Web 2.0 Weekly - May 4, 2010
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Transcript of Web 2.0 Weekly - May 4, 2010
www.mackieresearch.com
Web 2.0 Weekly
“Apple+Siri=Mobile Search Madness”
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved
May 4, 2010
David Shore, CFA, MBA [email protected]
Damian Wojcichowsky, CFA 416.860.7652
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.www.mackieresearch.com
www.mackieresearch.com2
Key Developments (past week)
Deals (M&A, Finance) – Apple Delves into Content, DST at It Again
� Siri (mobile personal assistant app developer) was acquired by Apple for a rumoured $225 mm – initiating a flurry of prognosticating over what this means for Apple –potentially building a mobile search business around its market leading mobile devices?
� DST, the Russian diversified Web and telecom concern, acquired instant messaging company, ICQ, for $187.5 mm.
� Tremor Media (online Hollywood media source) raised $40 mm in late-stage financing.
� Crowdsourced retail competitor to Groupon, LivingSocial, raised $14 mm – this following on the heels of Groupon’s $135 mm injection from DST.
Financial Results/Guidance� Open Text Corp. (NasdaqGS:OTEX) reported Q3/F10 revenue of $212.8 mm (vs.
$192.0 mm in Q3/F09) and Adjusted EPS of $0.70 (vs. consensus: $0.74 and Q3/F09 of $0.59). Management noted its comfort with current Q4/F10 consensus estimates, which pegs Q4/F10 revenue expectations at $246-$278 mm.
� Sohu.com (NasdaqGS:SOHU) reported Q1/F10 revenue of $129.5 mm vs. $115.7 mm a year ago (+12% Y/Y), with $0.86/share non-GAAP EPS compared with $1.13/share in the same period last year.
www.mackieresearch.com3
Public Company Data
www.mackieresearch.com4
Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min# Companies 99 - - -
Market Cap (US$ mm) 83,388.0 78.4 38,745.0 1.4
Revenue (US$ mm) 22,599.1 60.2 3,057.7 0.0
1 Year revenue growth 4.2% 857.0% -91.4%
EBITDA as % of revenue - 13.4% 67.7% -75.0%
Net cash (US$ mm) 8,523.1 1.8 1,754.4 -732.7
TEV/Revenue - 2.0x 46.4x 0.0x
TEV/EBITDA - 9.0x 49.6x 0.1x
P/E - 17.4x 96.9x 0.0x
Relative to 52 week high -32.7% 1.9% -98.5%
Source: CapitalIQ
www.mackieresearch.com5
Public Company Distribution
27
16
10
76
5
3 3 3 32 2 2 2
1 1 1 1 1 1 1 1
0
5
10
15
20
25
30
Ga
min
g
So
cia
l N
etw
ork
ing
Me
dia
Div
ers
ifie
d
Ma
rketin
g
Mobile
Infr
astr
uctu
re
SM
S/V
oic
e
Ente
rpris
e
Ad
vert
isin
g
Inte
rnet
Reta
il
Vir
tual W
orl
d
Datin
g
Mu
sic
Ve
rtic
al C
om
munit
ies
Co
llab
ora
tio
n
Po
dca
stin
g
Lea
rnin
g
Vid
eo
Sea
rch
Pay
ment
Fin
ancia
l S
erv
ices
By Sector By Country
0
5
10
15
20
25
30
35
40
45
Unit
ed S
tate
s
Cana
da
Chin
a
So
uth
Kore
a
Japa
n
Ta
iwa
n
Ge
rma
ny
Au
str
alia
Un
ited
Kin
gdom
Hong K
ong
Po
land
Ru
ssia
Fin
lan
d
Sw
ed
en
Mala
ysia
India
Italy
Sw
itz
erla
nd
Isra
el
Source: CapitalIQ
www.mackieresearch.com6
Valuation Dashboard – 1 Week
Rising
24%
Falling
64%
Flat
12%
Rising
51%Falling
46%
Flat
3%
Rising
51%
Falling
47%
Flat
2%
Market Cap
Rising
59%
Falling
41%
Flat
0%
EV/Revenue
EV/EBITDA P/E
www.mackieresearch.com7
Median EV/Revenue
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x3
/16
/20
09
3/2
3/2
00
93
/30
/20
09
4/6
/20
09
4/1
3/2
00
94
/20
/20
09
4/2
7/2
00
95
/4/2
00
95
/11
/20
09
5/1
8/2
00
95
/25
/20
09
6/1
/20
09
6/8
/20
09
6/1
5/2
00
96
/22
/20
09
6/2
9/2
00
97
/6/2
00
97
/13
/20
09
7/2
0/2
00
97
/27
/20
09
8/3
/20
09
8/1
0/2
00
98
/17
/20
09
8/2
4/2
00
98
/31
/20
09
9/7
/20
09
9/1
4/2
00
99
/21
/20
09
9/2
8/2
00
91
0/5
/20
09
10
/12
/20
09
10
/19
/20
09
10
/26
/20
09
11
/2/2
00
91
1/9
/20
09
11
/16
/20
09
11
/23
/20
09
11
/30
/20
09
12
/7/2
00
91
2/1
4/2
00
91
2/2
1/2
00
91
2/2
8/2
00
91
/4/2
01
01
/11
/20
10
1/1
8/2
01
01
/25
/20
10
2/1
/20
10
2/8
/20
10
2/1
5/2
01
02
/22
/20
10
3/1
/20
10
3/8
/20
10
3/1
5/2
01
03
/22
/20
10
3/2
9/2
01
04
/5/2
01
04
/12
/20
10
4/1
9/2
01
04
/26
/20
10
5/3
/20
10
383738394039403940424344444645444647484949485253545858585963636362636367676767706969647170707471747476787777777979808280
Mu
ltip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
Revenue multiples recovering, but
below LT Average
www.mackieresearch.com8
Median EV/EBITDA
