10 06-29 web 2.0 weekly
DESCRIPTION
June financing well ahead of average: Financing in the Web 2.0 universe in June was the third highest month (over the past 12) with total transaction value (excluding M&A) of $459.6 million from 51 transactions, averaging $9.0 million each - led by the $147 million Zynga financing. In comparison, total capital raised in June 2009 was $226.3 million, averaging $4.5 million over 50 deals. Excluding Dec 09 and Apr 10, the average monthly total is ~$260 million.Deals (M&A, Finance)Alloy, a provider of news and commentary concerning New Media, was acquired by ZelnickMedia for $127 mm.Facebook’s implied valuation rose to $24 bn as Elevation Partners purchased 5 mm shares of the company for $120 mm in the secondary market. Danish Skype competitor, Vopium, received $16.5 mm in financing from Indian financier, Raghuvinder Kataria.Social networking software developer based in France, Pearltrees, raised $1.6 mm.PapayaMobile, mobile application software company based in China, raised $4 mm.Two Israeli mobile developers received funding this week, including Perfecto Mobile ($4 mm) and Snaptu ($6 mm). Negative price performanceThe Web 2.0 public company universe fell this week, with 68% of companies seeing their market cap fall vs. 25% rising and 7% flat.TRANSCRIPT
www.mackieresearch.com
Web 2.0 Weekly
“World Cup of Financings as ROW Participates”
Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved
June 29, 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) – Worldwide Financings – World Cup Related?
� Alloy, a provider of news and commentary concerning New Media, was acquired by ZelnickMedia for $127 mm.
� Facebook’s implied valuation rose to $24 bn as Elevation Partners purchased 5 mm shares of the company for $120 mm in the secondary market.
� Danish Skype competitor, Vopium, received $16.5 mm in financing from Indian financier, Raghuvinder Kataria.
� Social networking software developer based in France, Pearltrees, raised $1.6 mm.
� PapayaMobile, mobile application software company based in China, raised $4 mm.
� Two Israeli mobile developers received funding this week, including Perfecto Mobile ($4 mm) and Snaptu ($6 mm).
Financial Results/Guidance/Partnerships/Product� Multiplied Media (TSXV:MMC) announced the availability of local weather functionality
for the iPhone version of its Poynt local search mobile application.
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Public Company Data
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Aggregate Public Data
Web 2.0 Public Companies Total Median Max Min# Companies 101 - - -
Market Cap (US$ mm) 76,167.1 73.3 30,613.7 1.2
Revenue (US$ mm) 23,488.2 56.7 3,057.7 0.0
1 Year revenue growth 5.7% 8961.6% -100.0%
EBITDA as % of revenue - 13.3% 63.1% -99.5%
Net cash (US$ mm) 9,046.6 2.3 1,836.0 -670.8
TEV/Revenue - 1.9x 47.4x 0.0x
TEV/EBITDA - 8.8x 49.3x 0.5x
P/E - 16.8x 94.5x 0.0x
Relative to 52 week high -40.9% -1.6% -95.6%
Source: CapitalIQ
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Public Company Distribution
By Sector By Country
Source: CapitalIQ
28
16
10
8
65
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
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
Hong K
ong
Ge
rma
ny
Po
land
Au
str
alia
Un
ited
Kin
gdom
Italy
Fin
lan
d
Sw
ed
en
India
Ru
ssia
Mala
ysia
Sw
itz
erla
nd
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Valuation Dashboard – 1 Week
Rising
25%
Falling
68%
Flat
7%
Rising
23%
Falling
75%
Flat
2%
Rising
28%
Falling
68%
Flat
4%
Market Cap
Rising
32%
Falling
68%
Flat
0%
EV/Revenue
EV/EBITDA P/E
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Median EV/Revenue
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x5
/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
5/1
0/2
01
05
/17
/20
10
5/2
4/2
01
05
/31
/20
10
6/7
/20
10
6/1
4/2
01
06
/21
/20
10
6/2
8/2
01
0
383839393940394042424445464646464749515151535456616161616366666666666670717073747069727272747476807880808181808282858384
Mu
ltip
le (
x)
Median Long-term average
# companies
Source: CapitalIQ
Revenue multiples down slightly, still
well below LT average
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Median EV/EBITDA
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
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
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
20 20 22 22 23 2322 2224 2423 2324 24 26 26 2626 2525 26 28 3030 34 3336 36 38 3839 40 39 4141 39 3939 43 43 4142 43 43 42 43 43 4546 45 50 5050 53 52 52 51 51 4951
Multiple (x)
Median Long-term average
# companies
Source: CapitalIQ
EV/EBITDA multiples down, depressed below LT average
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Median P/E
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
35. 0x
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
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
19 18 19 18 19 1919 1920 2019 1819 19 20 20 2125 2425 25 27 2827 30 3132 32 32 3333 35 37 3939 39 4039 40 41 4240 40 40 38 37 38 3433 32 35 3535 35 35 35 35 34 3434
Multiple (x)
Median Long-term average
# companies
Source: CapitalIQ
P/E multiples also down and below LT average
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Average EV/Revenue – by Sector
36.3
13.4
9.98.4
5.3 4.7 4.3 4.2 3.7 3.5 3.3 3.2 2.8 2.7 2.5 2.3 2.0 1.9 1.8 1.40.4
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0V
irtu
al W
orld
Infr
astr
uctu
re
Div
ers
ifie
d
Learn
ing
Socia
l N
etw
ork
ing
Music
Vert
ical C
om
munitie
s
Searc
h
Gam
ing
Mobile
SM
S/V
oic
e
Mark
eting
Podcasting
Advert
isin
g
Colla
bora
tion
Media
Inte
rnet
Reta
il
Vid
eo
Ente
rprise
Dating
Fin
ancia
l S
erv
ices
1 2 7 1 8 2 1 1 21 4 3 6 1 3 1 9 2 1 3 2 1# Companies
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Average EV/EBITDA – by Sector
49.3
45.4
18.2
15.6
11.7 11.7 11.7 11.09.7 9.3 8.9
-
10.0
20.0
30.0
40.0
50.0
60.0
Fin
ancia
l S
erv
ices
Searc
h
Ente
rprise
Mobile
Gam
ing
Inte
rnet
Reta
il
Div
ers
ifie
d
Socia
l N
etw
ork
ing
Advert
isin
g
Media
Colla
bora
tion
1 1 2 2 14 2 5 6 1 6 1# Companies
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Average P/E – by Sector
93.0
56.3
39.1
34.9
29.0
25.5
15.013.6 13.2
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Internet Retail Enterprise Collaboration Diversified Marketing Social
Networking
Advertising Media Gaming
2 3 1 8 6 16 3 10 28# Companies
www.mackieresearch.com13
47
36
33
26
16
13
11 11 1110
98
7 7 7 7 65
4 4 4 4 4 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
NeXplore Corporation
Worlds.com Inc.
