An einem gigantischen Short Squezze verdienen

Ich habe nie in Inet Werte investiert und werde es auch in Zukunft nicht tun.
Natürlich war die grafische Darstellung, immerhin das einzig sicht- und traubare, in dem Zeitraum übertrieben. Bei Betrachtung der Geschichte ICG u.ä. sowie kürzerfristiger charttechnischer Zeiträume beschleicht mich dennoch das ungute Gefühl hier würde vorpräperiert für einen letzen großen Abverkauf. Ich kann mich aber auch irren. Das hohe Risiko wäre es mir dennoch nicht wert.
Die Fundamentale Seite der Medaillie kenne ich nicht, doch die spielt nur eine untergeordnete Rolle ("wer einmal lügt....").

Interessant im Chart sind die Umsatzspitzen 2003/2004. Seitdem hat sich ein längerfristiger Aufwärtstrend gebildet.
Ein Widerstand liegt derzeit knapp unter 11 $. Eine Unterstützung um 9,5 $. Die Zone darüber ist relativ undefinierbar, könnte aber schnell Kurse bis 12,5 - 16 $ bringen.
Träten diese Kursbereiche mit stärkeren Abverkäufen auf, sähe ich meine Annahmen bestätigt. Andernfalls könnte sich durchaus ein längerfristiger Aufwärtstrend etablieren.
Leider alles sehr unsicher.  
 

für Handfestes, das Du ja sehr gut auch auf Thread zu Internet Capital nachlesen kannst, wo Du die vielleicht umfangreíchste Analyse zu einem Aktienwert auf ARIVA und selbst wenn es großkotzig klingt überhaupt auf deutschen Boards lesen kannst. Und wenn Du Dir einmal die 25 größten Insitutitionals in diesem Wert angesehen hast (im Posting vor Deinem), bin ich da eigentlich in sehr guter Gesellschaft mit den weltweit größten Investmentbanken und den größten Hedgefonds. Dass noch nicht alle Blütenträume gereift sind und ich mit meinen 16,500 Aktien, die ich in fast 5 Jahren für 88,000 Dollar zusammemngekauft habe, wahrscheinlich nicht besser gefahren bin als mit einem Indexzertifikat auf den DAX, das sich bei meinen jeweiligen Kauf-Zeitpunkten im Schnitt auch fast verdoppelt hätte, sehe ich nicht als Nachteil, sondern als Chance. Denn als Erkärung für den hohen Anteil an Institutionals von 67%, der durch den Einstieg eines Hedge jetzt noch höher liegen dürfte und denen ich auch nicht grenzenlos verklären will, haben wir den Faktor, dass Private nach dem Anstieg von 3,40 auf 10,00 Dollar in dem Wert kaum noch vertreten sind - die Ursache dafür sind aber in keinster Weise Fakten, sondern ausschließlich Emotionen.

Ein Wert wie Internet Capital ist mit enormen Emotionen behaftet - denn wenn ein Teil von einem Wert von 60 Milliarden auf unter 100 Millionen abstürzt und jetzt bei 400 Millionen liegt, geht das nicht ohne enorme Emotionen ab. Bei 60 Milliarden Wert müssen ja sehr viele Leute mit beteiligt gewesen sein. Der Anstieg war das Ergebnis einer Hysterie, der Absturz ebenfalls das Ergebnis der Auflösung der Hysterie. Und da unterscheidet sich Internet Capital von den anderen Fallen Angels doch in einem Punkt - die sind nämlich nicht nur zusammengebrochen, weil sich die Hysterie aufgelöst hat, sondern weil sie im Zuge der Hysterie Milliarden von Schulden aufgenommen haben und damit meist wertlosen Tand gekauft haben. Internet Capital hat diese Schuldenorgien nicht mitgemacht, sondern damals trotz dieser Millardenkapitalisierung, die auch die Aufnahme hoher Kredite ermöglich hätte, sich "nur" mit einer Wandelschuldverschreibung von 560 Millionen begnügt, die man überwiegend als Cash gehalten hat. Die zusammengekauften damals in der Spitze 80 Beteiligungen hat man mit den eigenen völlig überteuerten Aktien gekauft. Ein Beispiel: Gerade wurde die Beteiligung Ecredit.com für einen nicht genannten Betrag verkauft. Wenn den Namen in eine Suchmaschine eingibst, findest Du totsicher einen Beitrag darüber, als Internet das Unternehmen in 1999 oder 2000 für 450 Millionen gekauft hat - allerdings mit Aktien bezahlt hat, die heute statt wie damals 4.000 Euro nur 10 Euro kosten.

Langer Rede, kurzer Sinn: Internet Capital hat die 560 Millionen Wandelschuldverschreibungen von damals längst zurückgezahlt, momentan hat man Schulden von 30 Millionen, denen sehr viel höhere Kassenbestände und liquide Aktiva von weit über 200 Millionen gegenüberstehen - der Nettobeträg dürfte zur Zeit um die 200 Millionen liegen. Damit sind bereits 200 Millionen der 400 Millionen Marktkapitalisierung abgedeckt. Und als Gegenstück zu den noch verbleibenden 200 Millionen Marktkapitalisierung hält Internet Capital ca. 15 Beteiligungen, von denen einzelne allein schon diesen Wert von 200 Millionen ausmachen. Deshalb läuft Deine Argumentation doch ziemlich in Leere. Aber wenn Du wirklich ernsthaft interessiert bist, kannst Du meinen sehr umfangreichen Thread auf dem Hot-Board durchforsten oder Dich durch folgende Unternehmen auf ihren Adressen selbst durcharbeiten:

Unter www.icgcommerce.com findest die weltweite Nr. 1 im Outsourcing im Beschaffungsbereich. Internet Capital hält dort 79%. Allein diese Beteiligung dürfte einen Wert von 150 bis 200 Millionen haben.