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
3/16/2009
3/23/2009
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
20 19 21 22 23 2322 2222 24 23 2523 24 24 26 27 27 2625 25 26 2829 28 3132 33 35 3737 37 38 3739 40 3737 37 41 4040 40 42 41 42 42 4243 43 46 4848 5050 50 50 49 4847
Multiple (x)
Median Long-term average
# companies
Source: CapitalIQ
EV/EBITDA multiples remain depressed below LT average
www.mackieresearch.com9
Median P/E
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
3/16/2009
3/23/2009
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
17 19 19 18 18 1918 1918 20 20 1918 19 19 20 21 22 2524 24 25 2627 26 2930 30 28 3231 30 34 3537 37 3637 37 37 3936 37 37 38 36 36 3531 31 31 3333 3433 33 34 33 3234
Multiple (x)
Median Long-term average
# companies
Source: CapitalIQ
P/E multiples also below LT average
www.mackieresearch.com10
Average Valuation – By Sector
-
5.0
10.0
15.0
20.0
25.0
Infr
astr
uctu
re
SM
S/V
oic
e
Socia
l N
etw
ork
ing
Vert
ical
Com
mun
itie
s
Music
Div
ers
ifie
d
Le
arn
ing
Mobile
Mark
eti
ng
Gam
ing
Se
arc
h
Podc
asti
ng
Media
Advert
isin
g
Colla
bora
tion
Vid
eo
Inte
rnet
Re
tail
Ente
rpri
se
Dati
ng
Fin
anc
ial S
erv
ice
s
Virtu
al
Wo
rld
2 3 7 1 2 5 1 4 6 21 1 1 9 3 1 1 2 3 2 1 1# Companies
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Mobile
Ente
rpris
e
Div
ers
ifie
d
Me
dia
Inte
rnet
Re
tail
Gam
ing
Socia
l N
etw
ork
ing
Colla
bora
tio
n
Fin
anc
ial S
erv
ice
s
Mark
etin
g
Datin
g
Ad
vert
isin
g
Vert
ical
Com
munit
ies
2 2 5 6 2 14 5 1 1 3 1 1 0# Companies
EV/Revenue EV/EBITDA
www.mackieresearch.com11
EV/Revenue Ranking
0.10.10.30.40.40.40.4 0.50.50.50.50.6 0.70.70.70.70.80.80.80.90.90.91.0 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.5 1.5 1.7 1.7 1.82.02.0 2.12.22.22.32.32.42.4 2.52.6 2.72.72.73.03.23.23.43.44.04.9 5.0 5.15.4 5.65.7 5.76.3
7.59.1
11.211.5
13.614.315.4
18.219.2
23.3
27.8
46.4
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Cyberplex Inc.
Asknet AG
Ngi Group Inc.
Jumbuck Entertainment Limited
Tree.Com, Inc.
RealNetworks Inc.
GameOn Co Ltd.
Openwave Systems Inc.
Uniserve Communications Corp.
Actoz Soft Co., Ltd.
GigaMedia Ltd.
Glu Mobile, Inc.
Northgate Technologies Limited
DADA SpA
AOL, Inc.
Points International Ltd.
IAC/InterActiveCorp.
Internet Group SA
CDC Corp.
The New York Times Company
United Online, Inc.
TheStreet.com, Inc.
CornerWorld Corporation
AQ Interactive, Inc.
OAO RBC Information Systems
infoGROUP, Inc.
HanbitSoft, Inc.
Gamania Digital Entertainment Co., Ltd.
Hutchison Telecommunications Hong Kong
YD Online Corp.
Spark Networks, Inc.
NetDragon WebSoft, Inc.
Ynk Korea Inc.
ValueClick, Inc.
Shutterfly, Inc.
UOMO Media, Inc
Score Media Inc.
SNAP Interactive, Inc.
XING AG
PNI Digital Media Inc.
Velti Plc
Modern Times Group Mtg AB
NeuLion Incorporated
Oriented Media Group Berhad
Sohu.com Inc.
Webzen Inc.
GungHo Online Entertainment, Inc.
Myriad Group AG
Open Text Corp.
Frogster Interactive Pictures AG
iseemedia Inc.
Wizzard Software Corporation
NEOWIZ Games Corporation
SK Communications Co., Ltd.
Taleo Corp.
Lingo Media Corporation
DigitalPost Interactive, Inc.
Changyou.com Limited
Kingsoft Corporation Limited
Accelerize New Media, Inc.
WebMediaBrands Inc
Unilava Corporation
Mixi, Inc.
Gree, Inc.
Fluid Music Canada, Inc.
HUGHES Telematics, Inc.
TransGaming, Inc.
Chinese Gamer International
Beyond Commerce, Inc.
GeoSentric Oyj
MOKO.mobi Limited
Paid Inc.
Tencent Holdings Ltd.
Bright Things plc
SpectrumDNA, Inc.
Source: CapitalIQ
SpectrumDNA has highest revenue multiple at 46.4x
www.mackieresearch.com12
EV/EBITDA Ranking
1.9 2.2 2.44.5 5.3 5.6 5.9 6.0 6.6 6.8 7.0 7.2 7.5 7.9 8.1 8.1 8.1 8.9 9.0 9.1 9.7 9.8 11.1
12.0 12.6 12.9 12.9 13.013.7 14.5
15.9 16.617.5 18.5
20.9
25.2
29.632.4
45.5
49.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
GameOn Co Ltd.
AOL, Inc.
Actoz Soft Co., Ltd.
United Online, Inc.
The New York Times Company
Hutchison Telecommunications Hong Kong Holdings
Ltd.
ValueClick, Inc.
Sohu.com Inc.
DADA SpA
YD Online Corp.
Spark Networks, Inc.
CDC Corp.
infoGROUP, Inc.
Gamania Digital Entertainment Co., Ltd.
Changyou.com Limited
XING AG
NetDragon WebSoft, Inc.
