Von den für 2007/2008 angekündigten drei bis vier Monetarisierungen bei den Kernbeteiligungen ist bisher her nur kleinste gelaufen, Marketron. Es stehen somit noch zwei bis drei an: die Kandidaten sind Metastorm, die das schon konkret angekündigt haben, sowie Starcite, ICGCommerce und Creditex (zwar kein Kernbeteiligung, wurde aber bei den erwähnten drei bis vier Monetarisierung bei der Ankündigung mit einbezogen). Hinzu kommt in 2008 noch der wahrscheinliche Börsengang von Emptoris, wo Internet Capital zwar nur 5% hält, was aber trotzdem 50 Millionen bringen kann. Als nächstes (neben Emptoris) dürfte Metastorm dran sein.
Two important questions about Metastorm 10-Dec-07 10:12 am
Quarter in 2008, when the ipo will happen?
What will be the amount of the market-cap by an ipo?
Friday, October 26, 2007 Growing tech firm Metastorm considering IPO in '08Testing the market Baltimore Business Journal - by Scott Dance Staff
nicholas griner | staff CEO Robert Farrell has led Metastorm’s recent growth. The company has doubled its R&D staff. View Larger Related News Metastorm expands software line with another acquisition [Baltimore] Metastorm acquires European software firm [Baltimore] Hawker sells charter business [Wichita] DVD rental kiosks added at Valley Walgreens stores [Phoenix] Mitchell deal brings Ruth's Chris its coveted downtown presence [Columbus] Boosted by profitability and product line expansions, software firm Metastorm Inc. is considering going public in 2008, the company's CEO said.
The Baltimore-based company recently doubled its research and development staff, hiring 35 new developers of its software products, which help businesses and government organizations streamline large-scale, complicated processes. And in a deal largely backed by a recent round of venture capital, Metastorm broadened its capabilities by acquiring a Michigan software firm in August.
Company officials are monitoring revenue, profits and their product diversity, among other variables, with an IPO at the midpoint of next year in mind, CEO Robert Farrell said. Metastorm would be the first local software firm to go public since Columbia-based Sourcefire earlier this year and Baltimore-based Visicu in 2006 -- at a time when tech companies have been leading the IPO charge on Wall Street.
Metastorm scored a $30 million round of venture capital funding led by Baltimore-based ABS Capital Partners in August and used most of it to buy Proforma Corp., a Southfield, Mich.-based firm, Farrell said. The acquisition added the ability for clients to simulate the results of changes in business processes, complementing products Metastorm already had that focus on management and organization of processes.
Metastorm client Blockbuster Inc., for example, uses the software to monitor and organize its supply of movies at all of its stores. The London Underground uses it to organize and track incidents of broken-down trains, passenger injuries and other important situations. And Great Clips hair salons use it to organize openings of new franchise locations.
Sentiment : Strong Buy Rating : (No ratings) flankenking
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Re: Two important questions about Metastorm 10-Dec-07 10:15 am Continue of the last posting:
The software niche is known in the industry as business process management, or BPM.
The company's major software lines are being organized into a new platform, Metastorm Enterprise. As Metastorm has been updating its product line, it has been considering an IPO for about a year, Farrell said. Executives view that route as the best way to grow through future acquisitions to compete with other firms specializing in their segment of the software industry as well as giants like IBM and Oracle.
Michael Zisman, a member of Metastorm's board of directors, said he thinks an IPO is appropriate for a company like Metastorm because it enables it to grow market share through more acquisitions. Software companies are consolidating as the industry matures, Zisman added, and Metastorm aims to establish a long-standing presence. Zisman is also managing director at Wayne, Pa.-based Internet Capital Group, a Metastorm investor.
Metastorm executives will continue to work to ensure the predictability of the firm's profit margin before opening its books to Wall Street, Zisman said. The company has been profitable for 13 quarters, Farrell said. In August he said Metastorm's revenue tops $70 million a year.
Doug Schmidt, CEO of Bethesda investment bank Chessiecap Inc., said he thinks significant growth and bulk as a company are required for a successful software company IPO in today's market. Benchmarks such as $30 million to $40 million in sales, strong profitability and a $100 million market capitalization are minimums to get people interested in software firms going public, he said.