Unter www.freeborders.com findest einen, wenn nicht den größten chinesischen IT-Outsourcer, ein Unternehmen mit US- und chinesischen Wurzeln. Internet Capital hält hier 33%, die 150 Millionen wert sein dürften.

Unter www.creditex.com findest Du den weltweit größten Inter-Dealer-Broker für Kreditderivate. Internet Capital hält hier 15%, die um die 100 Millionen wert sein dürften.

Unter www.starcite.com findest das mit Abstand weltweit größte elektronische Buchungssystem für Meetings und Tagungen. Internet Capital hält hier 27%, die ebenfalls einen Wert von ca. 100 Millionen verkörpern.

Die anderen Beteiligungen schaffen nicht die 100-Millionen-Grenzen, Du solltest aber noch anklicken:

www.metastorm.com - an diesem Unternehmen hält Internet Capital 42%

www.marketron.com - an diesem Unternehmen hält Internet Capital 38%

www.whitefence.com - an diesem Unternehmen hält Internet Capital 39%

www.vcommerce.com - an diesem Unternehmen hält Internet Capital 36%

www.anthemvp.com - an diesem Unternehmen hält Internet Capital 9%

www.businessintelligence.com - an diesem Unternehmen hält Internet Capital 40%

www.emptoris.com - an diesem Unternehmen hält Internet Capital 5%.
 

der 33%-Beteiligung von Internet Capital, die einer der Kurstreiber in 2007 bei Internet Capital sein dürfte. Dass wir dabei nicht durch sachbezogene Argumentation, z.B. der Infragestellung meiner Argumentation zu dieser Beteiligung ergänzt wurden, sondern durch allgemeines Gelabere und Gesülze über Poster, war bei den postenden Personen nicht anders zu erwarten. Ganz wichtig war für Freeborders der Einstieg des nachstehenden Investors, da Freeborders dabei ist, im Finanzbereich genauso stark zu werden wie im Retailing/PLM:

FTVentures is a leading private equity firm in the business services and software sectors, investing in companies that offer meaningful solutions to the global financial services industry. FTVentures provides capital to growth companies to finance organic expansion, recapitalizations, build-ups and buyouts.

Capitalize on our Connections
We invest in companies that derive value from our unmatched Global Partner Network, which includes 38 of the world's leading financial institutions, and from our expertise in the financial services industry. Our Global Partner Network, representing the $7.5 trillion global financial services industry, provides us with a unique vantage point into the business driven IT and operating challenges of the global enterprise.

Collaboration is Key
Founded in 1998, we were the first private equity firm to concentrate on growth companies that focus on the financial services industry as a key target sector. FTVentures was established on the premise that a collaborative global financial services investor and partner network could produce profitable investment opportunities through enhanced market intelligence, investment ideas, deal flow, improved diligence and expanded customer relationships.

Neben FTVentures und Internet Capital (33%) gibt es noch asiatische/chinesische Partner, da man nun einmal nicht der führende IT-Outsourcer, die Infosys von China, werden kann, wenn man nicht mit den Chinesen teilt. Das sim Rahmen dieser Operationen der Anteil von Internet Capital in den letzten zwei Jahre von 48 auf 33% zurückging, nachdem er vorher angestiegen war, ist zwar die bittere Pille, die zu schlucken war - aber lieber 33% an der möglichen chinesischen Infosys als 100% an einer klein bleibenden eingemauerten Unternehmung mit hohem US-Besitz-Anteil.

 

dem Partner von Internet Capital bei Freeborders, Ftventures, steckt:

http://ftventures.com/partners.html

Da kommt Ihr sicher nicht aus dem Staunen heraus: Feiner vom Feinsten geht es nun wirklich nicht mehr.  

einigem, was Ihr gern hättet, wünscht Euch Libuda.

Bei Internet Capital beginnt das neue Jahr gleich mit der endgültigen Vollendung des Mergers zwischen Starcite und Onvantage - es entsteht das mit Abstand weltweit größte elektronische Buchungssystem für Tagungen - ein Industriezweig, der es weltweit immerhin auf 300 Milliarden Dollar Umsatz im Jahr schafft.

http://www.mpoint.com/misc/...e_2006_11_SC_OV_3rd_quarter_results.pdf

Gleich im ersten Abschnitt lest Ihr unter der vorstehenden Adresse, die auch über den Geschäftsverlauf im dritten Quartal 2006, berichtet: The merger is expected to
close by the first quarter of 2007.

Internet Capital wird an diesem Merger, dessen Börsengang in 2007 oder 2008 zu erwarten ist, immerhin noch 27% halten. In 2006 hatte Starcite Umsätze von mehr als 40 Millionen (vor allem Provisionen für die Abwicklung der Buchungen auf der elektronischen Plattform). Wie Ihr unter der vorstehenden Adresse nachlesen könnt, beträgt das Wachstum der Umsätze 50% und wird auch in dieser Größenordung oder nur unwesentlicht darunter auch noch einige Zeit anhalten, denn es werden noch keine 5% des Gesamtmarktes elektronisch abgewickelt. Somit dürfte die Erlöse in 2007 bei 60 Millionen liegen. Vergleichbare Firmen werden mit dem Zehnfachen des Umsatzes bewertet. Wenn ich aus Vorsicht und wegen des noch jungen Jahres für die 2007er Umsatze ein 7-times-revenue wähle kommt man auf einen Unternehmenswert von 420 Millionen. Bei einem Börsengang in 2007 dürften wir also in etwa bei einer IPO-Kapitalisierung in dieser Größenordnung liegen, die allerdings noch erhebliche Fantansie nach oben offen lässt. Die 27% Anteil von Internet Capital hätten unter diesen Bedingungen einen Wert von etwas mehr als 110 Millionen Dollar.  

die vier bis sechs fertige IPO's haben und auch über 2007 hinaus ist die Pipeline gut gefüllt.

