach meinen Schätzungen Wert von 800 Millionen weniger als 300 Millonen zahlen muss.  

deutet auf starkes Umsatzwachstum hin:

http://messages.finance.yahoo.com/...p;mid=264589&tof=3&frt=1  

gewesen?

Der Versuch einer Erkärung:

http://messages.finance.yahoo.com/...p;mid=264620&tof=1&frt=1  

From ICGCommerce we could read about the first quarter:

"ICG Commerce, one of our core consolidated companies, grew its revenue to $22.9 million in the first quarter, an increase from $18.8 million during the first quarter of 2009. ICG Commerce’s EBITDA, excluding the impact of stock-based compensation and unusual items, was $2.6 million in the first quarter, slightly below $2.8 million in the comparable 2009 period. ICG Commerce’s cash and cash equivalents were $18.7 million at March 31, 2010."
The growht rate of revenues of ICGommerce in the year is about 30%. Therefore I believe, that the revenues in second quarter increased from 22.9 million in the first quarter to 24.5 million in the second quarter.  

liegen diese Schätzwerte noch an den unteren Grenzen:

My estimates of the revenues of ICGCommerce in the third and fourth quarter are:

3. quarter: 26.2 million

4. quarter: 28 million  

The result of the four quarters:

1. quarter: 22.9 million revenues (reported)

2. quarter: 24.5 million revenues (estimate)

3. quarter: 26.2 million revenues (estimate)

4. quarter: 28.0 million revenues (estimate)

That together 101.6 million revenues in 2010. If we now take the 4-times-revenues of competitors with lower growth-rates, the value of ICGCommerce by an ipo or complete sale would be 406 million. The value of the 81% of Internet Capital on ICGCommerce = 329 million.

Allein die 81% Beteiligung an ICGCommerce  sind dann mehr wert als die gesamte Marktkapitalisierung von Internet Capital. Gratis sind dann die restlichen 10 der 11 Beteiligungen neben ICGCommerce und die Cash/Wertpapiere.  

an ICGCommerce mit 329 Millionen um 66 Millionen mehr wert als die gestrige gesamte Marktkapitalisierung von Internet Capital in Höhe von 263 Millionen:

The 329 million for 81% of ICGCommerce alone are 66 million more than the 263 million market-cap of Internet Capital of yesterday.

Internet Capital Group, Inc.(NasdaqGM: ICGE)
After Hours: 0.00 N/A (N/A) 10:00PM EST

Last Trade: 7.23
Trade Time: Jul 6
Change: 0.00 (0.00%)
Prev Close: 7.23
Open: N/A
Bid: N/A
Ask: N/A
1y Target Est: 12.00
Day's Range: N/A - N/A
52wk Range: 5.76 - 11.11
Volume: 0
Avg Vol (3m): 284,470
Market Cap: 263.48M
P/E (ttm): 4.79
EPS (ttm): 1.51
Div & Yield: N/A (N/A)  

denn der Quartalsumsatz dürfte von 17,7 Millionen im ersten Quartal wieder auf 19,0 Millionen im zweiten Quartal 2010 steigen, wo wir in etwa schon einmal vor der Krise waren. Wie allen anderen Softwareanbieter auch, hatte Metastorm die Krise etwas Umsatz gekosten, wenn auch nicht in dem Maße wie anderen, da wir hier auch strukturelles Wachstum haben.

From Metastorm we could read about the first quarter:

"Metastorm, one of ICG’s core equity companies, reported revenue of $17.7 million in the first quarter, compared to $16.8 million in the comparable 2009 period. Metastorm’s EBITDA, excluding the impact of stock-based compensation and unusual items, was $0.4 million in the first quarter, compared to an EBITDA loss of $(1.5) million in the comparable 2009 period."


Revenues of 17.7 million in the first quarter will increase to about 19 million in the second quarter.  

Hier dürften die Umsätze im zweiten Quartal bei 14 Millionen nach 13 Millionen im ersten Quartal liegen:

Starcite is the global leader in online meeting management and their technology is used to power the e-commerce websites of numerous major brands including Hilton, Hyatt, Marriot, Starwood and others. Along with their recognition for service and solutions, they have received many accolades for their growth and rapid expansion, including Deloitte Technology Fast 50, Inc 5000, and Philadelphia 100 awards. StarCite, Inc. is the largest on-demand global meetings management company in the $300 billion global marketplace for corporate meetings and events. Processing more than 3 million attendee registrations a year and delivering over $7.5 billion in revenue opportunities annually to meeting suppliers, StarCite brings together buyers and suppliers of meeting-related services on an unprecedented scale; delivering value through world class technology and services to both audiences.