Uniserve Communications Corp.
PNI Digital Media Inc.
Tree.Com, Inc.
Open Text Corp.
IAC/InterActiveCorp.
Velti Plc
GungHo Online Entertainment, Inc.
NEOWIZ Games Corporation
Score Media Inc.
Kingsoft Corporation Limited
Gree, Inc.
Shutterfly, Inc.
HanbitSoft, Inc.
Ynk Korea Inc.
Modern Times Group Mtg AB
Openwave Systems Inc.
Frogster Interactive Pictures AG
Mixi, Inc.
Chinese Gamer International
Taleo Corp.
TheStreet.com, Inc.
Tencent Holdings Ltd.
Myriad Group AG
Excluding EV/EBITDA > 100xSource: CapitalIQ
Myriad Group leads the group at 49.6x
www.mackieresearch.com13
P/E Ranking
4.3 5.0 6.4 8.2 9.7 10.5 11.2 11.4 11.514.2 15.4 17.0 17.7 18.6 18.7
21.3 22.7 24.6 25.3 25.8
32.536.9
42.4
55.958.9
67.9
76.2
86.2
96.9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
Jumbuck Entertainment Limited
Cyberplex Inc.
GigaMedia Ltd.
YD Online Corp.
DADA SpA
United Online, Inc.
AOL, Inc.
Changyou.com Limited
GameOn Co Ltd.
ValueClick, Inc.
Sohu.com Inc.
The New York Times Company
Hutchison Telecommunications Hong Kong Holdings
Ltd.
Kingsoft Corporation Limited
CDC Corp.
Frogster Interactive Pictures AG
Velti Plc
Gamania Digital Entertainment Co., Ltd.
NetDragon WebSoft, Inc.
Gree, Inc.
Chinese Gamer International
NEOWIZ Games Corporation
Open Text Corp.
Mixi, Inc.
Tencent Holdings Ltd.
GungHo Online Entertainment, Inc.
HanbitSoft, Inc.
Shutterfly, Inc.
Actoz Soft Co., Ltd.
Source: CapitalIQ
Actoz Soft has the highest P/E at 96.9x
www.mackieresearch.com14
Total Market Capitalization - $80 BN
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
95 95 94 95 95 95 95 95 95 95 95 95 95 95 95 95 95 94 95 95 95 95 95 95 95 95 95 96 96 98 98 98 98 98 98 98 98 98 98 98 98 99 99 99 99 99 99 99 99 99 99 99
(US$m)
# companies
Source: CapitalIQ
www.mackieresearch.com15
Total Market Cap – By Sector
-
5,000.0
10,000.0
15,000.0
20,000.0
25,000.0
30,000.0
35,000.0
40,000.0
45,000.0
50,000.0D
ivers
ifie
d
Gam
ing
Media
Socia
l N
etw
ork
ing
Colla
bora
tion
Mark
eting
Ente
rprise
Inte
rnet
Reta
il
Searc
h
Mobile
SM
S/V
oic
e
Fin
ancia
l S
erv
ices
Music
Vid
eo
Dating
Virtu
al W
orld
Advert
isin
g
Vert
ical C
om
munitie
s
Paym
ent
Infr
astr
uctu
re
Podcasting
Learn
ing
7 27 10 16 1 6 3 2 1 5 3 1 2 1 2 2 3 1 1 3 1 1# Companies
27 Gaming companies totaling over $17 bn in market cap
www.mackieresearch.com16
Market Cap Ranking
0
1,000
2,000
3,000
4,000
5,000
6,000
UO
MO
Media
, In
cB
roadW
ebA
sia
Inc.
Corn
erW
orld C
orp
ora
tion
Unis
erv
e C
om
munic
atio
ns C
orp
.M
obile
Data
Corp
.B
eyond C
om
merc
e, In
c.
En2G
o Inte
rnatio
nal,
Inc.
Dig
italP
ost In
tera
ctiv
e, In
c.
Bright T
hin
gs p
lcK
ent In
tern
atio
nal H
old
ings Inc.
Worlds.c
om
Inc.
Real V
alu
e E
sta
tes, In
c.
Oriente
d M
edia
Gro
up B
erh
ad
Kiw
ibox.C
om
, In
c.
Spectr
um
DN
A, In
c.
Lin
go M
edia
Corp
ora
tion
iseem
edia
Inc.
Sahara
Media
Hold
ings, In
c.
SN
AP
Inte
ractiv
e, In
c.
IAS
Energ
y, In
c.
MO
KO
.mobi L
imite
dV
OIS
, In
c.
Jum
buck E
nte
rtain
ment Lim
ited
Inte
rnet G
roup S
AN
ort
hgate
Technolo
gie
s L
imite
dW
izzard
Softw
are
Corp
ora
tion
Accele
rize N
ew
Media
, In
c.
Dolp
hin
Dig
ital M
edia
, In
c.
Ynk K
ore
a Inc.
Asknet A
GN
eX
plo
re C
orp
ora
tion
Socia
lwis
e, In
c.
LookS
mart
, Ltd
.C
yberp
lex Inc.
Multi
plie
d M
edia
Corp
ora
tion
Tra
nsG
am
ing, In
c.
Unila
va C
orp
ora
tion
WebM
edia
Bra
nds Inc
Glu
Mobile
, In
c.
GeoS
entr
ic O
yj
Dig
italT
ow
n, In
c.
Gra
vity
Co., L
tdF
rogste
r In
tera
ctiv
e P
ictu
res A
GP
NI D
igita
l Media
Inc.
Quepasa C
orp
.M
oggle
, In
cS
core
Media
Inc.
Spark
Netw
ork
s, In
c.
Ngi G
roup Inc.
NeuLio
n Incorp
ora
ted
YD
Onlin
e C
orp
.P
oin
ts Inte
rnatio
nal L
td.
HanbitS
oft, In
c.
DA
DA
SpA
Paid
Inc.
