Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

Metastorm Expands in Asia to Address Growing Demand for Business Process Improvement Technology

Opening of Hong Kong office and appointment of regional director demonstrates Metastorm’s commitment to servicing EA and BPM customers in Asia


BALTIMORE, MD USA and HONG KONG, CHINA – February 3, 2010 – 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 the expansion of its Asia-Pacific operations – including the opening this week of a new Hong Kong office and the appointment of Paul Watts as Director of Asia Operations – to address growing demand for its software in the region.

The use of enterprise architecture and business process management software has grown rapidly over the past several years as a result of its ability to help organizations see the big picture of their operations, reduce costs, improve productivity, gain better visibility and control, and adapt more quickly to changing market conditions. Organizations in Asia seeking tools for business process improvement and business transformation have been quick to recognize Metastorm as a valuable resource for addressing these challenges. Metastorm customers in the region include AKPK, Bank Of China, Chubb & Sons, SBB Mutual, Standard Chartered Bank, and Talisman Energy.

“Metastorm has significant customers in Asia deploying our technology on an enterprise basis,” stated Bob Farrell, chairman and CEO of Metastorm. “The opening of our Hong Kong office and the appointment of Paul to run our operations in the region will be extremely valuable in providing local support to our customers as well as expanding our partner network to further accelerate our growth and meet the increasing demand for Metastorm’s software and business process improvement expertise.”

Paul Watts joins Metastorm from TIBCO and brings over 18 years of experience establishing and growing international businesses, developing channel partners, and meeting the demands of business and government customers in Asia.

“Metastorm is a global leader in a fast growing market, and I am pleased to be joining the company,” stated Paul Watts, newly appointed director of Asia Operations for Metastorm. “I am extremely enthusiastic about the opportunity we have in Asia, and I look forward to helping organizations in the region address their business challenges through the use of our software and our many years of BPM best practice experience.”

The flexibility of Metastorm’s software to handle multi-byte and right-to-left languages and its unique multi-language processor for creating a single master process and deploying it in multiple languages have given Metastorm a unique advantage over other BPM and EA vendors in deploying and supporting global processes and multi-national organizations. More information on Metastorm and its software is available at www.metastorm.com.

The Metastorm Asia office can be reached at 21/F, The Center, 99 Queen's Road Central, Hong Kong; telephone +852 3478 3827.

About Metastorm
With a focus on enterprise visibility, resource optimization, efficiency and agility, Metastorm offers market-leading software for enterprise and business architecture (EA), business process analysis (BPA), and business process management (BPM). As an integrated product portfolio, Metastorm Enterprise allows organizations to improve business results by better aligning strategy with execution. By combining the power of these three disciplines onto a common platform, Metastorm is helping organizations worldwide focus on the right business improvements, instill stronger governance, and accelerate time to value. For more information and success stories on organizations powering strategic advantage with Metastorm Enterprise, visit www.metastorm.com.

©  

dass zumindest das tröpchenweise (meines Erachtens zu vorsichtige) Zurückkaufen fortgesetzt wird, denn Liqudität ist ohne Ende vorhanden:

Look at the big liquidity on the end of the third quarter:

LiquidityCash & Escrows**$71MM

BBBB***$74MM

GOI*** $10MM

ICE (escrow)*** $ 6MM

That are all together 161 million. After the end of thírd quarter to sold some shares of BBBB, but this increased the cash. And they used 20 million of the cash to buy 89% of Govdelivery.

And therefore exist a lot of money for the buy back of shares.  

http://messages.finance.yahoo.com/...p;mid=256982&tof=1&frt=2  

Therefore my estimates for the next five quarters are:

4. Quarter 2009: 22 million

1. Quarter 2010: 23.5 million

2. Quarter 2010: 25 million

3. Quarter 2010: 26.5 million

4. Quarter 2010: 28 million

If we now add the revenues of the four quarter of 2010 = 103 million.

By 4-times-revenues of competitors the value of ICGCommcr is 412 million. Internet Capital owns 64% = 263 million. That alone is a lot more than the market-cap of Internet Capital.  

Let us look now after 15 month at Starcite.

There exist now facts about the revenues of 2008: 50.5 million

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

And I believe that the numbers of my estimate of 55 million are a real base for 2009. Revenues of 2010 will be about 65 million.
   
By 3.5-times revenues for the 65 million of 2010 = 227 million.

Internet Capital owns 36% of Starcite = 81 million.  

Freeborders könnt Ihr unter 4403 lesen:

"Lower than in my estimates was the revenues of Freeborders in 2009: only near 40 million.

But a lot of activites (for example sale of two smaller american companies and a cooperation with Birlasoft from India) will bring strong growth to about 55 million. By 4-times-revenues the value = 220 million. Value of the 31% of Internet Capital = 68 million."  

Let us now look at Metastorm, Revenues in 2008 was 74.9 million:

http://www.inc.com/inc5000/2009/company-profile.html?id=200916390

But I believe, we had a small decrease or stagnation in 2009. My estimate for the revenus in 2009 are between 70 and 75 million. My estimate for 2010 is about 90 million.