BusinessWeek Online
The Return Of The Tech IPO
Friday December 29, 4:05 pm ET
By Spencer E. Ante


When the stock market reached the height of irrational exuberance in 2000, the bubble was filled largely with the hopes of technology startups going public. That year, 170 high-tech companies sold nearly $19 billion of stock to investors in initial public offerings.

Since then, new tech-stock offerings have been mired in a six-year hangover as mergers and acquisitions became the exit strategy of choice. In 2006 only 35 tech companies sold stock to the public, about the same as 2005. Rather than taking years to build a solid business and cash out via IPO, the fantasy for many Silicon Valley entrepreneurs and financiers has been to get snapped up by Internet kingpin Google Inc.GOOG

Now it looks as if that could change. A steadying of interest rates and inflation, a recent rally in the tech-heavy NASDAQ, and exceptional performance of tech offerings since the summer of 2006 have given observers hope of a significant rise in technology IPOs this year. They point to a rise in IPO filings, usually a reliable indicator of growing interest: In 2006, 67 technology companies filed notice that they plan to go public, a 31% increase over 2005, according to Boston boutique investment bank America's Growth Capital.

As a result, bankers and investors say somewhere between 60 to 75 technology startups could make their debut on U.S. public capital markets in 2007, including such anticipated offerings as wireless broadband provider Clearwire Corp. and security software maker Sourcefire Inc. "(2007) will be the biggest year since 2000," predicts M. Benjamin Howe, chief executive of investment firm America's Growth Capital.

Another boost could come this spring when regulators are likely to ease some of the Sarbanes-Oxley Act rules that have scared many startups away from the public markets. Changes being considered by the Public Company Accounting Oversight Board, for instance, would remove audit requirements that are disproportionately costly for small companies. "For those companies that want to go public, it would make it easier," says Herbert S. Wander, a Chicago-based partner at law firm Katten Muchin Rosenman.

Optimists are hopeful that the improving climate will encourage a new class of quality startups to come off the sidelines. The CEOs of some of those companies will tell you that the classic Silicon Valley dream of building the next great tech company is far from dead. "Entrepreneurs don't found a company to make Google better," says Zachary A. Nelson, CEO of software provider NetSuite Inc., which recently chose an investment bank for an expected 2007 IPO. "They found a company to make a mark on the industry."

 

Bewertungen:

Boenning & Scattergood initiated coverage of ICGE   Sozialaktionär   11.12.06 21:43  

Boenning & Scattergood Announces Investment Opinion on Internet Capital Group, Inc.



WEST CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--

Boenning & Scattergood initiated coverage of Internet Capital Group, Inc. (NASDAQ:ICGE) with a Market Outperform rating and a 12-month price target of $13. Internet Capital Group is a holding company that invests in and assists in the development of privately held on-demand software companies. Our investment thesis is based largely on three key factors:

  --  ICGE is trading at a 30-35% discount to our $13 estimation of
      adjusted net asset value (NAV), and its current stock price
      level values its private portfolio interests at a 50-55%
      discount to publicly traded on-demand valuation averages.

  --  The underlying ownership portfolio is gaining value through
      improving operating performance, consolidation activity and
      new investment activity, which should drive adjusted NAV
      higher in the coming quarters.

  --  The healthy IPO and particularly M&A climate is creating
      opportunities to realize value on solidly performing holdings
      and clean up underperforming holdings. Similar to portfolio
      performance, increasing deal velocity in the model is likely
      to drive adjusted NAV higher as well.

About Boenning & Scattergood: Founded in 1914, Boenning & Scattergood, Inc. is the oldest independently owned investment securities firm in the Philadelphia region. The firm offers a full complement of investment services to institutional, retail and corporate clients, including research, sales, trading, investment banking and public finance. For more information, please visit www.boenninginc.com.

This release is neither an offer to sell nor a solicitation to buy any securities mentioned herein. Please refer to the full report, which is available upon request, for additional details and disclosures.

Source: Boenning & Scattergood



Ich halte allerdings das Kursziel von 13 fur zu niedrig und würde es höchstens für das erste Quartal akzeptieren - aber auch da kann bei entprechenden Meldungen die Post schon tierisch abgehen.  

über Frankfurt nicht von den Kursmanipulateuren verarschen, die mit Duldung des dortigen Skontrenführers und der Handelsüberwachungsstelle ihr in meinen Augen kriminelles Unwesen (Kursmanipulation im Sinne des Wertpapierhandelsgesetzes treiben, das Nichteingreifen der Handelsüberwachungsstelle interpretiere ich als Rechtsbeugung)treiben. Das lief bisher mit Miniaufträgen, aber wer gibt Aufträge über 20 Euro (und da permanent) an die Börse. Seit gestern scheint es über verbotenes Durchhandeln (Käufer und Verkäufer sind identisch) zu laufen. Oder meint Ihr wirklich, dass Euch Verkäufer die Papiere 2 oder 3% billiger als den USA geben.

Deshalb mein Rat bei Limitierung: Kauflimits unter 7,75 sind bei einem umgerechneten Nasdaqkurs von 7,72 Schwachsinn und kommen nicht zum Zug. Und genau das ist das Ziel bestimmter Krimineller - die einerseits den Handel in Frankfurt austrocknen wollen, was schon gut gelungen ist, und andererseit im Vorfeld der US-Börsen-Eröffnungen so tun, als seien in Deutschland aufgrund von normalem Angebot und normaler Nachfrage ein Preis von z.B. 7,55 entstanden. Mich wundert überhaupt nicht, dass die SEC schon erwogen hat, gegen den Freiverkehr in bestimmten US-Werten gerichtlich vorzugehen - ein gerütteltes Maß Schuld daran trägt das schläfrige Verhalten der Handelsüberwachungsstelle des  

Revenue growth of the partern-companies of Internet Capital will be in 2007 between 30% and 35%. And the proportional revenues of Internet Capital will be about between 150 and 160 million.

