The public offering of a start-up Internet search firm has run aground after the underwriter pulled out of the deal, according to a report published Wednesday.
The New Jersey-based Accoona withdrew its $80.5 million initial public offering, after a little-known underwriter Maxim Group said they were no longer interested in the deal after conducting their due diligence review, the New York Times reported. Maxim did not specify their reasons for backing out.
This marks the second time this year that Accoona failed in a bid to go public, according to the paper. Earlier hit year, Accoona abandoned plans to list its shares on London's AIM exchange.
Accoona told the Times it was in discussion with other underwriters and hoped to continue with the public offering. The failed public offering marks the latest development in Accoona's checkered history, according to the paper. Three years ago it heralded its arrival at a press conference that featured former President Bill Clinton. The company's founder, Marc Armand Rousso, has had several brushes with the law including pleading guilty to stock fraud charges in 1998, the Times reported.
While the Web site has struggled to build its traffic and advertising base, relying on revenue from other holdings, Accoona's CEO defended the company to the paper.
"I can assure you that Accoona is a genuine company with legitimate operations, and one which is very excited about the potential of its products," Valentine Zammit, Accoona's chief executive, said in an email exchange with the paper.
Source: money.cnn.com
Web search IPO stalls on underwriter doubts
September 8, 2007, 8:05 amForget iPhone, the Gphone is here
September 8, 2007, 8:04 am
Google, the nearly $13.5 billion search engine major, is believed to be a fortnight away from the worldwide launch of its much-awaited Google Phone (Gphone) and has started talks with service providers in India for an exclusive launch on one of their networks.
Talks are believed to be taking place with Bharti Airtel and Vodafone Essar, respectively India's first and third largest mobile telephony operators, and state-owned Bharat Sanchar Nigam.
Sources close to the development said a simultaneous launch across the US and Europe is expected, and announcements would be sent to media firms in India and other parts of the world. US regulatory approval, which is expected soon, is the only hurdle that Google is waiting to cross, they added. Google plans to invest $7-8 billion for its global telephony foray.
In India, it is also believed to be in talks with Indian providers to offer data and content and platforms including Instant Messaging (IM) and Search functions. However, these could not be confirmed.
A Google spokesperson said, "We don't comment on market rumour or speculation. However, Google is committed to providing users with access to the world's information, and mobile becomes more important to those efforts every day. We're collaborating with partners worldwide to bring Google search and applications to mobile users everywhere. However, we have nothing to announce at this time."
Reports of the Internet major getting into handset manufacturing as an answer to Apple's iPhone has been doing rounds in cyberspace and international media for some time. These reports suggest that Google has developed a prototype that will hit the markets in a year's time. The US-based company has neither confirmed nor denied these reports. The Wall Street Journal too had reported that Google had invested "hundreds of millions of dollars" in the project and was involved in discussions with US-based T-Mobile and Verizon Wireless.
Globally, Google is likely to participate in the upcoming auction for 700 MHz spectrum for which it is prepared to spend up to $4.6 billion. The firm is also introducing ads to YouTube videos which could be replicated on mobile phones. Ironically, Google recently partnered Apple to produce services such as e-mail and maps for its iPhone handset. And Eric Schmidt, Google's chief executive, said recently that more Google services for the iPhone would be rolled out.
Source: Rediff.com
Talks are believed to be taking place with Bharti Airtel and Vodafone Essar, respectively India's first and third largest mobile telephony operators, and state-owned Bharat Sanchar Nigam.
Sources close to the development said a simultaneous launch across the US and Europe is expected, and announcements would be sent to media firms in India and other parts of the world. US regulatory approval, which is expected soon, is the only hurdle that Google is waiting to cross, they added. Google plans to invest $7-8 billion for its global telephony foray.
In India, it is also believed to be in talks with Indian providers to offer data and content and platforms including Instant Messaging (IM) and Search functions. However, these could not be confirmed.
A Google spokesperson said, "We don't comment on market rumour or speculation. However, Google is committed to providing users with access to the world's information, and mobile becomes more important to those efforts every day. We're collaborating with partners worldwide to bring Google search and applications to mobile users everywhere. However, we have nothing to announce at this time."
Reports of the Internet major getting into handset manufacturing as an answer to Apple's iPhone has been doing rounds in cyberspace and international media for some time. These reports suggest that Google has developed a prototype that will hit the markets in a year's time. The US-based company has neither confirmed nor denied these reports. The Wall Street Journal too had reported that Google had invested "hundreds of millions of dollars" in the project and was involved in discussions with US-based T-Mobile and Verizon Wireless.