SocialGO PLC
SpectrumDNA, Inc.
Tencent Holdings Ltd.
Paid Inc.
GeoSentric Oyj
Beyond Commerce, Inc.
Gree, Inc.
MOKO.mobi Limited
Chinese Gamer International
Lingo Media Corporation
Fluid Music Canada, Inc.
DigitalPost Interactive, Inc.
Dena Co. Ltd.
TransGaming, Inc.
Accelerize New Media, Inc.
HUGHES Telematics, Inc.
WebMediaBrands Inc
SK Communications Co., Ltd.
Changyou.com Limited
Taleo Corp.
Mixi, Inc.
Frogster Interactive Pictures AG
Kingsoft Corporation Limited
Wizzard Software Corporation
iseemedia Inc.
Open Text Corp.
NEOWIZ Games Corporation
ePro Ltd.
Modern Times Group Mtg AB
XING AG
GungHo Online Entertainment, Inc.
Shutterfly, Inc.
Sohu.com Inc.
Velti Plc
Score Media Inc.
UOMO Media, Inc
PNI Digital Media Inc.
NeuLion Incorporated
ValueClick, Inc.
Myriad Group AG
HanbitSoft, Inc.
Webzen Inc.
Unilava Corporation
Platforma Mediowa Point Group S.A.
Spark Networks, Inc.
YD Online Corp.
Gamania Digital Entertainment Co., Ltd.
Hutchison Telecommunications Hong
infoGROUP, Inc.
SNAP Interactive, Inc.
NetDragon WebSoft, Inc.
Ynk Korea Inc.
Oriented Media Group Berhad
CornerWorld Corporation
OAO RBC Information Systems
Internet Group SA
AQ Interactive, Inc.
The New York Times Company
CDC Corp.
TheStreet.com, Inc.
Northgate Technologies Limited
IAC/InterActiveCorp.
Points International Ltd.
Cyberplex Inc.
United Online, Inc.
Uniserve Communications Corp.
AOL, Inc.
DADA SpA
Glu Mobile, Inc.
GigaMedia Ltd.
Actoz Soft Co., Ltd.
Tree.Com, Inc.
Openwave Systems Inc.
GameOn Co Ltd.
RealNetworks Inc.
Jumbuck Entertainment Limited
Asknet AG
LookSmart, Ltd.
EV/Revenue Ranking
Source: CapitalIQ
NeXplore has highest revenue multiple at 47x
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49.3
45.4
38.0
30.729.1
21.319.018.317.6
16.315.915.314.814.614.013.612.812.010.0 9.7 9.2 8.9 8.8 8.6 8.4 8.3 8.3 8.1 7.9 7.6 7.6 7.5 7.4 7.2 6.7 6.7 6.4 5.6 5.4 4.8 3.7
2.5 2.21.1
0.0
10.0
20.0
30.0
40.0
50.0
60.0
Tree.Com, Inc.
SK Communications Co., Ltd.
HanbitSoft, Inc.
Tencent Holdings Ltd.
Taleo Corp.
Frogster Interactive Pictures AG
Gree, Inc.
Chinese Gamer International
Myriad Group AG
Modern Times Group Mtg AB
Mixi, Inc.
Shutterfly, Inc.
Dena Co. Ltd.
TheStreet.com, Inc.
AQ Interactive, Inc.
Openwave Systems Inc.
Score Media Inc.
YD Online Corp.
IAC/InterActiveCorp.
Cyberplex Inc.
GungHo Online Entertainment, Inc.
Open Text Corp.
Platforma Mediowa Point Group S.A.
Gamania Digital Entertainment Co., Ltd.
DADA SpA
NEOWIZ Games Corporation
XING AG
PNI Digital Media Inc.
Velti Plc
Uniserve Communications Corp.
NetDragon WebSoft, Inc.
Kingsoft Corporation Limited
CDC Corp.
Spark Networks, Inc.
infoGROUP, Inc.
ValueClick, Inc.
Changyou.com Limited
Hutchison Telecommunications Hong Kong Holdings Ltd.
The New York Times Company
Sohu.com Inc.
United Online, Inc.
Actoz Soft Co., Ltd.
AOL, Inc.
GameOn Co Ltd.
EV/EBITDA Ranking
Excluding EV/EBITDA > 100xSource: CapitalIQ
Tree.com leads the group at 49.3x
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94.5 93.0
57.2 55.4
48.846.9
40.939.1
37.0
32.5 32.4 31.2
24.7 24.6 24.3
19.517.3 16.3 15.5 15.0
13.2 13.1 12.9 11.1 9.5 9.4 8.86.0
3.3 2.2 2.0 1.9
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
ePro Ltd.
Shutterfly, Inc.
Points International Ltd.
CDC Corp.
Mixi, Inc.
infoGROUP, Inc.
Tencent Holdings Ltd.
Open Text Corp.
Gree, Inc.
Dena Co. Ltd.
NetDragon WebSoft, Inc.
Gamania Digital Entertainment Co., Ltd.
Chinese Gamer International
Velti Plc
Frogster Interactive Pictures AG
NEOWIZ Games Corporation
Hutchison Telecommunications Hong Kong Holdings Ltd.