Market-cap yesterdas was 405 million. If subract netcash/-securites of 185 million, the result is 220 million. That means: Revenues of 155 and 160 million was given a worth of 220 million - gigantic undervalue, because we have only a 1.4-times-revenues. Fair value are 5- or 6-times-revenues, for example a 5.5-times revenues. You see, we have a undervalue of 4.1-times-revenues. By proprotional revenues between 155 and 160 million, we have an undervalue of 640 million or more than $14 a share. That means, fair value of today is $25 a share by the fundamentals of today.

 

 

aus Frankfurt. Wenn man comdirect glauben darf, stellt der dortige Skontrenführer momentan:

Geld
7,55

Brief
7,70

Zeit
05.01.07  12:05

Spread
--

Geld Stk.
1.000

Brief Stk.
526

Er ist also bereit Euch 526 Stück zum Kurs von 7,70 Euro zu verkaufen. Der Schlusskurs in den USA war gestern umgerechnet 7,89. Mein Vorschlag testet das: Wenn Ihr zu diesem Kurs nicht mit einem Zuge kommt, postet das hier. Man sollte dann beantragen dem Skontrenführer das Führen des Skontos zu entziehen und gegen die Wertpapierüberwachungsstelle des Bafin Dienstaufsichtsbeschwerde erheben, weil sie ihren zugewiesenen Aufgaben nicht nachkommt.    
 

hatte immer Probleme mit technisch versierten Verteidigern, die zudem die
Blutgrätsche beherrschten.  

und ich kann Dir versichern, meine Gegenspieler hatten nicht nur Schienbeinschützer vorne, sondern auch hinten an den Waden.  

ICGCommere ist the market-leader on the following market. ICGCommerce won 26% of the new contracts, IBM Global Services 24%, Accenture 16% and Ariba 15%.

Procurement Outsourcing Market Grows to US$40 Billion in Managed Spend in 2006, Says Everest Research Institute


Everest Research Institute - December 2, 2006

Procurement Outsourcing (PO), a relatively nascent market in the BPO world, is poised for a landmark year in 2007, according to Everest Research Institute. PO expenditure has grown at over 35 percent in 2006 and represents an annual managed spend of nearly US$40 billion. Plus, PO buyers are realizing significant benefits. Phil Fersht, vice president of the BPO Research practice at Everest, offers Tekrati readers a preview of the indepth PO industry research his team will debut during a free webinar on December 13, 2006.



"We are very upbeat at Everest regarding the future potential of Procurement Outsourcing after some early challenges in this nascent market. Contract activity in PO this year has been much more dynamic," said Fersht. He noted that existing PO buyers have realized sourcing related savings of 5-20% on each category head, which translates into a significant bottom-line impact.

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The Research Institute’s PO analyst team has been conducting major ongoing research of the service providers and buyers of PO offerings across multi-process procurement domains. The webinar will reveal preliminary findings from a forthcoming 2006-2007 PO report, including trends and dynamics from over 50 multi-process PO contracts. A small sampling of research highlights includes:

Verticals: Manufacturing, Consumer Products, and Financial Services have led the charge over the last 2 years
Geographies: Since 2005, Europe has witnessed substantial PO activity
Suppliers: Accenture, IBM, ICG Commerce, and Ariba are the leading suppliers in terms of PO market share
Spend categories: Based on actual PO deals tracked, nearly 65-80% of this indirect spend can be outsourced to an outsourcing supplier. This includes most indirect categories like offices supplies, MRO, advertising and promotion, IT, facilities, professional services, and HR services.

While labor arbitrage is the key lever that suppliers utilize in FAO, in PO the most important value creation lever is people expertise. "By asking an outsourcing provider to manage indirect spend, buyers gain access to category experts with sourcing expertise across indirect categories," Fersht explained. "While category expertise and market know-how for indirect categories is typically low for most buyers, we find that a top-notch PO provider would have nearly 16 category experts with six-plus-years experience on an average for each broad category head. (The average external spend managed for each category is around US$560 million). This kind of expertise is clearly something that an individual buyer cannot afford, and can only be gained through a Procurement Sourcing engagement with a supplier."

Webinar and registration information

The Everest Research Institute webinar, "Procurement Outsourcing 2007: A Market on the Rebound", reveals the latest research in PO, including trends and dynamics from over 50 multi-process PO contracts. It will include a 45-minute presentation from Phil Fersht, Vice President BPO Group, Everest Research Institute; Saurabh Gupta, Senior Research Analyst, Everest Research Institute; Mark Craddock, Engagement Director, Everest Group, as well as 15 minutes of Q&A for participants. Topics will include: The PO value proposition; PO market size and future direction; Buyer adoption trends; Current and evolving service provider landscape; PO pricing and contracting models.


Sentiment : Strong Buy

 

Re: Proportional revenues and rev-growth 2007  (Not rated)       6-Jan-07 07:53 am     Strong Growth (I): Client Microsoft

Microsoft Rolls Out Buying Center to Support Rapidly Growing Business in India

ICG Commerce extends U.S.- proven outsourcing capabilities to support Indian operations

Philadelphia -- December 12, 2006 -- ICG Commerce, a leading procurement services provider, today announced that it has extended its Buying Center services for Microsoft entities in India. ICG Commerce’s Hyderabad Buying Center is an extension of the company’s North American buying center operations for Microsoft and supports the software leader’s growing research and development operations.

ICG Commerce has provided Buying Center services to support IT hardware purchases for Microsoft’s North American operations since 2004, helping the company recognize cost savings and gain greater control of their spend. The Hyderabad Buying Center broadens ICG Commerce’s relationship with Microsoft , assisting the company to streamline procurement processes for its Indian operations. India is a central location for Microsoft’s rapidly growing development services and IT hardware spend is an area of strategic focus in the company’s ongoing efforts to standardize the procurement process and optimize costs.