Last exact revenue numbers exist about 2008:


http://www.inc.com/inc5000/2009/company-profile.html?id=200913970

Year 2009
Industry Software
Founded 1999
Growth 229.1%
2005 Revenue $15.4 million
2008 Revenue $50.5 million
Employees 282


But there was in 2009 a little dip of the revenues under 50 million. In the Presentation of Annual Meeting we could read:


Partner Company
Description
Ownership
Percentage
2009 Trailing
Revenue Range

Starcite
On-demand meeting solutions
36%
$40M –$50M


But there was a recovery in the first quarter of 2010. In the quarter-report we could read:

• On-demand global meeting solutions

• Reported good EBITDA improvement

• Meaningful momentum in new corporate bookings, adding new clients to roster including
– Service Employees International Union (SEIU)
– Major cable provider

• Existing customers expanded strategic meetings management programs

• Saw increase in registration in the quarter, signaling return of corporate meetings activity

• Expanded relationships with existing partners including
– Orbitz for Business
– Experient


My estimates for reveneus of the first and second quarter of Starcite are:

1. quarter: 13 million

2. quarter: 14 million  

Tempo entwickelt sich Freeborders, weil man hier in China aus Qualitätsgründen ausschließlich organisch wachsen will. Aber die hohe Zahl von geplanten Neueinstellungen zeigt, dass nach der Stagnation in 2009 in 2010 wieder Wachstum angesagt ist.

IAOP recognizes freeborders as rising star for IT Outsourcing

April 30th, 2010 by Rahul Jain Leave a reply » .Freeborders, Inc., a global provider of consulting, technology and outsourcing solutions to financial services and Internet based businesses, today announced that the International Association of Outsourcing Professionals™ (IAOP™) has ranked Freeborders to the “Rising Stars” category of the 2010 Global Outsourcing 100® list for the 3rd consecutive time. Freeborders achieved high scores for business growth, executive leadership, and industry recognition.

News ImageThe Global Outsourcing 100 is an independently judged, opt-in ranking of the world’s best outsourcing service providers and advisors. Freeborders was named to several industry and region lists, including:

* Best 10 Rising Stars: Overall Revenue Growth
* Best 20 Rising Stars: Financial Services by Industry Focus (Banking Markets)
* Best 20 Rising Stars by Regions Served

“We are honored to be named a Rising Stars in the outsourcing industry by IAOP,” said Jean Cholka, CEO of Freeborders. “The award validates our strategy to focus on the industries and regions where we can provide the deepest industry expertise and technology knowledge for our customers. In the past year, our fastest growing vertical industries were financial services, Internet services and retailing.”
The global industry-leading IAOP ranking evaluates IT outsourcing providers from around the world based on their growth, executive leadership, global presence, customer references, recognition, certifications, and employment.

Source:http://www.prweb.com/releases/freeborder...

But after strong growth in the years before 2009 we had a stagnation of revenues in 2009. But I believe, we will have growth in 2010 again. My estimates for the revenues in the first both quarter are:

1. quarter: 8 million

2. quarter: 8,5 million  

deren Erlöse auf dem gleichen Niveau wie bei Freeborders liegen dürften:

http://phx.corporate-ir.net/...xDaGlsZElEPTM3MTY0NXxUeXBlPTI=&t=1

In the report about the first quarter of 2010 we could read:

• Leading provider of performance advertising services for manufacturers and retailers

• Reported Q1 revenue growth of 38% compared to Q1 2009
– Revenue gain fueled by success of retailers driving channel sales efforts through CI’s Managed Services platform

• Ad spend by CI on behalf of retailer clients increased 30% over 2009 period

• CI spend management fees increased over 100% over 2009 period

• Added to impressive customer list in Q1
– JCPenney
– Large electronic gaming company

• Deeper integration at existing clients
– 3M
– Large technology company


Estimates for the revenues in the first and second quarter of 2010:

1. quarter: 8 million

2. quarter: 8.5 million  

wichtigsten von 11 privaten Beteiligungen:

Summary of the revenues in the second quarter after 5 of 11 partner-companies:

ICGCommerce = 24.5 million

Metastorm = 19 million

Starcite = 14 million

Freeborders = 8.5 million

Channelintelligence = 8.5 million

Revenues of the 5 biggest of the 11 core-companies in the second quarter was after my estimates = 74.5 million.  