The New York Times Company
ValueClick, Inc.
Cyberplex Inc.
Sohu.com Inc.
DADA SpA
Kingsoft Corporation Limited
AOL, Inc.
GameOn Co Ltd.
Changyou.com Limited
United Online, Inc.
Uniserve Communications Corp.
Jumbuck Entertainment Limited
Netease.com Inc.
Giant Interactive Group, Inc.
Shanda Interactive Entertainment Ltd.
P/E Ranking
Source: CapitalIQ
ePro has the highest P/E at 94.5x
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Total Market Capitalization
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
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
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
98 98 98 98 98 98 98 98 98 97 98 98 98 98 99 99 99 99 99 99 99100100100100100100100100100100100100101101101101101101101101101101101101101101101101101101101
(US$m)
# companies
Source: CapitalIQ
Total market cap decreases to $76 bn
www.mackieresearch.com17
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
40,000.0D
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
Music
SM
S/V
oic
e
Advert
isin
g
Dating
Fin
ancia
l S
erv
ices
Vid
eo
Virtu
al W
orld
Vert
ical C
om
munitie
s
Paym
ent
Infr
astr
uctu
re
Podcasting
Learn
ing
8 28 10 16 1 6 3 2 1 5 2 3 3 2 1 1 2 1 1 3 1 1# Companies
Eight Diversified companies totaling $35 bn in market cap
www.mackieresearch.com18
Market Cap Ranking
0
1,000
2,000
3,000
4,000
5,000
6,000
Tencent H
old
ings L
td.
Dena C
o. Ltd
.N
ete
ase.c
om
Inc.
Gre
e, In
c.
Modern
Tim
es G
roup M
tg A
BIA
C/Inte
rActiv
eC
orp
.S
handa Inte
ractiv
e E
nte
rtain
ment Ltd
.A
OL, In
c.
Open T
ext C
orp
.G
iant In
tera
ctiv
e G
roup, In
c.
Sohu.c
om
Inc.
The N
ew
York
Tim
es C
om
pany
Changyou.c
om
Lim
ited
Perf
ect W
orld C
o., L
td.
Hutc
his
on T
ele
com
munic
atio
ns H
ong K
ong H
old
ings
Tale
o C
orp
.V
alu
eC
lick, In
c.
NE
OW
IZ G
am
es C
orp
ora
tion
SK
Com
munic
atio
ns C
o., L
td.
Chin
ese G
am
er
Inte
rnatio
nal
Mix
i, In
c.
Shutterf
ly, In
c.
Kin
gsoft C
orp
ora
tion L
imite
dU
nite
d O
nlin
e, In
c.
info
GR
OU
P, In
c.
RealN
etw
ork
s Inc.
CD
C C
orp
.G
ungH
o O
nlin
e E
nte
rtain
ment, Inc.
Gam
ania
Dig
ital E
nte
rtain
ment C
o., L
td.
NetD
ragon W
ebS
oft, In
c.
Velti
Plc
Myriad G
roup A
GX
ING
AG
Openw
ave S
yste
ms Inc.
Flu
id M
usic
Canada, In
c.
OA
O R
BC
Info
rmatio
n S
yste
ms
Gig
aM
edia
Ltd
.W
ebzen Inc.
The9 L
imite
dA
Q Inte
ractiv
e, In
c.
TheS
treet.com
, In
c.
HU
GH
ES
Tele
matic
s, In
c.
Acto
z S
oft C
o., L
td.
Poin
ts Inte
rnatio
nal L
td.
HanbitS
oft, In
c.
Gam
eO
n C
o L
td.
Cyberp
lex Inc.
DA
DA
SpA
Paid
Inc.
Tre
e.C
om
, In
c.
Spark
Netw
ork
s, In
c.
Score
Media
Inc.
Fro
gste
r In
tera
ctiv
e P
ictu
res A
GN
euLio
n Incorp
ora
ted
YD
Onlin
e C
orp
.Q
uepasa C
orp
.P
NI D
igita
l Media
Inc.
Moggle
, In
cN
gi G
roup Inc.
Gra
vity
Co., L
tdP
latform
a M
edio
wa P
oin
t G
roup S
.A.
Glu
Mobile
, In
c.
WebM
edia
Bra
nds Inc
Dig
italT
ow
n, In
c.
Tra
nsG
am
ing, In
c.
eP
ro L
td.
Multi
plie
d M
edia
Corp
ora
tion
Socia
lwis
e, In
c.
LookS
mart
, Ltd
.G
eoS
entr
ic O
yj
Accele
rize N
ew
Media
, In
c.
Ynk K
ore
a Inc.
Asknet A
GN
eX
plo
re C
orp
ora
tion
VO
IS, In
c.
Nort
hgate
Technolo
gie
s L
imite
dW
izzard
Softw
are
Corp
ora
tion
Lin
go M
edia
Corp
ora
tion
Dolp
hin
Dig
ital M
edia
, In
c.
Jum
buck E
nte
rtain
ment Lim
ited
iseem
edia
Inc.
Unila
va C
orp
ora
tion
Inte
rnet G
roup S
AS
ocia
lGO
PLC
Kent In
tern
atio
nal H
old
ings Inc.
Dig
italP
ost In
tera
ctiv
e, In
c.
MO
KO
.mobi L
imite
dW
orlds.c
om
Inc.
SN
AP
Inte
ractiv
e, In
c.
Beyond C
om
merc
e, In
c.
YouB
last G
lobal,
Inc.
En2G
o Inte
rnatio
nal,
Inc.
Spectr
um
DN
A, In
c.
Kiw
ibox.C
om
, In
c.
IAS
Energ
y, In
c.
Unis
erv
e C
om
munic
atio
ns C
orp
.O
riente
d M
edia
Gro
up B
erh
ad
Corn
erW
orld C
orp
ora
tion
Bro
adW
ebA
sia
Inc.
UO
MO
Media
, In
cM
obile
Data
Corp
.