Tre
e.C
om
, In
c.
Flu
id M
usic
Canada, In
c.
AQ
Inte
ractiv
e, In
c.
Gam
eO
n C
o L
td.
Acto
z S
oft C
o., L
td.
TheS
treet.com
, In
c.
Webzen Inc.
Gig
aM
edia
Ltd
.T
he9 L
imite
dM
yriad G
roup A
GX
ING
AG
Velti
Plc
Openw
ave S
yste
ms Inc.
OA
O R
BC
Info
rmatio
n S
yste
ms
Gam
ania
Dig
ital E
nte
rtain
ment
CD
C C
orp
.N
etD
ragon W
ebS
oft, In
c.
HU
GH
ES
Tele
matic
s, In
c.
GungH
o O
nlin
e E
nte
rtain
ment,
info
GR
OU
P, In
c.
RealN
etw
ork
s Inc.
Shutterf
ly, In
c.
SK
Com
munic
atio
ns C
o., L
td.
Unite
d O
nlin
e, In
c.
NE
OW
IZ G
am
es C
orp
ora
tion
Valu
eC
lick, In
c.
Kin
gsoft C
orp
ora
tion L
imite
dM
ixi,
Inc.
Chin
ese G
am
er
Inte
rnatio
nal
Tale
o C
orp
.H
utc
his
on T
ele
com
munic
atio
ns
The N
ew
York
Tim
es C
om
pany
Changyou.c
om
Lim
ited
Perf
ect W
orld C
o., L
td.
Gia
nt In
tera
ctiv
e G
roup, In
c.
Sohu.c
om
Inc.
AO
L, In
c.
Open T
ext C
orp
.G
ree, In
c.
IAC
/Inte
rActiv
eC
orp
.S
handa Inte
ractiv
eM
odern
Tim
es G
roup M
tg A
BN
ete
ase.c
om
Inc.
Tencent H
old
ings L
td.
Source: CapitalIQ
Tencent’s $39 bn market cap dominates group
www.mackieresearch.com17
Price Performance – 1 week
Rising
28%
Flat
10%
Falling
62%
Price Momentum• Negative momentum with 62% of
stocks falling or flat over past week (following on last week’s 61% decliner figure).
www.mackieresearch.com18
Average Price Performance – 1 Week, By Sector
17.0%14.0%13.7%12.4%
9.7%6.3%
3.9%
-1.8% -2.6% -2.8% -2.9% -4.1% -4.3% -4.7% -5.7% -6.0% -6.5% -6.5% -7.7%-10.9%
-12.9%-13.2%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Infr
astru
ctu
re
Vir
tua
l W
orl
d
Ve
rtic
al
Co
mm
un
itie
s
Sea
rch
Vid
eo
Ma
rketin
g
Datin
g
Div
ers
ifie
d
Inte
rnet R
eta
il
Ad
vert
isin
g
Ga
min
g
SM
S/V
oic
e
Mo
bile
Me
dia
Fin
an
cia
l
Se
rvic
es
Po
dca
stin
g
En
terp
rise
Pa
ym
en
t
So
cia
l
Ne
two
rkin
g
Mu
sic
Co
llab
ora
tion
Le
arn
ing
# companies
Source: CapitalIQ
Infrastructure shows biggest gains
www.mackieresearch.com19
Price Performance – 1 Week
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
BW
BA
IAS
C.A
TS
XV
:US
SV
OIS
AO
LU
OM
OO
PW
VD
PD
MG
LU
UT
SX
V:L
MO
TE
XN
XP
CF
RG
TS
X:C
XG
RV
YM
YR
NU
NL
AX
TR
A:A
5A
NY
TT
SE
:36
32
CH
IN.A
WS
E:IG
RN
TE
SC
M:D
AA
IM:B
GT
KIW
BT
SX
:PT
SS
CL
WS
OH
UW
ZE
TR
EE
A0
52
79
0M
KB
SF
LY
UN
TD
DB
:M0
C3
76
5C
YO
U5
90
05
7A
05
27
70
TS
XV
:TN
GA
CL
ZN
CT
YT
LE
OG
AT
SC
MP
WR
DIA
CI
A0
23
77
0G
IGM
AS
X:J
MB
TS
X:F
MN
O1
BC
H
UT
C7
77
21
21
RN
WK
A0
47
08
0K
NT
HIU
SA
MT
G B
RV
LU
SH
HD
ET
GI
CW
RL
DG
TW
GE
O1
VT
SX
V:P
N7
00
DG
LP
IEE
38
88
38
12
61
80
KO
SE
:A0
69
08
0S
ND
AV
EL
GT
SM
:30
83
PA
YD
RB
CI
LO
VS
TV
IV
CL
KA
09
56
60
SP
XA
TS
XV
:MM
CO
ME
DIA
24
97
TS
X:S
CR
TS
X:N
LN
BY
OC
A0
66
27
0W
EB
MS
EH
K:2
15
38
38
QP
SA
WD
DD
LO
OK
MB
YL
Source: CapitalIQ
www.mackieresearch.com20
Price Performance (Top 10)
1 Month
0%
20%
40%
60%
80%
100%
120%
140%
Be
yo
nd
Co
mm
erc
e,
Inc.
Lo
okS
ma
rt,
Ltd
.
Dig
ita
lTo
wn
, In
c.
SK
Co
mm
un
ica
tion
s
Co
., L
td.
Qu
ep
asa
Co
rp.
Glu
Mo
bile
, In
c.
AQ
In
tera
ctiv
e,
Inc.
IAS
En
erg
y, I
nc.
Ge
oS
en
tric
Oyj
Kiw
ibo
x.C
om
,
Inc.
3 Month
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
4000%
OA
O R
BC
Info
rmation
Syste
ms
Beyond
Com
merc
e,
Inc.
Unila
va
Corp
ora
tion
IAS
Energ
y,
Inc.
Ngi G
roup
Inc.