ITA-Software ist mit ca. 400 Mitarbeitern nicht sehr viel größer als Starcite:

http://www.googlewatchblog.de/2010/04/21/...ta-software-interessiert/  

Neuerwerbungen, erweist sich immer mehr als Perle:

http://www.pcworld.com/article/200509/..._in_the_cloud.html?tk=hp_new

Internet Capital hält 89% an Govdelivery.  

die in 2008 bei 23,6 Millionen lagen, in 2009 stagniert haben.

http://www.inc.com/inc5000/2009/company-profile.html?id=200918070

In 2010 wird man aber vermutlich wieder auf den alten Wachstumspfad einschwenken.



I believe, that we had stagnation in 2009:

Partner Company
Description
Ownership
Percentage
2009 Trailing
Revenue Range

Whitefence
Online home services transactions
36%
$20M –$30M


My estimates for revenues in the first and second quarter 2010 are:

1. quarter: 7.5 million

2. quarter: 8 million  

Internet Capital ist, wird an folgendem Beispiel deutlich, nämlich dann wenn man einmal die 81%-Beteiligung ICGCommerce mit Ariba vergleicht, das momentan mit 1,53 Milliarden oder inzwischen gar noch höher bewertet wird. ICGCommerce hat zwar nur ein Viertel der Umsätze, wächst aber sehr viel schneller als Ariba, sodass eine Division der Marktkapitalisierung durch vier eigentlich eine Unterbewertung von ICGCommerce darstellt. Was sich daraus ergibt, könnt Ihr im folgenden nachvollziehen:

Compare ICGCommcerce with Ariba with a market-cap of 1.53 billion:

Ariba, Inc.(NasdaqGS: ARBA)
Real-Time: 17.61 0.71 (4.20%) 1:15PM EDT

Last Trade: 17.60
Trade Time: 1:02PM EDT
Change: 0.70 (4.14%)
Prev Close: 16.90
Open: 16.91
Bid: 17.60 x 100
Ask: 17.61 x 500
1y Target Est: 17.11
Day's Range: 16.88 - 17.65
52wk Range: 8.27 - 17.89
Volume: 886,128
Avg Vol (3m): 995,792
Market Cap: 1.53B
P/E (ttm): 86.38
EPS (ttm): 0.20

Take a look at the revenues of Ariba and the growth of revenues of Ariba:

Income Statement Get Income Statement for:


View: Annual Data | Quarterly Data All numbers in thousands
Period Ending Mar 31, 2010 Dec 31, 2009 Sep 30, 2009 Jun 30, 2009
Total Revenue 87,130 85,671 84,318 83,874

Compare now the revenues and the revenues growth of ICGCommerce:

ICG Commerce, one of our core consolidated companies, grew its revenue to $22.9 million in the first quarter, an increase from $18.8 million during the first quarter of 2009. ICG Commerce’s EBITDA, excluding the impact of stock-based compensation and unusual items, was $2.6 million in the first quarter, slightly below $2.8 million in the comparable 2009 period. ICG Commerce’s cash and cash equivalents were $18.7 million at March 31, 2010.

The result: Revenues of ICGCommcerce are about 25% of the revenues of Ariba, but the growth-rate of the revenues of ICGCommcere is bigger.

And now do your math: 25% of the market-cap of Ariba of 1.53 million = 382 million value for ICGCommerce.

Internet Capital is owning 81% of ICGCommerce = 310 million for this ownership alone. This 310 million are higher than the complete market-cap of Internet Capital - free of charge are the ownerships in Metastorm, Starcite, Freeborders, Channelintelligence, Whitefence, Govdelivery, Investorforce, Clickequations, Seapass and Aquirgy and additional the cash/securities.  

und suchen Leute:

http://messages.finance.yahoo.com/...64589&tof=1&frt=1#264589