Source: CapitalIQ
Tencent’s $31 bn market cap dominates group
www.mackieresearch.com19
Price Performance – 1 Week
Price Momentum• Negative price momentum, with 66% of
stocks falling over the past week.
• The market has oscillated between up and down weeks fairly consistently in the last two months.
Rising
25%
Flat
9%
Falling
66%
www.mackieresearch.com20
Average Price Performance – 1 Week, by Sector
14.6%13.7%
7.4%5.9%
3.3%1.5% 0.7% 0.0%
-0.4% -0.6%-2.0% -2.4% -3.1% -3.2%
-4.5% -4.7% -4.9%-6.0%
-8.3% -8.8%-10.5%
-13.3%-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Vid
eo
Vir
tua
l W
orl
d
Ad
vert
isin
g
Infr
astru
ctu
re
En
terp
rise
Sea
rch
Ma
rketin
g
Po
dca
stin
g
Inte
rnet R
eta
il
Co
llab
ora
tion
Pa
ym
en
t
Ga
min
g
Mo
bile
Div
ers
ifie
d
Datin
g
Mu
sic
Fin
an
cia
l
Se
rvic
es
Ve
rtic
al
Co
mm
un
itie
s
Le
arn
ing
Me
dia
So
cia
l
Ne
two
rkin
g
SM
S/V
oic
e
Source: CapitalIQ
Video sector shows highest weekly returns
www.mackieresearch.com21
Price Performance – 1 Week
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
YB
LT
BW
BA
IAS
C.A
BY
OC
UN
LA
VO
IST
SX
V:T
NG
24
97
DP
DM
MK
BT
SX
V:M
MC
SE
HK
:80
86
PW
RD
OM
ED
IAN
XP
CK
IWB
UO
MO
WS
E:IG
RA
SX
:JM
BH
UT
CA
IM:S
GO
TS
XV
:LM
TS
E:2
43
2D
GT
WC
YO
US
OH
UR
NW
KG
RV
YW
EB
MA
05
27
70
KO
SE
:A0
69
08
0S
TV
IV
EL
AO
LG
TS
M:3
08
3T
RE
EW
SE
:PG
MN
TE
SV
CL
K3
88
83
81
2X
TR
A:A
5A
RB
CI
IEE
61
80
NY
TL
OV
UN
TD
GA
LO
OK
TS
XV
:PN
MT
G B
TS
E:3
63
2IA
CI
DG
LP
SC
LW
GIG
MT
SX
:CX
70
0A
02
37
70
SN
DA
MY
RN
A0
52
79
0A
09
56
60
OT
EX
OP
WV
IUS
AG
EO
1V
MB
YL
TS
X:P
TS
CW
RL
ET
GI
WZ
ES
EH
K:2
15
DB
:M0
CO
1B
C
TS
X:F
MN
TS
CM
A0
66
27
0T
LE
OS
FL
Y7
77
GL
UU
NC
TY
21
21
CM
:DA
TS
X:S
CR
38
38
PA
YD
A0
47
08
0F
RG
CH
IN.A
KN
TH
TS
XV
:US
S3
76
55
90
05
7Q
PS
AT
SX
:NL
NS
PX
AA
CL
ZW
DD
D
Source: CapitalIQ
www.mackieresearch.com22
Price Performance (Top 10)
1 Month
0%5%
10%15%20%25%30%35%40%45%50%
Un
ise
rve
Co
mm
un
ica
tion
s
Co
rp.
SN
AP
Inte
ract
ive
, In
c.
Gre
e,
Inc.
Ha
nb
itS
oft
, In
c.
SK
Co
mm
un
ica
tion
s
Co
., L
td.
Act
oz S
oft
Co
.,
Ltd
.
Cyb
erp
lex
Inc.
AQ
In
tera
ctiv
e,
Inc.
Ne
uL
ion
Inco
rpo
rate
d
Fro
gste
r
Inte
ractiv
e
Pic
ture
s A
G
3 Month
0%20%
40%60%
80%100%
120%140%
160%180%
Beyond
Com
merc
e,
Inc.
eP
ro L
td.
SK
Com
munic
ations
Co.,
Ltd
.
Poin
ts
Inte
rnational Ltd
.
Unis
erv
e
Com
munic
ations
Corp
.
Glu
Mobile
, In
c.
Velti P
lc
Gre
e,
Inc.
AQ
Inte
ractive,
Inc.
LookS
mart
, Ltd
.
6 Month
0%
500%
1000%
1500%
2000%
2500%
3000%
OA
O R
BC
Info
rmation
Syste
ms
eP
ro L
td.
Beyond
Com
merc
e,
Inc.
AQ
Inte
ractive,
Inc.
Score
Media
Inc.
Unis
erv
e
Com
munic
ations
Corp
.
Velti P
lc
Quepasa C
orp
.
SN
AP
Inte
ractive,
Inc.
Poin
ts
Inte
rnational Ltd
.1 Year
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
4000%
4500%
OA
O R
BC
Info
rma
tio
n
Sys
tem
s
eP
ro L
td.
Qu
ep
asa
Co
rp.
Ve
lti P
lc
Flu
id M
usi
c
Ca
na
da
, In
c.
De
na
Co
. L
td.
AQ
In
tera
ctiv
e,
Inc.
SK
Co
mm
un
ica
tion
s
Co
., L
td.
Gre
e,
Inc.
Tra
nsG
am
ing
,
Inc.
Source: CapitalIQ
www.mackieresearch.com23
Price Performance (Bottom 10)
1 Week
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
MO
KO
.mobi
Lim
ited
Multi
plie
d
Media
Corp
ora
tion
Dolp
hin
Dig
ital
Media
, In
c.
Ngi G
rou
p Inc.
Tra
nsG
am
ing,
Inc.
VO
IS,
Inc
.
Unila
va
Corp
ora
tion
Be
yond
Co
mm
erc
e,
Inc.
IAS
En
erg
y,
Inc.
Bro
adW
ebA
sia
Inc.
YouB
last
Glo
ba
l, In
c.