According to a report on venture-backed IPOs by Dow Jones VentureOne, technology companies have led the IPO market this year with 10, raising $1.7 billion in the second quarter -- a best for the industry since 2000. Money raised by all IPOs in the second quarter of 2007 totaled $2.73 billion, more than twice the amount raised during the same period last year.
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Re: Two important questions about Metastorm 10-Dec-07 10:41 am Last quarterly report of Metastorm was excellent, ready for an ipo:
Metastorm’s Growth and Leadership Continue
Global Enterprise Software Vendor Delivers Strong Q3 Financial Results and Completes Strategic Acquisition
BALTIMORE, MD – November 7, 2007 – Metastorm, a leading provider of Business Process Management (BPM), Business Process Analysis (BPA), and Enterprise Architecture (EA) software for aligning strategy with execution, today announced financial results for its third quarter ending September 30, 2007. The privately held company posted record software revenues, increased profitability and reported a continued increase in enterprise-wide deployments of its software. The company hit all of its financial targets while at the same time completing the acquisition of Proforma Corporation – a strategic move that extended Metastorm’s reach into new markets, substantially increased its revenue base, and extended the company’s product portfolio. Inclusive of the Proforma acquisition, Metastorm experienced 47% growth in total revenues year-over-year.
The expansion of Metastorm’s product portfolio to include enterprise modeling as well as its traditional business process management capabilities was well received by existing customers, many of whom expressed interest in adding Metastorm ProVision® to their existing Metastorm BPM® deployments. The ability to sell into three growing markets – EA, BPA, and BPM – combined with the new opportunities now available to Metastorm within its existing customer base has had a very positive impact on the performance of the company.
Metastorm added over 65 customers to its portfolio in Q3, including Batelco (Bahrain), Boeing (U.S.), Blue Cross Blue Shield of Louisiana (U.S.), Network Rail (U.K.), Maserati (Italy), Macy’s (U.S.), State Farm (U.S.), and United States Department of Education (U.S.). Existing customers expanding their use of Metastorm software included Blue Cross Blue Shield of Florida (U.S.), Conair (U.S.), DHS Customs & Border Protection (U.S.), Telenor (Norway), United States Department of Veterans Affairs (U.S.), and Wyeth (U.S.). Strong adoption rates and large enterprise license deals enabled Metastorm to post its 12th consecutive quarter of profitable growth.
The Metastorm BPM and Metastorm ProVision Suites are among the leading business process improvement products on the market today. As such, the company is frequently recognized by external parties. In Q3, Metastorm was recognized by both Deloitte Technology and Inc. magazine for its strong growth and was awarded the KMWorld Trend-Setting Product 2007 award for its product innovation and proven customer success.
“Our message of unifying strategy, analysis and execution with the help of a single technology platform from Metastorm is clearly resonating in the market,” stated Robert Farrell, chairman and CEO of Metastorm. “Metastorm customers and partners responded very favorably to our acquisition of Proforma Corporation in Q3, and that strategic move has already resulted in many new revenue opportunities for the company. Our ability to execute a significant acquisition while concurrently delivering strong financial performance is a testament to the successful and focused operating model we have established at Metastorm. Over the years, we have continually demonstrated our ability to both execute and innovate – a combination that has allowed us to maintain our market leadership position and will serve us well as we continue our growth in the future.”
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Re: Two important questions about Metastorm 7 minutes ago By the aquisition of Proforma Metastorm reported from revenus of 72-73 million in 2007 and an estimate of 100 million in 2008.
Very interessant is a comparison of the report of the third quarter (with the aquisition of Proforma) and the second quarter with only organic growth.
About the third quarter "The company hit all of its financial targets while at the same time completing the acquisition of Proforma Corporation – a strategic move that extended Metastorm’s reach into new markets, substantially increased its revenue base, and extended the company’s product portfolio. Inclusive of the Proforma acquisition, Metastorm experienced 47% growth in total revenues year-over-year."
About the second quarter: "The privately held company posted record software revenues and maintained profitability, experienced 26% license growth year-over-year, and reported a continued increase in enterprise deployments of the Metastorm BPM® suite from both new and existing customers."
I believe, we can recognize, that the organic growth of Metastorm is about 25-30% and that the aquisition of Proforma increased the revenus about 20%.
My estimate for a ipo-market-cap in 2008 is about a half billion. Base of this estimate are revenues of more than 100 million in 2008, because after the estimate of 100 million by the aquisition of Proforma Metastorm bought two additional companies in the last weeks.
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