AQ
Inte
ractive,
Inc.
Quepasa
Corp
.
SN
AP
Inte
ractive,
Inc.
LookS
mart
,
Ltd
.
Shutt
erf
ly,
Inc.
6 Month
0%
500%
1000%
1500%
2000%
2500%
3000%
OA
O R
BC
Info
rmation
Syste
ms
Quepasa C
orp
.
SN
AP
Inte
ractive,
Inc.
AQ
Inte
ractive,
Inc.
SK
Com
munic
ations
Co.,
Ltd
.
Unis
erv
e
Com
munic
ations
Corp
.
Oriente
d M
edia
Gro
up B
erh
ad
Ngi G
roup I
nc.
Velti P
lc
Poin
ts
Inte
rnational Ltd
.1 Year
0%500%
1000%1500%2000%2500%
3000%3500%4000%4500%5000%
OA
O R
BC
Info
rma
tio
n
Sys
tem
s
Qu
ep
asa
Co
rp.
Tra
nsG
am
ing
,
Inc.
AQ
In
tera
ctiv
e,
Inc.
Flu
id M
usi
c
Ca
na
da
, In
c.
Dig
ita
lPo
st
Inte
ract
ive
, In
c.
VO
IS,
Inc.
Un
ise
rve
Co
mm
un
ica
tion
s
Co
rp.
Ve
lti P
lc
Te
nce
nt
Ho
ldin
gs L
td.
Source: CapitalIQ
www.mackieresearch.com21
Price Performance (Bottom 10)
1 Week
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Lin
go M
ed
ia
Corp
ora
tion
Glu
Mo
bile
, In
c.
Dolp
hin
Dig
ital
Med
ia, In
c.
Ope
nw
ave
Syste
ms I
nc.
UO
MO
Med
ia,
Inc
AO
L, In
c.
VO
IS, In
c.
Unis
erv
e
Com
munic
atio
ns
Co
rp.
IAS
Ene
rgy
, In
c.
Bro
adW
eb
Asia
Inc
.
1 Month
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
DA
DA
SpA
Lin
go M
edia
Co
rpora
tion
Ori
ente
d M
ed
ia
Gro
up
Be
rhad
Cyberp
lex
Inc
.
iseem
edia
Inc
.
UO
MO
Med
ia,
Inc
Mo
bile
Data
Corp
.
Bro
adW
eb
Asia
Inc.
En2G
o
Inte
rnatio
na
l,
Inc
.
Corn
erW
orl
d
Corp
ora
tion
6 Month
-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
No
rthg
ate
Te
ch
nolo
gie
s
Lim
ited
Lin
go
Me
dia
Co
rpora
tion
NeX
plo
re
Co
rpora
tion
DA
DA
SpA
Wiz
zard
Soft
ware
Co
rpora
tion
Cyb
erp
lex I
nc.
Corn
erW
orld
Corp
ora
tion
En2G
o
Inte
rnatio
na
l,
Inc.
UO
MO
Me
dia
,
Inc
Bro
adW
eb
Asia
Inc
.1 Year
-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
Mobile
Data
Corp
.
Spectr
um
DN
A,
Inc.
Wiz
zard
Softw
are
Corp
ora
tion
Cyberp
lex Inc.
Corn
erW
orld
Corp
ora
tion
En2G
o
Inte
rnatio
nal,
Inc.
UO
MO
Media
,
Inc
Sahara
Media
Hold
ings, In
c.
Beyond
Com
merc
e,
Inc.
Bro
adW
ebA
sia
Inc.
Source: CapitalIQ
www.mackieresearch.com22
Capital Market Activity (Financing, M&A)
www.mackieresearch.com23
Financing Momentum
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Oct-
04
De
c-0
4
Fe
b-0
5
Ap
r-0
5
Ju
n-0
5
Au
g-0
5
Oct-
05
De
c-0
5
Fe
b-0
6
Ap
r-0
6
Ju
n-0
6
Au
g-0
6
Oct-
06
De
c-0
6
Fe
b-0
7
Ap
r-0
7
Ju
n-0
7
Au
g-0
7
Oct-
07
De
c-0
7
Fe
b-0
8
Ap
r-0
8
Ju
n-0
8
Au
g-0
8
Oct-
08
De
c-0
8
Fe
b-0
9
Ap
r-0
9
Ju
n-0
9
Au
g-0
9
Oct-
09
De
c-0
9
Fe
b-1
0
Ap
r-1
0
(US
$m
)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
(US
$m
)
Total (LTM) Average Size (LTM)
Sharp rise driven by large DST transactions
www.mackieresearch.com24
Financing Activity – Current MonthMonth Company Name Country Sector Angel/Seed Debt financ ing PIPE Serie s A Ser ies B Ser ies C Se ries D Grand Total
Apr-10 Digital S ky Technologies Rus s ia Divers if ied 300.0 300.0
Groupon USA S ocial Commerce 135.0 135.0
Tremor Media USA V ideo 40.0 40.0
V idyo USA V ideo 25.0 25.0
LendingC lub USA Financial S erv ices 24.5 24.5
MokaFive USA Enterpris e 21.0 21.0
Diapers .com USA Internet Retail 20.0 20.0
BlackArrow USA Advertis ing 20.0 20.0
Xobni USA S ocial Netw orks 16.2 16.2
Zong USA Mobile Payment 15.0 15.0
Box.net USA Collaboration 15.0 15.0
Pros per .com USA Financial S erv ices 14.6 14.6
L ivingSocial USA S ocial Netw orks 14.0 14.0
Knew ton USA Online Learning 12.5 12.5
Brightcove USA V ideo 12.0 12.0
EdgeCas t CDN USA Media 10.0 10.0
Tynt Canada Inf ras tructure 8.0 8.0
PubMatic USA Advertis ing 7.5 7.5
Overtone USA Analy tic s 7.0 7.0
Mojiva USA Mobile Ad 7.0 7.0
Searchandis e Commerce USA Advertis ing 7.0 7.0
OpenSky USA S ocial Commerce 6.0 6.0
Stitcher USA Media 6.0 6.0
C rams ter USA V ertica l Communities 6.0 6.0
quirky USA S ocial Netw orks 6.0 6.0
58.com China Clas s if ied 5.8 5.8
Netw orked Ins ights USA Analy tic s 5.0 5.0
Tumblr USA S ocial Netw orks 5.0 5.0
Te llApart USA Analy tic s 4.8 4.8
Wildfire USA Advertis ing 4.0 4.0
Daily Grommet USA S ocial Commerce 3.4 3.4