1 Month
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Lin
go M
edia
Co
rpora
tion
Beyo
nd
Co
mm
erc
e,
Inc
.
VO
IS, In
c.
Dolp
hin
Dig
ital
Me
dia
, In
c.
Ge
oS
entr
ic O
yj
Bro
adW
eb
Asia
Inc.
Mo
bile
Data
Corp
.
Corn
erW
orl
d
Corp
ora
tion
YouB
last
Glo
ba
l, In
c.
Unila
va
Co
rpora
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%
Sp
ectr
um
DN
A,
Inc.
Lin
go
Me
dia
Co
rpora
tion
VO
IS, In
c.
YouB
last
Glo
bal,
Inc.
MO
KO
.mo
bi
Lim
ited
En2G
o
Inte
rnatio
na
l,
Inc.
UO
MO
Me
dia
,
Inc
Corn
erW
orld
Corp
ora
tion
Un
ilava
Co
rpora
tion
Bro
adW
eb
Asia
Inc
.1 Year
-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
Moggle
, In
c
Lin
go M
edia
Corp
ora
tion
Dolp
hin
Dig
ital
Media
, In
c.
Spectr
um
DN
A,
Inc.
IAS
Energ
y,
Inc.
Beyond
Com
merc
e,
Inc.
Corn
erW
orld
Corp
ora
tion
UO
MO
Media
,
Inc
En2G
o
Inte
rnatio
nal,
Inc.
Bro
adW
ebA
sia
Inc.
Source: CapitalIQ
www.mackieresearch.com24
Capital Market Activity (Financing, M&A)
www.mackieresearch.com25
Financing Activity – Current MonthCom pany Nam e C ountry Sector Acquis ition Angel/Seed Debt financing Ser ies A Series B Series C Series D Series E NA Grand Total
Zynga US A Gaming 147.0 147.0
Alloy US A Media 126.5 126.5
Invite Media US A Analytics 70.0 70.0
FetchBack US A Advertis ing 40.0 40.0
Playdom US A Gaming 33.0 33.0
HauteL ook US A Internet R etail 31.0 31.0
Challenge Games US A Gaming 20.5 20.5
Mytopia Is rael Gaming 18.0 18.0
Vopium Denmark SMS /V oice 16.5 16.5
ReputationDefender US A Comment/Reputation 15.0 15.0
Brand.net US A Advertis ing 14.0 14.0
Marin Softw are US A Advertis ing 11.2 11.2
GetJ ar Netw ork s US A Mobile 11.0 11.0
Book Rente r US A S oc ial Commerce 10.0 10.0
Apptera US A Mobile Ad 10.0 10.0
Rock You US A Widget 10.0 10.0
Extrem eReach US A Advertis ing 9.0 9.0
Machinim a.com US A V irtual World 9.0 9.0
Safe tyWeb US A Social Netw orks 8.0 8.0
Kudzu Inte ractive US A Financial S ervices 7.0 7.0
Trans pera US A Mobile Ad 7.0 7.0
Curs e US A Social Netw orks 6.0 6.0
Snaptu Is rael Mobile 6.0 6.0
L ijit Netw orks US A S earch 6.0 6.0
Adis n US A Advertis ing 5.5 5.5
Connotate US A Analytics 5.3 5.3
Res onate Netw ork s US A Advertis ing 5.0 5.0
Bebo UK Social Netw orks 5.0 5.0
Metacafe US A V ideo 5.0 5.0
BeachMint US A S oc ial Commerce 5.0 5.0
BigDoor Media US A Media 5.0 5.0
Spons orPay Germany V irtual Goods 4.6 4.6
LucidMedia US A Advertis ing 4.5 4.5
Tr iggit US A Advertis ing 4.2 4.2
Perfecto Mobile Is rael Mobile 4.0 4.0
PapayaMobile China Mobile 4.0 4.0
Magnetic US A Advertis ing 4.0 4.0
Gogobot US A Travel 4.0 4.0
Giiv US A S oc ial Commerce 3.4 3.4
Nuxeo France Enterpris e 3.3 3.3
Tre fis US A Analytics 3.2 3.2
Attr ibutor US A Analytics 3.2 3.2
ViaCL IX US A V ideo 3.1 3.1
Heyzap US A Gaming 3.0 3.0
Metam ark ets US A Advertis ing 2.5 2.5
Snaptic US A Mobile 2.3 2.3
WOWIO US A Internet R etail 1.7 1.7
uC irrus US A Infras tructure 1.7 1.7
HitFix US A Media 1.6 1.6
Pear ltrees France S ocial Netw orks 1.6 1.6
Ce llixis US A Comment/Reputation 1.5 1.5
Dilithium Netw ork s US A V ideo 1.5 1.5
Schoology US A Online Learning 1.3 1.3
Thum btack US A Crow ds ourced Content 1.2 1.2
SoGeo Netherlands Location-bas ed S NS 0.8 0.8
Rum m ble UK Location-bas ed S NS 0.8 0.8
Team Snap US A V ertical Communities 0.7 0.7
285.5 6.0 1.5 58.4 70.2 76.0 181.9 10.0 55.6 745.1
www.mackieresearch.com26
Financing Activity – Current Month, by Sector
Other
24%
Gaming
30%
Media
18%
Advertising
13%
Internet Retail
4%Analytics
11%
$ Raised # Deals
Other
57%
Gaming
9%
Media
5%
Advertising
17%
Analytics
9%
Internet Retail
3%
www.mackieresearch.com27
5.4
6.3
8.8
6.4
9.6
12.2
7.8
10.3
5.7
13.9
5.5
9.0
4.5
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1000.0
Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10
(US
$m
)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
(US
$m
)
Total Average per Deal LTM Total Average***Dec-09 includes $180m Zynga investment