Globally, Google is likely to participate in the upcoming auction for 700 MHz spectrum for which it is prepared to spend up to $4.6 billion. The firm is also introducing ads to YouTube videos which could be replicated on mobile phones. Ironically, Google recently partnered Apple to produce services such as e-mail and maps for its iPhone handset. And Eric Schmidt, Google's chief executive, said recently that more Google services for the iPhone would be rolled out.
Source: Rediff.com
Baidu spanks Google in China's online ad market
September 7, 2007, 10:25 am
China's leading search engine, Baidu, is earning almost a quarter of sales in China's rapidly expanding online advertising market, according to local analysts.
Google ranks fourth with almost 10 per cent of the country's total online ad revenues, researchers from Analysys International estimate. More than $214m was paid to place online ads in China during the second quarter. Total revenue generated from ad placements rose 19.2 per cent compared to the first quarter, and was up 31.3 per cent compared to a year ago.
Baidu, which has taken many cues from Google's success in the West in establishing a Chinese search and ad network, retained its position as ad sales leader with 23.5 per cent of the market. Two local portals, Sina and Sohu, held 18.8 per cent and 13.3 per cent respectively, according to Analysys.
Google took 9.2 per cent of the market in the quarter, while Yahoo's joint venture with China's Alibaba took 6.4 per cent. Driven by strong advertising sales and sponsored search results, Baidu's second-quarter revenues were well ahead of predictions at almost $53m. Company sources forecast revenue to exceed $64m in the third quarter, an increase of approximately 20 per cent. Analysys did not explain the source of its ad sales data in its announcement of the results.
However, the major local players are listed on the US Nasdaq market and typically publish details of their revenue from key sectors, including advertising sales in some cases.
Source: vnunet.com
Google ranks fourth with almost 10 per cent of the country's total online ad revenues, researchers from Analysys International estimate. More than $214m was paid to place online ads in China during the second quarter. Total revenue generated from ad placements rose 19.2 per cent compared to the first quarter, and was up 31.3 per cent compared to a year ago.
Baidu, which has taken many cues from Google's success in the West in establishing a Chinese search and ad network, retained its position as ad sales leader with 23.5 per cent of the market. Two local portals, Sina and Sohu, held 18.8 per cent and 13.3 per cent respectively, according to Analysys.
Google took 9.2 per cent of the market in the quarter, while Yahoo's joint venture with China's Alibaba took 6.4 per cent. Driven by strong advertising sales and sponsored search results, Baidu's second-quarter revenues were well ahead of predictions at almost $53m. Company sources forecast revenue to exceed $64m in the third quarter, an increase of approximately 20 per cent. Analysys did not explain the source of its ad sales data in its announcement of the results.
However, the major local players are listed on the US Nasdaq market and typically publish details of their revenue from key sectors, including advertising sales in some cases.
Source: vnunet.com
Does Yahoo Search hold the key to online spending?
September 7, 2007, 10:21 am
SiCap Industries, a retailer of natural health remedies with a bustling online business, is crediting Yahoo's search engine with increasing their bottom line. That is because, according to the company, Yahoo searchers spend about 30% more than other consumers.
"We haven't figured out why, but our web stats show consumers referred by Yahoo definitely spend more money on our websites, and according to data collected from our retailers, Yahoo surfers also spend more money in the stores that carry our products," said Wayne Perry, president of SiCap Industries. Perry went on to say that this isn't a recent change; SiCap's web stats indicate that Yahoo searchers have been spending more with them for about three years.
Why do Yahoo searchers spend more? That question is probably different from consumer to consumer, but Perry has his own theory: that Google searchers are primarily kids looking for free stuff while Yahoo's search base is adults actually interested in purchasing products.
Though known as being second to Google is most search categories, this information could help Yahoo turn the corner with advertisers. If consumers who search with Yahoo are, in fact, spending more online then it would make sense for more advertisers to invest in Yahoo's search platform.
Source: bizreport.com
"We haven't figured out why, but our web stats show consumers referred by Yahoo definitely spend more money on our websites, and according to data collected from our retailers, Yahoo surfers also spend more money in the stores that carry our products," said Wayne Perry, president of SiCap Industries. Perry went on to say that this isn't a recent change; SiCap's web stats indicate that Yahoo searchers have been spending more with them for about three years.
Why do Yahoo searchers spend more? That question is probably different from consumer to consumer, but Perry has his own theory: that Google searchers are primarily kids looking for free stuff while Yahoo's search base is adults actually interested in purchasing products.
Though known as being second to Google is most search categories, this information could help Yahoo turn the corner with advertisers. If consumers who search with Yahoo are, in fact, spending more online then it would make sense for more advertisers to invest in Yahoo's search platform.
Source: bizreport.com
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