gdgt USA V ertica l Communities 3.2 3.2
Tw eetPhoto USA Micromedia 2.6 2.6
As s is tly USA Enterpris e 2.2 2.2
TheWrap.com USA Media 2.0 2.0
Wibiya Is rael B log 2.0 2.0
Academ ia.edu USA S ocial Netw orks 1.6 1.6
Spredfas t USA Analy tic s 1.6 1.6
Klout USA Analy tic s 1.5 1.5
Fres hPlanet USA Gaming 1.5 1.5
DIYSEO USA S earch 1.0 1.0
NearVers e USA Location-bas ed S NS 1.0 1.0
ZoomSafer USA Mobile 1.0 1.0
Kontagent USA Analy tic s 1.0 1.0
As s ured L abor USA S ocial Netw orks 1.0 1.0
Currens ee USA Financial S erv ices 0.8 0.8
MyL ikes USA Advertis ing 0.6 0.6
Plyce France Location-bas ed S NS 0.4 0.4
Apr-10 Total 5.0 20.0 300.0 47.2 56.8 312.7 66.6 808.2
www.mackieresearch.com25
Financing Activity – Current Month, By Sector
Diversified
2%Mobile
5% Collaboration
3%
Gaming
6%
Social Commerce
5%
Crowdsourced
Content
2%
Media
6%
Video
8%
Social Networks
10%Financial Services
5%Advertising
8%
Widget
2%
Enterprise
3%
Analytics
10%
Internet Retail
2%
Mobile Payment
2%
Online Learning
2%
Vertical
Communities
6%
Infrastructure
2%
Classified
2%
Music
2%
Blog
2%
Search
2%
Travel
2%
Mobile Ad
2%
Micromedia
2%
Location-based
SNS
3%
Other
57%
Diversified
18%
Mobile
13%
Collaboration
12%
# Deals $ Raised
www.mackieresearch.com26
Financing Activity – Last Three Months
12.5
4.6
5.5 5.5
8.9
6.4
10.5
12.5
9.1
8.2
5.4
16.8
5.8
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10
(US
$m
)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
(US
$m
)
Total Average*May-09 includes $200m FB investment
Dec-09 includes $180m Zynga investment
Apr-10 includes $300m DST investment
$508M ex-DST, averaging $9.6M per deal
www.mackieresearch.com27
Capital Market Activity Ranking – By Sector, Last Three Months
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Div
ers
ified
Mobile
Gam
ing
Vid
eo
Colla
bora
tion
Media
Cro
wdsourc
ed
Conte
nt
Socia
l
Com
merc
e
Advert
isin
g
Socia
l
Netw
ork
s
Searc
h
Fin
ancia
l
Serv
ices
Inte
rnet R
eta
il
Analy
tics
Mobile
Ad
Wid
get
Mobile
Paym
ent
Ente
rprise
Music
Vert
ical
Com
muniti
es
Onlin
e
Learn
ing
Locatio
n-
based S
NS
Virtu
al W
orld
Mic
roblo
g
Infr
astr
uctu
re
Tra
vel
SM
S/V
oic
e
Blo
g
Cla
ssifi
ed
Onlin
e
Cale
ndar
Mic
rom
edia
Onlin
e D
atin
g
Aggre
gatio
n
1 8 9 12 2 7 5 4 17 13 8 8 3 8 3 2 2 2 3 7 2 4 3 2 3 3 1 2 1 1 1 1 1
(US
$m
)
# companies
Advertising has most deals in last 3 months
www.mackieresearch.com28
Financing by Type (LTM)
Financing by Type -LTM
(# deals )
PIPE
1.5%
Angel/S eed
19.8%
Debt f inancing
2.8%S eries A
25.4%
S eries B
26.5%
S eries C
17.3%
S eries D
5.6%
S eries E
1.0%
# Deals $ Raised
Financing by Type - LTM
(amount raised)
PIPE
9.7%
Angel/S eed
5.4%
Debt f inancing
1.3%
S eries A
12.1%
S eries B
21.1%
S eries C
30.9%
S eries D
14.8%
S eries E
4.7%
www.mackieresearch.com29
Financing by Geography (LTM)
# Deals $ Raised
Financing/M&A by Country - LTM (#)
UK
2.8%
USA
80.3%
Canada
3.9%
China
3.0%
Israel
2.4%
ROW
7.5%
Financing/M&A by Country - LTM ($)
UK
7.4% China
3.9%
USA
53.4%
Luxembourg
23.8%
Russia
3.6%
Israel
3.2%
Canada
2.1%
ROW
2.8%
www.mackieresearch.com30
Financing, By Type
# Deals $ Raised
Financing by Type
(Number of Deals)
7 7 7
2117
12
23
52
2216
6
44
18
815
41
138
18
39
19
20
913
42
913
18
40
13
15
14
42
12
10
17
39
915
12
36
242
2
3
7
2 2
2
6
3
2
4
9
2
2
3
7
2 1
-
3
3
29
18
23
70
28 27
43
98
38
33
24
95
32
20
35
87
24 24
30
78
-
20
40
60
80
100
120
Jan-0
9
Feb-0
9
Ma
r-0
9
Q1/0
9
Apr-
09
May-0
9
Jun-0
9
Q2/0
9
Ju
l-0
9
Aug
-09
Sep
-09
Q3/0
9
Oc
t-0
9
Nov-0
9
Dec-0
9
Q4/0
9
Jan-1
0
Feb-1
0
Ma
r-1
0
Q1/1
0
Apr-
10
(#)
Late Stage (D/E)
Mid-Stage (B/C)
Early Stage (Angel/A)
Total
Financing by Type
(Amount raised)
91.245.6 47.7
184.5
74.4 54.679.2
208.2
76.639.0 17.5
133.1
54.3 55.5 60.5
170.2
46.3 28.8 48.2
123.3
52.2
191.1
100.0 110.0
401.0
74.682.6
111.7
268.8
99.8121.2
80.2
301.1
123.8 111.5
313.4
548.8
125.8 163.4 118.4
407.6
369.5
19.0
48.2 27.0
94.2
12.0
205.0
10.3
227.3
31.019.8 133.1
183.9
32.0 52.5
76.5
161.0
47.0 10.0
-
57.0