Apr-10 includes $300m DST investment
Jun-10 includes $147m Zynga investment**Excludes Dec-09, Apr-
10
Financing Activity
June financing turning out to be one of the strongest aggregate deal value
months in the year
www.mackieresearch.com28
0.0
100.0
200.0
300.0
400.0
500.0
600.0
Gam
ing
Media
Div
ers
ified
Mobile
Colla
bora
tion
Socia
l Com
merc
e
Advert
isin
g
Cro
wdsourc
ed
Conte
nt
Analy
tics
Vid
eo
Inte
rnet R
eta
il
Socia
l Netw
ork
s
Fin
ancia
l Serv
ices
Virtu
al W
orld
Ente
rprise
Wid
get
Vert
ical C
om
muniti
es
Mobile
Ad
Infr
astr
uctu
re
Com
ment/R
eputa
tion
SM
S/V
oic
e
Mobile
Paym
ent
Virtu
al G
oods
Searc
h
Onlin
e L
earn
ing
Music
Aggre
gatio
n
Tra
vel
Cla
ssifi
ed
Publis
hin
g
Locatio
n-b
ased S
NS
Mic
roblo
g
Mic
rom
edia
Blo
g
15 11 1 13 5 9 20 3 14 9 5 11 5 5 5 2 9 3 5 2 1 1 2 5 2 2 1 4 1 1 4 1 1 1
(US
$m
)
# companies
Capital Market Activity Ranking – by Sector, last three months
Advertising the biggest area of
interest in the past quarter
www.mackieresearch.com29
Top 5 Sectors (2008-present)
$ Raised # Deals
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
Ja
n-0
8
Fe
b-0
8
Mar-
08
Ap
r-08
May-0
8
Ju
n-0
8
Jul-
08
Aug-0
8
Sep-0
8
Oc
t-08
No
v-0
8
Dec-0
8
Ja
n-0
9
Fe
b-0
9
Mar-
09
Ap
r-09
May-0
9
Ju
n-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oc
t-09
No
v-0
9
Dec-0
9
Ja
n-1
0
Fe
b-1
0
Mar-
10
Ap
r-10
May-1
0
Ju
n-1
0
(US
$ m
m)
Social Networks Gaming Advertising Video Virtual World
0
5
10
15
20
25
30
Ja
n-0
8
Fe
b-0
8
Mar-
08
Ap
r-08
May-0
8
Ju
n-0
8
Jul-
08
Aug-0
8
Sep-0
8
Oc
t-08
No
v-0
8
Dec-0
8
Ja
n-0
9
Fe
b-0
9
Mar-
09
Ap
r-09
May-0
9
Ju
n-0
9
Jul-
09
Aug-0
9
Sep-0
9
Oc
t-09
No
v-0
9
Dec-0
9
Ja
n-1
0
Fe
b-1
0
Mar-
10
Ap
r-10
May-1
0
Ju
n-1
0
(# D
eals
)
Social Networks Advertising Gaming Virtual World Video
Top 5 sectors average $170 mm & 15 deals per month (aggregate)
www.mackieresearch.com30
Financing Momentum
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Se
p-0
4
No
v-0
4
Ja
n-0
5
Ma
r-0
5
Ma
y-0
5
Ju
l-0
5
Se
p-0
5
No
v-0
5
Ja
n-0
6
Ma
r-0
6
Ma
y-0
6
Ju
l-0
6
Se
p-0
6
No
v-0
6
Ja
n-0
7
Ma
r-0
7
Ma
y-0
7
Ju
l-0
7
Se
p-0
7
No
v-0
7
Ja
n-0
8
Ma
r-0
8
Ma
y-0
8
Ju
l-0
8
Se
p-0
8
No
v-0
8
Ja
n-0
9
Ma
r-0
9
Ma
y-0
9
Ju
l-0
9
Se
p-0
9
No
v-0
9
Ja
n-1
0
Ma
r-1
0
Ma
y-1
0
(US
$m
)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
(US
$m
)
Total (LTM) Average Size (LTM)
Approaching the previous high set in the summer of 2008 – just before
the crash!
www.mackieresearch.com31
Financing by Type (LTM)
# Deals $ Raised
Financing by T ype -LT M
(# deals )
PIPE
0.4%
NA
16.1%
Angel/S eed
15.1%
Debt f inanc ing
3.0%
S eries A
23.9%S eries B
20.7%
S eries C
14.9%
S eries D
5.0%
S eries E
1.0%
Financing by T ype - LT M
(amount rais ed)
PIPE
7.3%
NA
15.3%
Angel/S eed
3.2%
Debt f inancing
1.0%
S eries A
11.1%
S eries C
28.8%
S eries D
11.4%
S eries E
4.1%
www.mackieresearch.com32
Financing by Geography (LTM)
# Deals $ Raised
Financing/M&A by Country - LTM (#)
Israel
2.2%
USA
81.0%
UK
3.3%
Canada
2.9%
China
2.2%
ROW
8.4%
Financing/M&A by Country - LTM ($)
UK
7.0% Russia
3.3%
USA
55.5%
Luxembourg
22.0%
Israel
3.3%
China
3.2%
Canada
1.8%
ROW
3.9%
www.mackieresearch.com33
Financing by Type
# Deals $ Raised
Financing by Type
(Number of Deals)
7 7 7
21 17 13
25
55
2116
6
43
2111
17
49
138
18
39
21 21 21
63
21
10 14
45
9 17
18
44
1317
15
45
12
11
18
41
1015
13
38
2516 12
53
2
23
7
22
3
7
3 2
4
9
2
2
3
7
2 1
-
3
3
1 7
11
1
00
1
02
0
2
0 1
0
1
8
7
8
23
4 10
13
27
11
810
29
31
1924
74
28
34
46
108
37 36
25
98
43
31
46
120
2934
44
107
60
4650
156
-
20
40
60
80
100
120
140
160
180
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-09
Aug
-09
Sep
-09
Q3/0
9
Oc
t-09
Nov-0
9
Dec-0
9
Q4/0
9
Jan-1
0
Feb-1
0
Ma
r-1
0
Q1/1
0
Apr-
10
May-1
0
Jun-1
0
Q2/1
0
(#)
Other
Late Stage (D/E)
Mid-Stage (B/C)
Early Stage (Angel/A)
Financing by Type
(Amount raised)
95.047.6 48.9
191.5
74.4 55.3 80.7
210.4
73.4 39.0 17.5
129.956.0 63.1 64.6