“As our operations in India continue to expand, it is imperative to put standard procurement processes in place across all of our development labs and business entities”, said Vikas Lashkari, Microsoft India’s Procurement Head. “After seeing firsthand how the buying center has helped Microsoft in North America increase visibility and control over their hardware spend, we know that ICG Commerce has the right level of experience and company and industry knowledge to help us successfully adopt the model in India.”

Buying Center services based out of ICG Commerce’s Hyderabad delivery center will provide Microsoft with leading transaction procurement processes to help end users quickly and effectively procure the goods and services they need to maintain and grow their businesses. Buying Center services include purchase-to-pay transactional support, competitive bidding, reporting and ongoing spend analysis.

“Microsoft understands the importance of providing services to their internal employees that let them do their jobs more efficiently and effectively,” said Carl Guarino, Chief Executive Officer, ICG Commerce. “We look forward to continuing to support them by providing a high level of customer service along with increased control and continued savings to help their procurement team maximize the value of their external spend.”


About ICG Commerce
ICG Commerce (www.icgcommerce.com) is a leading Procurement Services Provider exclusively focused on helping companies achieve greater control and increased value from the spend they manage. The company offers sourcing and on-going operational buying, category and information management and market intelligence services that enable companies to expand the breadth of spend they manage, continue to build their sourcing effectiveness, ensure compliance and drive continual improvements over time. By working with thousands of top suppliers and dozens of leading procurement organizations, ICG Commerce brings its execution-based, continually growing compound experience to every customer contract negotiated and transaction processed.
ICG Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq: ICGE) network of partner companies. ICG Commerce has been recognized by numerous industry awards including Global Outsourcing 100, FAO “Top 10 Procurement Providers”, Outsourcing Excellence Finalist, Forbes, and the company also has had multiple executives recognized in Supply & Demand Chain Executive magazine's annual "Pros to Know" listing.


Sentiment : Strong Buy

 

Re: Proportional revenues and rev-growth 2007  (Not rated)       6-Jan-07 11:29 am     Strong Growth (II) Client Global Crossing: ICG Commerce Announces Procurement Services Program for Global Crossing

Initiative to Drive Savings Throughout North America, Latin America and Europe

PHILADELPHIA, PA-- October 16, 2006 -- ICG Commerce, a leading procurement services provider, today announced a strategic engagement to provide procurement services to leading global telecommunications solutions provider Global Crossing (Nasdaq: GLBC).

Global Crossing has continued to achieve key milestones in its business transformation through careful financial management, including a company-wide focus on achieving sustainable cost reductions and process improvements. The company recognized the opportunity to improve financial performance by expanding its procurement efforts and capabilities. In support of this effort, ICG Commerce was engaged to provide strategic sourcing and implementation services for key global product and service categories. Global Crossing will leverage ICG Commerce’s dedicated category and process specialists to help maximize procurement cost savings for operations in North America, Latin America and Europe.

"By harnessing ICG Commerce’s resources and experience, Global Crossing will be positioned to address procurement in an accelerated timeframe,” said David Showerman, Vice President, Real Estate and Vendor Management for Global Crossing. “We are confident ICG Commerce’s experience and supply market knowledge will assist us in achieving our savings targets.”

The addition of ICG Commerce’s sourcing and implementation services to Global Crossing’s procurement organization will provide access to deep category specialists, supply market and pricing insights and proven supplier implementation methodologies for key categories including IT, telecommunications, marketing, air travel and hotels, personnel recruiting, training and others.

“We are very pleased to be part of Global Crossing’s ongoing business improvement strategy,” said Carl Guarino, CEO of ICG Commerce. “We look forward to partnering with their procurement team to help them to drive continued savings and maximize the value of their spend in support of the company’s growth and profitability goals.”


About ICG Commerce, Inc.
ICG Commerce (www.icgcommerce.com) is a leading Procurement Services Provider exclusively focused on helping companies achieve greater control and increased value from the spend they manage. The company offers sourcing and ongoing operational buying, category and information management and market intelligence services that enable companies to expand the breadth of spend they manage, continue to build their sourcing effectiveness, ensure compliance and drive continual improvements over time. By working with thousands of top suppliers and dozens of leading procurement organizations, ICG Commerce brings its execution-based, compound experience to every customer contract negotiated and transaction processed.

ICG Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq: ICGE) network of partner companies. The company has been recognized with numerous industry awards including IAOP and Fortune Magazine’s Global Outsourcing 100, Forbes “Best of” (for Outsourcing and Procurement) and has had multiple executives recognized in Supply & Demand Chain Executive magazine's annual "Pros to Know" listing.

 

http://www.icgcommerce.com/corporate/doc/html/..._Market_02_20_06.pdf

Internet Capital hält 79% an ICGCommerce.  

Internet Capital owns 79% of ICGCommerce. The revenues in 2006 will be more than 40 million and growth to more than 50 million in 2007 (growth-rate = 30%), for example 52 million. In the first quarter we had the break-even with the first net income, and the net income grwoth in the second and third quarter of 2006. And it will growth in the future with growthing revenues, because the increase of the costs a lower than the increase of the revenues (a lot of costs don't growth with increasing revenues or only a little).

I believe a fair value are 4.5- or 5-times-revenues.

The proportional revenues in 2007 are 79% from 52 million = 41 million.

I believe, worth of ICGCommerce in near a quarter billion and the 79% of Internet Capital have a worth of 200 million.


 

Internet Capital owns 79% of ICGCommerce:

Kimberly-Clark Selects ICG Commerce to Provide Sourcing and Supply Management Services
Monday January 8, 10:30 am ET


DALLAS, TX and PHILADELPHIA, PA--(MARKET WIRE)--Jan 8, 2007 -- ICG Commerce, a leading procurement services provider, has signed a five-year contract to provide certain sourcing and supply management activities for Kimberly-Clark Corporation (NYSE:KMB - News). Outsourcing of these services to ICG Commerce is part of Kimberly-Clark's global competitive improvement initiatives, which were announced in July 2005. Other terms of the contract were not disclosed.