66.6
301.3
193.7 184.6
679.6
161.0
342.2
201.2
704.3
207.4179.9
230.8
618.1
210.1 219.5
450.4
880.0
219.1202.1
166.6
587.9
488.2
-
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1,000.0
Ja
n-0
9
Fe
b-0
9
Ma
r-09
Q1
/09
Ap
r-09
Ma
y-0
9
Ju
n-0
9
Q2
/09
Ju
l-09
Au
g-0
9
Se
p-0
9
Q3
/09
Oc
t-09
No
v-0
9
De
c-0
9
Q4
/09
Ja
n-1
0
Fe
b-1
0
Ma
r-10
Q1
/10
Ap
r-10
(US
$m
)
Late Stage (D/E)
Mid-Stage (B/C)
Early Stage (Angel/A)
Total
www.mackieresearch.com31
Top 10 Deals (2010 YTD)
300.0
135.0
44.0 40.027.5 25.0 25.0
0.0
25.0 24.5
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Dig
ita
l S
ky
Te
ch
no
log
ies
Gro
up
on
Liv
ing
So
cia
l
Tre
mo
r M
ed
ia
Qu
an
tca
st
Vid
yo
Ng
mo
co
Ye
lp
Pa
ym
o
Le
nd
ing
Clu
b
225.0
187.5
160.0
142.0
100.0
80.0
50.0
36.533.0
25.0
0
50
100
150
200
250
Siri ICQ Turbine Jigsaw Ankeena
Networks
Mochi
Media
Aardvark StudioNow Saf-T-Net LabPixies
Financings Acquisitions
DST involved in 2 largest financing deals YTD and 2nd
largest acquisition
www.mackieresearch.com32
Upcoming Events/Earnings
Source: CapitalIQ
Company Date Time Quarter Conf Call Details
Glu Mobile, Inc. (NasdaqGM:GLUU) 4-May-10 1:30 PM (PST) Q1/10 877-311-0653, #70056318
TheStreet.com, Inc. (NasdaqGM:TSCM) 5-May-10 4:30 PM (EST) Q1/10 866-770-7129, p/w 13839355
LookSmart, Ltd. (NasdaqGM:LOOK) 5-May-10 5:00 PM (EST) Q1/10 1-877-407-4018
United Online, Inc. (NasdaqGS:UNTD) 5-May-10 2:30 PM (PST) Q1/10 888-510-1783, #3384050
RealNetw orks Inc. (NasdaqGS:RNWK) 6-May-10 5:00 PM (EST) Q1/10 800-857-5305
CDC Corp. (NasdaqGS:CHIN.A) 11-May-10 9:00 AM (EST) Q1/10 888-603-6873, #68538655
www.mackieresearch.com33
Public Company Listing
Company Name Ticker Exchange
Trading
Currency HQ
Current
Price
US$ Market
Cap (mm ) Employees
Accelerize New M edia, Inc. ACLZ OTCBB USD United States 1 16.4 10
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 13,800 108.8 NA
AOL, Inc. AOL NYSE USD United States 22 2,325.5 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 172,400 99.1 NA
Asknet AG XTRA:A5A XTRA EUR Germany 4 23.8 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0 4.8 NA
Bright Things plc A IM :BGT AIM GBP United Kingdom 0 6.1 9
BroadWebAsia Inc. BWBA OTCPK USD United States 0 1.7 46
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 3 278.2 NA
Changyou.com Limited CYOU NasdaqGS USD China 33 1,678.5 1,308
Chinese Gamer International GTSM :3083 GTSM TWD Taiwan 385 1,037.8 NA
CornerWorld Corporation CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CAD Canada 1 37.2 NA
DADA SpA CM :DA CM EUR Italy 4 87.8 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0 5.2 NA
DigitalTown, Inc. DGTW OTCBB USD United States 2 48.0 3
Dolphin Digital M edia, Inc. DPDM OTCBB USD United States 0 17.6 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
Fluid M usic Canada, Inc. TSX:FM N TSX CAD United States 2 99.1 NA
Frogster Interactive Pictures AG FRG XTRA EUR Germany 18 60.8 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 52 251.5 NA
GameOn Co Ltd. 3812 TSE JPY Japan 98,600 100.8 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0 47.3 NA
Giant Interactive Group, Inc. GA NYSE USD China 8 1,737.4 NA
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 3 162.5 751
Glu M obile, Inc. GLUU NasdaqGM USD United States 1 44.0 479
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 2 55.6 469
Gree, Inc. TSE:3632 TSE JPY Japan 5,210 2,492.0 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 282,300 342.6 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,230 82.9 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 295.3 276
Hutchison Telecommunications Hong Kong Holdings Ltd.SEHK:215 SEHK HKD Hong Kong 2 1,066.7 NA
IAC/InterActiveCorp. IACI NasdaqGS USD United States 23 2,534.1 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0 9.2 NA
infoGROUP, Inc. IUSA NasdaqGS USD United States 8 465.0 3,146
Internet Group SA WSE:IGR WSE PLN Poland 1 12.3 NA
www.mackieresearch.com34
Public Company Listing cont.