183.7
46.3 28.8 48.6123.6
53.4 60.7 64.4
178.5
199.1
108.0122.0
429.0
74.6 98.4111.7
284.6
99.8 168.8
87.2
355.8
123.8 114.5
316.4
554.8
127.8 163.4134.3
425.5
374.8
143.6146.2
664.6
19.0
48.2 27.0
94.2
12.0
205.0
18.3
235.3
31.019.8
133.1
183.9
32.0 52.5
76.5
161.0
47.0 10.0 -
57.0
66.6
4.0
191.9
262.5
0.0
0.0 0.0
0.0
0.0
5.1
0.0
5.1
0.00.0 0.0
0.0
70.684.2
116.4
271.1
5.0
157.9
72.5
235.4
45.5
50.7
55.6
151.8
313.1
203.7197.9
714.7
161.0
363.7
210.7
735.4
204.2227.6237.8
669.6
282.4314.2
573.9
1,170.6
226.1
360.0
255.4
841.5
540.2
259.0
458.1
1,257.3
-
200.0
400.0
600.0
800.0
1,000.0
1,200.0
1,400.0
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
Ma
y-1
0
Ju
n-1
0
Q2
/10
(US
$m
)
Other
Late Stage (D/E)
Mid-Stage (B/C)
Early Stage (Angel/A)
Total
www.mackieresearch.com34
Top 10 Deals (2010 YTD)
Financing Acquisitions
300.0
147.0135.0
50.0 50.044.0 40.0 35.0 33.0 31.0
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Dig
ita
l S
ky
Te
ch
no
log
ies
Zyn
ga
Gro
up
on
Qiy
i
Gla
m M
ed
ia
Liv
ing
So
cia
l
Tre
mo
r M
ed
ia
Gilt G
rou
pe
Pla
yd
om
Ha
ute
Lo
ok
225.0
187.5
160.0
142.0
126.5
100.0
80.075.0
70.0
59.8
0
50
100
150
200
250
Siri ICQ Turbine Jigsaw Alloy Ankeena
Networks
Mochi
Media
Tsavo
Media
Invite
Media
GameHi
www.mackieresearch.com35
Upcoming Events/Earnings
Source: CapitalIQ
Company Date Time Quarter Conf Call Details
The New York Times Company (NYSE:NYT) 22-Jul-10 11:00 AM (EST) Q2/10 888-293-6979
Tree.Com, Inc. (NasdaqGM:TREE) 29-Jul-10 11:00 AM (EST) Q2/10 877-874-1588
www.mackieresearch.com36
Public Company ListingC om pany Nam e Ticker Exchange
Trading
C urrency HQ
C urrent
Price
US$ Market
C ap (m m ) Em ployees
Accelerize New M edia, Inc. ACLZ OTCBB USD United States 1 20.3 10
Actoz Soft Co., Ltd. A052790 KOSE KRW South Korea 12,250 90.3 NA
AOL, Inc. AOL NYSE USD United States 22 2,324.4 6,700
AQ Interactive, Inc. 3838 TSE JPY Japan 158,800 96.7 NA
Asknet AG XTRA:A5A XTRA EUR Germany 3 19.2 NA
Beyond Commerce, Inc. BYOC OTCBB USD United States 0 5.5 16
BroadWebAsia Inc. BWBA OTCPK USD United States 0 1.7 46
CDC Corp. CHIN.A NasdaqGS USD Hong Kong 2 277.0 NA
Changyou.com Limited CYOU NasdaqGS USD China 27 1,389.2 1,308
Chinese Gamer International GTSM :3083 GTSM TWD Taiwan 271 725.3 NA
CornerWorld Corporation CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CAD Canada 1 82.5 NA
DADA SpA CM :DA CM EUR Italy 4 79.4 597
Dena Co. Ltd. TSE:2432 TSE JPY Japan 2,591 4,136.6 NA
DigitalPost Interactive, Inc. DGLP OTCBB USD United States 0 6.5 6
DigitalTown, Inc. DGTW OTCBB USD United States 1 33.0 NA
Dolphin Digital M edia, Inc. DPDM OTCBB USD United States 0 10.5 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
ePro Ltd. SEHK:8086 SEHK HKD Hong Kong 1 30.2 707
Fluid M usic Canada, Inc. TSX:FM N TSX CAD United States 2 178.4 NA
Frogster Interactive P ictures AG FRG XTRA EUR Germany 21 64.8 NA
Gamania Digital Entertainment Co., Ltd. 6180 GTSM TWD Taiwan 53 262.4 NA
GameOn Co Ltd. 3812 TSE JPY Japan 76,600 82.9 NA
GeoSentric Oyj GEO1V HLSE EUR Finland 0 22.2 120
Giant Interactive Group, Inc. GA NYSE USD China 7 1,603.9 1,575
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2 120.6 NA
Glu M obile, Inc. GLUU NasdaqGM USD United States 1 39.2 479
Gravity Co., Ltd GRVY NasdaqGM USD South Korea 2 43.2 455
Gree, Inc. TSE:3632 TSE JPY Japan 7,480 3,788.6 NA
GungHo Online Entertainment, Inc. 3765 OSE JPY Japan 212,600 273.2 NA
HanbitSoft, Inc. A047080 KOSE KRW South Korea 4,875 88.8 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 91.0 276
Hutchison Telecommunications Hong Kong Holdings Ltd.SEHK:215 SEHK HKD Hong Kong 2 1,039.1 1,732
IAC/InterActiveCorp. IACI NasdaqGS USD United States 23 2,552.6 3,200
IAS Energy, Inc. IASC.A OTCPK USD Canada 0 3.7 NA
infoGROUP, Inc. IUSA NasdaqGS USD United States 8 459.1 3,146
Internet Group SA WSE:IGR WSE PLN Poland 1 7.3 NA
www.mackieresearch.com37
Public Company Listing cont.