"This move will allow us to better direct our resources on innovation, brand-building and other capabilities that will drive long-term sustainable growth," said Ian Maginnis, Kimberly-Clark's Vice President of Business Support Delivery. "By selecting ICG Commerce, Kimberly-Clark's sourcing and supply management staff will focus their expertise on such critical business purchases as raw materials and packaging supplies, while leveraging ICG Commerce's market knowledge, sourcing strategies and procurement experience to reduce costs and improve efficiency."

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Under the contract, ICG Commerce will manage sourcing and vendors and process purchase orders for Kimberly-Clark's North American and European operations in the areas of maintenance, repair, operating supplies and contract services.

"Kimberly-Clark is clearly dedicated to enhancing their world-class operations and further improving their purchasing function," said Carl Guarino, Chief Executive Officer, ICG Commerce. "As a procurement outsourcing specialist, we will work closely with Kimberly-Clark to implement a program that will provide both process improvements and cost savings for the company."

About Kimberly-Clark

Kimberly-Clark and its well-known global brands are an indispensable part of life for people in more than 150 countries. Every day, 1.3 billion people -- nearly a quarter of the world's population -- trust Kimberly-Clark brands and the solutions they provide to enhance their health, hygiene and well-being. With brands such as Kleenex, Scott, Huggies, Pull-Ups, Kotex and Depend, Kimberly-Clark holds No. 1 or No. 2 share positions in more than 80 countries. To keep up with the latest Kimberly-Clark news and to learn more about the company's 134-year history of innovation, visit www.kimberly-clark.com.

About ICG Commerce, Inc.

ICG Commerce (www.icgcommerce.com) is a leading Procurement Services Provider exclusively focused on helping companies achieve greater control and increased value from the spend they manage. The company offers sourcing and ongoing operational buying services that enable companies to manage more spend, ensure compliance and drive continual improvements. By working with dozens of leading procurement organizations, ICG Commerce brings its execution-based, continually compounding experience to every customer.

ICG Commerce is a privately held company founded in 1992, and a member of Internet Capital Group's (NASDAQ:ICGE - News) network of partner companies. The company has been recognized by Forbes, Fortune, The International Association of Outsourcing Professionals (IAOP) and leading industry analysts for its leadership in procurement outsourcing.

 

ist jetzt entgültig perfekt und Internet Capital hält 27% an der neuen Starcite.

Starcite's President/CEO and its chairman speak to MeetingNews about the OnVantage merger and its effect on meetings technology



September 12, 2006

Why this merger of StarCite and OnVantage now, and what role did market conditions of the meetings business play?

MICHAEL BOULT, PRES/CEO: OnVantage closed a round of financing that was reported earlier in the year. That activity brought in a new series of investors, predominantly Texas Pacific Group Ventures and Norwest. VCs are always looking to maximize their return and always having conversations about how they can do that. This was an opportunity for them to chat about how this combination might indeed benefit themselves, the employees, and the marketplace.

So from that casual conversation became less casual conversation about, “Let's take a look at some numbers. Let's test the waters.” And as we went along, we saw that OnVantage would win one; then StarCite would win one. Both companies were growing because the demand had increased. There wasn't a sense of either company failing, or of either company needing to do it. It was actually the opposite. Both companies were doing very well.

But both companies were about to do some very important things: investments in small meetings, investments in international growth, investments in their platforms. Both companies were funded to do that and could have done that, but at the end of the day decided that it makes sense for us to do that together.

What is the strategy of the new StarCite going forward and how is it different if at all than that of the two companies separately? Is your strategy coming from the notion that you are the big dog in this niche now?

MB: It isn't very different. Our paths were almost identical. We're focused on executing across that common vision. It's a larger company with a tremendous foundation of customers and suppliers.
But we're only three percent of the combined market--if you agree with the estimate that it's a $300 billion market, then we're at three percent of that market. So there's a tremendous upside, a tremendous way to go. By no means is this a monopoly as some people have alluded to, by no stretch of the imagination it is that. It focuses on growth, on expansion, on innovation, and all the things that we've always done.

Expansion and innovation in what areas?

JOHN CHANG, CHAIRMAN: There's a number of different ways that we can expand. Now we can take our combined resources and continue to build out capabilities that will really benefit our customers. For example, if we look at the hotel side, they are receiving RFPs from StarCite and from OnVantage--two different systems. Ultimately, as we go through the integration process, they will be able to respond to all these incoming leads through one method. If look on the corporate side, the easier it is for them to contact hotels the better it will be for them to procure meeting space and hotel space.

We've also got the small meetings initiative that requires build out. That will continue. We also have expansion plans for international. We already have a footprint that goes across Europe and Asia, and we intend to put resources into that.

MB: We think we can be faster to market. We think we can accomplish more together than we did separately. All those concepts are driven towards usability, simplicity, characteristics that we want to bring to the market.

What is your target market?

MB: From a headline perspective, the “Global 5,000.” We're already managing many customers in that profile. But our products are also being used by very small companies, very small third parties. Our target market is the Global 5,000 but we have got a very broad customer reach. We have associations using our products, we have dozens and dozens of third parties.

What are you offering or plan to offer the vast majority planners: the occasional, or ad hoc, planner; and the independent planner? How does this merger benefit them if at all?

MB: We have those people today as customers. We have come a long way and we have invested millions of dollars in creating what we think is the best capability, the best platform in this space. But we know that there's more work to do in usability and simplicity. Our view is to continue to invest millions of dollars to improve our products. to make customers as productive as they can possibly be.

Have companies been slow to adopt meetings technology in regard to their comprehensive meetings management?

MB: You can speak to anyone trying to provide technology in any marketplace to solve customers' problems, to create efficiencies and savings, and they'll always tell you they are frustrated with the present lack of adoption. As optimistic entrepreneurs, we of course believe in what we do. We believe everyone should be using this today. You're never patient enough.