By 2.5-times-revenues the value of Metastorm is 225 million. Internet Capital owns 33% = 74 million.  

mit Channelintelligence:

www.channelintelligence.com

wenn man sich das einmal durchliest:

http://www.ftd.de/it-medien/medien-internet/...t-google/50070285.html  

ist jetzt gerade verkauft worden. Allerdings ist IBX mit 30 Millionen Euro Umsatz nur in etwa halb so groß als ICGCommerce, das 80 Millionen Dollar in 2009 umgesetzt hat und auch etwas mehr als die doppelte Anzahl von Mitarbeitern beschäftigt als IBX.

http://www.presseportal.de/pm/16952/1554435/capgemini/  

so lange durchhalte.

Die Erklärung ist ziemlich simpel: Die Fundamentals deuten eher auf einen Kurs von 20 Dollar hin als auf einen von 6 Dollar.

Warum sind es aber nur 6 Dollarn werden jetzt einige von Euch fragen. Wie Ihr vielleicht wisst, glaube ich in einem beschränkten Umfang schon an die Effizienz der Märkte, und zwar was die Informationen anbetrifft. Ich habe aber auch schon vielfach angeführt, dass Märkte vor allem wegen Emotionen nicht effizient sind - und das sehe ich bei Internet Capital wie sonst bei keiner anderen Aktie. Denn wir dürfen nicht vergessen, dass diese Aktien schon einmal das 800-fache ihres momenten Preises wert war. Und viele ware damals mit aus heutiger Sicht minimalen Stückzahlen in dieser Aktie und erlebten einen extremen Absturz. Wo ich mich auch verschätzt habe, ist die Geschwindigkeit, mit der negativen Emotionen, die aus einem solchen Absturz resultieren, abgebaut werden. Ich habe vermutet, dass das keine 10 Jahre erfordert, was aber offensichtlich der Fall ist. Auf der anderen Seite hätte ich ohne die Emotionen meinen momentanen Bestand nicht so billig aufbauen können.

Hier mehr zu den Emotionen:

http://www.forbes.com/2010/02/08/...tein-fisher.html?partner=yahootix  

http://news.idg.no/cw/art.cfm?id=A0E5EAFE-1A64-67EA-E404DF79DA015559  

 

http://www.metastorm.com/news/2009/111709_german.pdf  

den weltweit größten Pure Play auf diesem Sektor, sind die Aussichten der Branche:  

gartner_makes_bpm_predictions_for_2010

Internet Capital hält 33% on Metastorm.  

im letzten Posting:

The Gartner research made five predictions about where BPM is headed in 2010 and beyond. Overall, Gartner research vice president Janelle Hill saw BPM growing in acceptance.

“The BPM market continues to be a healthy market. Even in 2009, many vendors had a decent year. One of the really big changes was the acquisition of Lombardi by IBM and Savvion by Progress Software. These two acquisitions coming so quick is a big indicator finally that the market is moving from what Geoffrey Moore called the early majority to the late majority stage,” said Hill.

She anticipated more acquisitions and BPM companies announcing they would go public this year. The move to becoming a “late majority” technology would also act as confirmation to CIOs that the technology is sound and an area where they should invest.  

http://finance.yahoo.com/news/...igns-pz-1347354814.html?x=0&.v=1


Die 64% an ICGCommerce sind Internet Capitals wichtigste Beteiligung.  

http://messages.finance.yahoo.com/...63166&tof=1&frt=2#263166  

Kunden und die Ausweitung der Beziehungen mit Bestandskunden von großer Bedeutung, da dies ein Intensivierung des Poolings mitsichbringt, was wiederum Netzwerkeffekt schafft, die kleinern Wettbewerbern den Eintritt in den Markt erschwert:

http://de.wikipedia.org/wiki/Netzwerkeffekt

Daher dominieren das Procurement Outsourcing im engeren Sinne eigentlich auch nur wenige Unternehmen: ICGCommerce, IBM, Accenture und Ariba.

Nur wenn man den Begriff weiter fasst und auch die Rechnungsstellung und Zahlungsabwicklung einbezieht, wächst die Bedeutung auch anderer Firmen wie z.B. die Genpact, die meines Erachtens ein enormes Interessse am Kauf von ICGCommcere haben und das auch problemlos stemmen können, z.B. weil sie auch in eigenen Aktien bezahlen könnten, wie das schon einmal bei einem Verkauf einer Beteiligung von Internet Capital abgelaufen ist.  