C om pany Nam e Ticke r Exchange
Trading
C urrency HQ
C urrent
Price
US$ Market
C ap (m m ) Em ployees
Jumbuck Entertainment Limited ASX:JM B ASX AUD Australia 0.19 8.1 79
Kent International Ho ldings Inc. KNTH OTCPK USD United States 1.95 6.9 NA
Kingsoft Corporation Limited 3888 SEHK HKD China 4.15 581.5 2,735
Kiwibox.Com, Inc. KIWB OTCBB USD United States 0.01 4.5 6
Lingo M edia Corporation TSXV:LM TSXV CAD Canada 0.44 12.4 NA
LookSmart, Ltd. LOOK NasdaqGM USD United States 1.33 22.8 65
M ixi, Inc. 2121 TSE JPY Japan 411,500.00 712.4 NA
M obile Data Corp. M BYL OTCBB USD United States 0.05 1.2 NA
M odern Times Group M tg AB M TG B OM SEK Sweden 441.60 3,764.7 2,936
M oggle, Inc DB:M 0C DB EUR United States 0.85 49.0 2
M OKO.mobi Limited M KB ASX AUD Australia 0.06 6.2 NA
M ultiplied M edia Corporation TSXV:M M C TSXV CAD Canada 0.12 29.0 NA
M yriad Group AG M YRN SWX CHF Switzerland 4.45 199.2 NA
NEOWIZ Games Corporation A095660 KOSE KRW South Korea 41,800.00 732.8 NA
NetDragon WebSoft, Inc. 777 SEHK HKD China 3.66 247.4 2,901
Netease.com Inc. NTES NasdaqGS USD China 31.74 4,111.0 NA
NeuLion Incorporated TSX:NLN TSX CAD Canada 0.55 62.1 224
NeXplore Corporation NXPC OTCPK USD United States 0.32 17.8 NA
Ngi Group Inc. 2497 TSE JPY Japan 32,300.00 44.8 NA
Northgate Technologies Limited 590057 BSE INR India 17.80 13.4 NA
OAO RBC Information Systems RBCI M ICEX RUB Russia 37.06 161.5 2,523
Open Text Corp. OTEX NasdaqGS USD Canada 38.50 2,186.0 3,700
Openwave Systems Inc. OPWV NasdaqGS USD United States 2.14 179.5 590
Oriented M edia Group Berhad OM EDIA KLSE M YR M alaysia 0.08 3.1 NA
Paid Inc. PAYD OTCBB USD United States 0.28 74.6 20
Perfect World Co., Ltd. PWRD NasdaqGS USD China 22.16 1,109.3 2,896
Platfo rma M ediowa Point Group S.A. WSE:PGM WSE PLN Poland 1.38 42.7 NA
PNI Digital M edia Inc. TSXV:PN TSXV CAD Canada 1.52 50.4 NA
Points International Ltd. TSX:PTS TSX CAD Canada 0.62 89.9 93
Quepasa Corp. QPSA OTCBB USD United States 4.15 53.8 71
RealNetworks Inc. RNWK NasdaqGS USD United States 3.39 458.5 1,754
Score M edia Inc. TSX:SCR TSX CAD Canada 0.87 68.4 230
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 39.98 2,373.9 5,721
Shutterfly, Inc. SFLY NasdaqGS USD United States 25.24 677.8 519
SK Communications Co., Ltd. A066270 KOSE KRW South Korea 20,800.00 726.2 NA
www.mackieresearch.com38
Public Company Listing cont.
C om pany Nam e Tick er Exchange
Trading
C urrency HQ
C urrent
Price
US$ Mark et
Cap (m m ) Em ployees
SocialGO PLC AIM :SGO AIM GBP United Kingdom 0.01 7.0 9
Socialwise, Inc. SCLW OTCBB USD United States 0.49 24.5 NA
Sohu.com Inc. SOHU NasdaqGS USD China 41.54 1,571.0 3,997
Spark Networks, Inc. LOV AM EX USD United States 3.43 70.6 155
SpectrumDNA, Inc. SPXA OTCBB USD United States 0.07 4.8 8
Taleo Corp. TLEO NasdaqGM USD United States 26.02 1,034.6 916
Tencent Holdings Ltd. 700 SEHK HKD China 130.20 30,613.7 7,845
The New York Times Company NYT NYSE USD United States 9.74 1,418.1 7,665
The9 Limited NCTY NasdaqGS USD China 4.18 106.6 1,010
TheStreet.com, Inc. TSCM NasdaqGM USD United States 2.95 93.1 274
TransGaming, Inc. TSXV:TNG TSXV CAD Canada 0.55 31.6 28
Tree.Com, Inc. TREE NasdaqGM USD United States 6.54 73.3 700
Unilava Corporation UNLA OTCBB USD United States 0.08 8.0 40
Uniserve Communications Corp. TSXV:USS TSXV CAD Canada 0.13 3.6 NA
United Online, Inc. UNTD NasdaqGS USD United States 6.16 536.7 1,699
UOM O M edia, Inc UOM O OTCBB USD Canada 0.02 1.4 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 11.50 935.2 1,086
Velti P lc VEL AIM GBP United Kingdom 4.27 241.9 459
VOIS, Inc. VOIS OTCBB USD United States 0.01 14.2 2
WebM ediaBrands Inc WEBM NasdaqGS USD United States 0.94 35.2 83
Webzen Inc. KOSE:A069080 KOSE KRW South Korea 11,050.00 108.9 326
Wizzard Software Corporation WZE AM EX USD United States 0.20 13.2 80
Worlds.com Inc. WDDD OTCBB USD United States 0.10 5.7 1
XING AG O1BC XTRA EUR Germany 28.35 180.4 293
YD Online Corp. A052770 KOSE KRW South Korea 4,510.00 56.3 NA
Ynk Korea Inc. A023770 KOSE KRW South Korea 2,900.00 19.2 NA
YouBlast Global, Inc. YBLT OTCBB USD United States 0.15 5.2 6
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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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