In the last four years there's been a tremendous amount of interest, and that interest gathers pace. So in four years both companies have come a tremendous way. If you look at GetThere, it's taken them 10 or 11 years to get to the position they're in. In travel, things take time, but generally, as in Moore's law, they tend to accelerate as well. We seeing that acceleration, absolutely. It takes time for the market to understand and accept. It has a time of its own, it's about change management, it's take time. It's very hard to do that. Companies have lots of people this impacts, and it hasn't been a core issue for companies. If you see the wave of procurement through corporate America, you're getting to this second or third layer of spend. It's not that they don't want to do it; they've been preoccupied with the strategic purchasing. Now they're into this huge indirect spend. They're addressing it now.

Where do you think meetings technology headed?

MB: It's an evolution. The usability issue, for sure, is top of mind, especially with occasional users. There's more to be done from a global perspective. From the more consumer-oriented technologies, we can learn a lot of lessons from how people interact. It's a complicated issue and business proposition that we're trying to solve. Simplicity and usability are things we know we need to invest in. Originally, when you went to a travel booking site, it probably took you 25 clicks to make a reservation. Today, it takes you three. That's the kind of path we're talking about.

JC: If you look at the corporate side, the biggest challenge is adoption. We've got to make the technology easier and more obvious so that people to adopt it and use it.

The StarCite technology will migrate to the OnVantage technology. Why is that?

MB: StarCite was in the process of finishing the GMS platform and releasing the modules. But when we were going through this merger. We would have to move a whole bunch of customers to a new technology only potentially to move them to another technology. When doing our due diligence, we found that the current OnVantage platform had the vast majority of features that we would release in the GMS platform, and had features we didn't plan to release in GMS. Rather than bring both sets of customers to a new technology, GMS, it makes sense for us to take only half the customers, being the StarCite customers, over to a platform that is already proven and is already in the market.

JC: It's not as big an upheaval where you have to rip it out from customers’ systems and start all over again. We are an on-demand company, so our customers access it via a web browser. That means it's possible to make platform transitions where a lot of users won't even notice the difference.

Now that the two leading meetings technology providers have merged, do you see any other providers of meetings technology as competitors? And if not, then might not both suppliers and buyers eventually pay more for your products and services?

MB: In terms of pricing, we represent three percent of the market. So pricing power is generally determined by the size of your market share. With three percent of market share, we don't have any illusions that we have pricing power in the market. In terms of competition, there are lots of companies out there, lots of large third-party organizations with their own technology, lots of smaller companies offering point solutions in the marketplace.

JC: There are plenty of (potential) customers who are not using us. Either they're using a homegrown system or they're still apathetic. So to get that other 97 percent we're going to have to continue innovating and helping them adopt the technology and be successful with it. The focus on pricing is premature.

How many corporate customers does each company have?

MB: The new combined company client roster is close to 500, and out of that 500 we service 135 multi-national corporations--global 5,000, third parties, associations, smaller corporations.

Why the name StarCite, why StarCite and not OnVantage or some new name?

MB: New names are expensive and confusing. OnVantage is very well known in the space but doesn't have the same heritage and longevity as the StarCite name. We think the StarCite brand is very well known, is appreciated; it's a good vehicle.

How many board members from each side, or each company?

MB: It's a seven-member board.

JC: Three from each side, plus Michael as the CEO.

How many employees are there in the new company? Are you planning to add or reduce employees?

MB: We have about 20 job openings. We are growing very quickly. There are some losses and some overlap as a result of bringing the two companies together but it's pretty small. The story is about expansion. To answer your question, with associates and consultants, about 425 today.

Is $5 billion in sales leads represent the two companies separately so far this year and combined with the new, merged company for the rest of the year?

MB: That's correct.

Up 50 percent from what the two companies did in 2005?

MB: Yes.

Same thing for the attendee registrations?

MB: That's correct.

The database is 93,000 hotel properties and meeting suppliers without overlap?

JC: Right

MB: That's right--exclusive, unique.

How many of those 93,000 are hotel properties?

JC: It's between 55,000 and 60,000.

So, nearly 60,000 hotels and the rest are other kinds of suppliers?

JC: Right.

When are you going to have a single database?

JC: It's less about one database and more about different audiences. StarCite and OnVantage each had complimentary and sometimes overlapping types of meeting planners. As we go forward, our plan is to stratify that a bit and allow the hotels to more easily reach the type of buyers that they want. We're going to focus more on the audience that hotels want to reach and them help them reach that kind of audience. The content and the database really should support that effort.

It's going to matter on which buyer doing the search. Even though we may have a technically true unified database, if the buyer searches and that buyer doesn't fit the criteria of the supplier, that buyer is not going to see those suppliers.

When do you expect to have this unified dataset?

JC: We're still going through the planning for that. We don't have a definitive timeframe.

MB: It's one of our priorities.
 

lesen kann. Es ist die Slide Presentation von heute.

http://www.internetcapital.com/pdf/presentations/...estpres010907.pdf


Bis auf einen Punkt, wo der Buckley wieder ganz gezielt gute Lage herunterspiel, ganz ordentlich. Und es fehlt das Eingehen auf das Goldstück Freeborders.  

der beiden Merger musste jetzt auch CEO Buckley in der letzten Presentation bestätigen, denn etwas Angst vor der SEC wegen des Verschweigens guter Nachrichten hat er doch - auch wenn dadurch durch die steigenden Kurse der Aktie seine Optionen teurer werden.

Zunächst die Ausführungen zum Merger von Starcite, wo Internet zukünftig 27% halten wird:

Market Offering

• Provides technology and services to lower expenses related to corporate
meetings and events, allowing customers to gain visibility into this area of
spend and measure and monitor results.

• Only 3% penetrated in the corporate meeting and events industry, estimated
to be $300 billion.


Customers

• Akamai, Amgen, American Express, AT& T, Bristol Myers- Squibb, CIGNA, Cisco,
GlaxoSmithKline, Goldman Sachs, Hewlett Packard, Intel, Lehman Brothers,
Merrill Lynch, Motorola and Proctor and Gamble.