Papier über den im vorstehenden Text angesprochenen Markt:

http://www.earthtimes.org/articles/show/...ets-2009-top,1159600.shtml  

dem Artikel in meinem letzten Posting:

"The global market for Business Process Outsourcing (BPO) is forecast to reach $750 billion in 2009. Although, at $2 billion in 2010, Procurement BPO is still a relatively small proportion of the market it is showing one of the fastest growth rates with CAGR of 41%. Procurement Outsourcing promises companies the benefits of cost savings in indirect costs as well the opportunity for value creation."  

http://messages.finance.yahoo.com/...63186&tof=1&frt=2#263186  

ICGCommerce (die wertvollste Beteiligung von Internet Capital, wo sie 64% halten) und Open Table, die gestern fast 700 Millionen kosteten an.

http://messages.finance.yahoo.com/...p;mid=263187&tof=1&frt=2  

ICG Commerce is an outsourced procurement services provider. In the third quarter of 2009, ICG Commerce’s revenue grew to $20.5 million, compared to $14.7 million in the same 2008 period. ICG Commerce’s EBITDA improved to $2.6 million in the third quarter, compared to $0.3 million in the comparable 2008 period. ICG Commerce’s cash balance at September 30, 2009 was approximately $20.6 million. ICG has a 64% ownership position in ICG Commerce.

Leading procurement services provider that helps companies manage significant portions of their non-core spend—In a typical company, particularly those in manufacturing and in CPG that amount could be as much as 20% of overall revenues

Financial PerformanceReported Q3 2009 revenue of $20.5 million –40% increase compared to Q3 2008

Q3 EBITDA of $2.6 million compared to $0.3 million in the prior year period

Expects 2009 revenues to exceed $80 million

Cash position at 9/30/09 of approximately $20.6 million

Target customers are Fortune 1000 firms with a billion and a half dollars of revenue and up. Strong focus on CPG manufacturing and pharmaceutical industries

Significant customers include Kimberly Clark, Goodyear, Whirlpool, and Clorox, Chiquita Brands, Greif, Pinnacle, Teva Pharmaceuticals

Revenue model: fixed fee for service which is driven by the amount of spend, the number and complexity of categories, and the scope of services.


OpenTable reports strong 4th-quarter results; shares rise sharply
On Wednesday February 10, 2010, 3:50 pm EST
SAN FRANCISCO (AP) -- Shares of OpenTable Inc., which provides online restaurant reservations and guest management services for restaurants, rose sharply Wednesday after the company reported surprisingly good fourth-quarter results.
Citi Investment Research analyst Mark S. Mahaney said that while industry wide reservations are essentially flat year-over-year, OpenTable's reservations grew 40 percent.
"We continue to believe network effects and industry stabilization should drive continued growth acceleration in seatings and reservation revenues near term," he said.
He said OpenTable has a "significant" growth opportunity, since the company, which went public in May, only serves a single-digit percentage of U.S. restaurant reservations.
He reiterated his "Buy" rating on the stock and raised his price target to $38 from $35.
Shares rose $5.67, or 23 percent, to $30.66 during afternoon trading. The stock has traded between $24.04 and $35.50 since going public in May.
Quarterly profit totaled $3.1 million, or 13 cents per share, compared with a loss of $875,000, or 9 cents per share a year ago.
Revenue rose 32 percent to $19.2 million from $14.5 million last year.
During the quarter, subscription revenue rose 18 percent to $9.6 million, while reservation revenue rose 47 percent to $8.5 million.
For the year, profit totaled $5.1 million, or 22 cents per share, compared with a loss of $1 million, or 10 cents per share last year.
Revenue rose 23 percent to $68.6 million from $55.8 million last year.


After Hours: 0.00 N/A (N/A) 7:00pm ET
Last Trade: 30.66
Trade Time: Feb 10
Change: 0.00 (0.00%)
Prev Close: 30.66
Open: N/A
Bid: 30.00 x 100
Ask: 31.44 x 2000
1y Target Est: 33.00
Day's Range: N/A - N/A
52wk Range: 24.04 - 33.76
Volume: 0
Avg Vol (3m): 140,235
Market Cap: 685.96M
P/E (ttm): 547.50
EPS (ttm): 0.06
Div & Yield: N/A (N/A  

Revenues of ICGCommerce with 20.6 million in the third quarter was higher than the 19.2 million of Open Table in last quarter report. I believe, that in last quarter the revneues of ICGCommerce increased from the 20.6 million to 22 million, which making the difference in the revenues bigger.


Revenues of Open Table in 2009 was only 69 million, the revenues of ICGCommerce exceed $80 million.


Revenue-growth of ICGCommerce was with 39.5% bigger than the revenue-growth of Open Table of 32%.
ICG Commerce’s revenue grew to $20.5 million, compared to $14.7 million in the same 2008 period, that are an increase of 39.5%. Revenue of Open Table rose 32 percent to $19.2 million from $14.5 million last year.

Market-cap of Open Table was yesterday 685 million.  

Was müsste dann nach Eurer Meinung ICGCommerce wert sein? Wenn man annimmt, genauso viel wie Open Table, wären 64% daran schon fast das Doppelte der momentanen Marktkapitalisierung. Ca. 150 Millionen Cash und die anderen Beteiligungen neben ICGCommerce gäbe es dann umsonst.