Company Name Ticker Exchange
Trading
Currency HQ
Current
Pr ice
US$ Market
Cap (mm) Employees
iseemedia Inc. IEE TSXV CAD Canada 0.12 8.3 79
Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.25 11.1 NA
Kent International Holdings Inc. KNTH OTCPK USD United States 1.80 6.4 NA
Kingsoft Corporation Limited 3888 SEHK HKD China 6.26 878.1 NA
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 6.9 NA
Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.59 7.3 65
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.59 27.3 NA
M ixi, Inc. 2121 TSE JPY Japan 601,000.00 982.6 NA
M obile Data Corp. M BYL OTCBB USD United States 0.11 2.6 2,936
M odern Times Group M tg AB M TG B OM SEK Sweden 450.10 4,073.0 2
M oggle, Inc DB:M 0C DB EUR United States 1.14 70.2 NA
M OKO.mobi Limited M KB ASX AUD Australia 0.09 9.9 NA
M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.18 40.5 405
M yriad Group AG M YRN SWX CHF Switzerland 3.70 165.3 NA
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 40,150.00 757.3 2,901
NetDragon WebSoft, Inc. 777 SEHK HKD China 4.19 285.3 NA
Netease.com Inc. NTES NasdaqGS USD China 34.40 4,455.5 224
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.68 78.4 NA
NeXplore Corporation NXPC OTCPK USD United States 0.44 24.5 NA
Ngi Group Inc. 2497 TSE JPY Japan 57,800.00 75.7 160
Northgate Technologies Limited 590057 BSE INR India 17.95 14.1 2,523
OAO RBC Information Systems RBCI M ICEX RUB Russia 46.08 212.3 3,411
Open Text Corp. OTEX NasdaqGS USD Canada 41.81 2,374.0 590
Openwave Systems Inc. OPWV NasdaqGS USD United States 2.31 193.5 NA
Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.17 6.9 20
Paid Inc. PAYD OTCBB USD United States 0.34 91.4 NA
Perfect World Co., Ltd. PWRD NasdaqGS USD China 34.07 1,697.6 NA
PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.80 60.9 91
Points International Ltd. TSX:PTS TSX CAD Canada 0.56 82.8 71
Quepasa Corp. QPSA OTCBB USD United States 5.39 69.9 NA
Real Value Estates, Inc. RVLU OTCBB USD Israel 1.03 6.6 1,754
RealNetworks Inc. RNWK NasdaqGS USD United States 4.41 596.0 NA
Sahara M edia Holdings, Inc. SHHD OTCBB USD United States 0.25 8.4 220
Score M edia Inc. TSX:SCR TSX CAD Canada 0.88 70.6 NA
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 45.25 3,043.3 519
Shutterfly, Inc. SFLY NasdaqGS USD United States 23.42 627.6 NA
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Public Company Listing cont.
Company Name Ticke r Exchange
Trading
Currency HQ
Current
Pr ice
US$ Market
Cap (mm) Employees
SK Communications Co., Ltd. A066270 KOSE KRW South Korea 18,550.00 695.1 15
SNAP Interactive, Inc. STVI OTCBB USD United States 0.26 8.6 NA
Socialwise, Inc. SCLW OTCBB USD United States 0.56 27.2 3,997
Sohu.com Inc. SOHU NasdaqGS USD China 48.49 1,831.3 155
Spark Networks, Inc. LOV AM EX USD United States 3.55 73.1 NA
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.10 6.9 916
Taleo Corp. TLEO NasdaqGM USD United States 26.48 1,050.1 7,515
Tencent Ho ldings Ltd. 700 SEHK HKD China 164.40 38,745.0 7,665
The New York Times Company NYT NYSE USD United States 10.17 1,480.2 NA
The9 Limited NCTY NasdaqGS USD China 6.42 163.8 274
TheStreet.com, Inc. TSCM NasdaqGM USD United States 3.80 119.9 28
TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.72 40.6 700
Tree.Com, Inc. TREE NasdaqGM USD United States 8.63 95.0 39
Unilava Corporation UNLA OTCBB USD United States 0.42 42.0 NA
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.11 2.6 1,699
United Online, Inc. UNTD NasdaqGS USD United States 8.11 702.0 NA
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.4 1,086
ValueClick, Inc. VCLK NasdaqGS USD United States 10.51 854.7 450
Velti P lc VEL AIM GBP United Kingdom 3.38 193.2 2
VOIS, Inc. VOIS OTCBB USD United States 0.01 10.0 83
WebM ediaBrands Inc WEBM NasdaqGS USD United States 1.16 43.5 NA
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 12,150.00 128.8 80
Wizzard Software Corporation WZE AM EX USD United States 0.24 15.6 NA
Worlds.com Inc. WDDD OTCBB USD United States 0.12 6.4 NA
XING AG O1BC XTRA EUR Germany 26.90 182.9 NA
YD Online Corp. A052770 KOSE KRW South Korea 6,110.00 82.0 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 3,120.00 22.3 -
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Disclaimer
RELEVANT DISCLOSURES APPLICABLE TO: NONE
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.Information about Mackie Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories is available on our web site at www.mackieresearch.com. The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Mackie Research Capital Corporation assume any responsibility or liability. Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. Contents of this report cannot be reproduced in whole or in part without the expressed permission of Mackie Research Capital Corporation. (U.S. Institutional Clients — Research Capital U.S.A. Inc. (a wholly owned subsidiary of Mackie Research Capital Corporation) accepts responsibility for the contents of this report subject to the terms & limitations set out above. Firms orinstitutions receiving this report should effect transactions in securities discussed in the report through Research Capital U.S.A. Inc., a Broker-Dealer Registered with the United States Securities and Exchange Commission).
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