• Distribution partners American Express, HelmsBriscoe, Maritz and TQ3
Navigant are standardized on the StarCite platform.
Performance

• Reported strong revenue growth in 3Q’06

• EBITDA positive

Merger between StarCite and OnVantage – closed December 29, 2006

Highlights

• Merger of Two Strong Players Creates Clear Leader

• Combined Company, Global Presence

Pro Forma 2006 Revenues Expected to Exceed $40 Million

Annual Growth Rate Expected to Exceed 40%

$5 Billion Projected Revenue Opportunities Brought to Suppliers in 2006

• Up 50% from 2005

3.5 Million Projected 2007 Attendee Registrations

• StarCite Is Paid Up to $10 per Registrant

– Strong Customer ROI - Savings Between 10- 15%


Und hier die Ausführungen in der Presentation zum Merger Creditex, wo Internet Capital 15% halten wird:

Business Description

- Leading position in the credit derivatives market with
                    §
- First to launch E-trading and have gained significant traction in Europe
                    §
- T-Zero is being launched to address the processing needs of the derivatives industry

- Top 2 Market share in most of the macro products

- Will trade over $2 trillion notional
                    §
- CDS market continuing to grow at 50%+ per annum
                    §
- Net Income Positive
                    §
- Annualized revenue growth over 50% annually since January 2004
                    §
- Revenues over $135 Million for 2006


ICG Interest In Creditex

•15% Ownership Interest

• Doug Alexander will hold a board seat
 

Million wert, was zusammen mit der Cash/Marktgängigen Wertpapieren schon in etwa die momentane Marktkapitalisiderung ist. Die restliche 15 Beteiligungen, die Private Helds sind, gibt es umsonst - auch die beiden Beteiligungen, die noch mehr wert sind als Starcite und Creditex: ICGCommerce und Freeborders.

Gegen diese Fakten kann sich eine Shortspekulationn nur weiter in die Scheisse reiten. Man sollte jetzt einsteigen - es ist höchste Zeit, denn die Post kann schon heute abgehen. Das Problem in Deutschland ist die Kursstellung durch den Skontrenführer in Frankfurt, der sich wie ein Hampelmann von den Shortern vorführen lässt und nicht marktgerechte Kurse stellt. Zu den Frankfurter Kursen gibt Euch niemand die Stücke her - limitieren sollte Ihr mindestens zum umgerechneten US-Kurs, sonst gibt es nichts.    

kann am da nur sagen, denn die 41% am Metastorm düften jetzt auch fast 100 Million wert sein. Die 100-Millionen-Grenze an Wert haben meines Erachtens bereits ICGCommerce, Freeborders (beide liegen näher bei 200 Millionen) sowie Starcite und Creditex überschritten.

Metastorm Named to Baltimore’s SmartCEO ‘Future 50’ List

Leading Business Process Management Provider Selected as One of the Region’s Fastest Growing Companies


BALTIMORE, MD – January 9, 2007 – Metastorm, a leading provider of Business Process Management (BPM) software for organizational agility, innovation, and governance, today announced it has been named to the Baltimore SmartCEO Future 50 listing.

As a Future 50 winner, Metastorm is being recognized as one of the 50 fastest growing companies in the Greater Baltimore area based on employee and revenue growth. This year’s Future 50 winners are credited with collectively employing over 5,000 people in the local Baltimore area and for the first time ever, have brought in more than $1 billion in revenues.

"We are honored to be acknowledged by SmartCEO magazine for our success and contribution to the local economy,” stated Robert Farrell, president & CEO of Metastorm. “We attribute our success to our ability to stay ahead of the curve, hire strong people, and always meet or exceed the expectations of our customers. We look forward to a banner year in 2007.”

A profile of Metastorm and other Future 50 winners will be featured in the January 2007 issue of SmartCEO magazine and online at www.smartceo.com.

About Metastorm
With a focus on improving processes for greater innovation, agility, and governance, Metastorm leads the market in business process management (BPM) software and best practice methodologies for human and system-based processes. Going beyond the basics of modeling and automation, the Metastorm BPM® Suite supports the complete process lifecycle and is designed specifically to address complex processes that are unique to organizations. Metastorm’s 1300+ global client base in manufacturing, retail, financial services, business services, healthcare and government are achieving rapid ROI and Enterprise Process Advantage® in customer service, supply chain operations, risk management, and internal operations. For more information visit www.metastorm.com.

 

gestern (damit er bei der Ausübung von Optionen nicht so viel bezahlen muss - einen Durchschnittspreis aus einer Periode vor einem Stichtag) bei der Presentation das rasante Wachstum der zwei wichtigsten Beteiligungen (ICGCommerce und Freeborders) unterschlagen, aber immerhin hat er sich ja intensiv mit der Nr. 3 und Nr. 4 (Creditex und Starcite). Damit ihn die SEC aber nicht wegen unterlassener Informationen verklagt, hat er immerhin in einem Satz gesagt, dass die beiden wichtigsten Beteiligungen, nämlich ICGCommerce und Freeborders, starke dritte Quartal gehabt hätten. Wie rasant Freeborders wächst, könnt Ihr sicher der nachstehenden Adresse gut entnehmen.

http://company.zhaopin.com/P1/CC1203/7040/CC120370405en.htm

Internet Capital hält 33% an Freeborders.

 

obwohl dort nur ca. 200 Leute für Freeborders arbeiten - im Vergleich mit 1.000 in China, die bis Ende 2007 auf 2.000 aufgestockt werden sollen:

http://www.freeborders.com/company/careers.html

Internet Capital hält 33% an Freeborders, die sich anschicken die Infosys von China zu werden und zunächst einmal der ersten Ein-Billionen-IPO eines chinesichen Outsourcers, wie es der Co-CEO im Februrar 2006 aussprach.