Wachstumsrakete pur

• Little or no wage inflation and turnover – Wage inflation and employee turnover in China is near zero, while in India, wage inflation is as high as 30 percent and turnover as high as 75 percent
• China's cost advantage is 2:1 over India and 5:1 over the U.S. Given wage inflation in India, that ratio should only continue to grow in China's favor
• Japanese, South Korean and other Asian countries have also begun outsourcing to China – in recognition of the quality of work completed there.

Recognizing the potential advantages of outsourcing from China, Mr. Cestar and Freeborders Co-CEO Ramsey Walker founded the company four years ago. Since that time, it has grown to approximately 400 employees worldwide and is expected to top 1,000 by the end of 2005

About Freeborders
Freeborders is the most advanced provider of software application outsourcing from China. Freeborders management has built the business based on two pillars: that China has a growing cost and expertise advantage over India and that to effectively meet the development needs of Western companies, outsourcing firms must have a significant presence in those countries as well as Asia.

The company is headquartered in San Francisco, with offices in New York, North Carolina, Canada, England and China.

That, combined with a flood of highly skilled programmers graduating annually from Chinese colleges, is moving China to the center of the outsourcing debate. China's income from outsourcing is growing quickly, fed in large part by contracts with Japanese companies, which make up 60% of the country's outsourcing business. But big American companies, including Coach, Motorola, and Target, also have begun sending IT or IT-driven business-process work to China, accounting for about 15% of the country's outsourcing contracts, say officials at Beijing's Municipal Science and Technology Commission. Revenue in China from software and IT services has risen a whopping 42% per year since 1997, reaching $6.8 billion in 2004, according to a recent report by consultants McKinsey & Co.

Yet China poses some challenges and risks for business-technology executives that India doesn't, with the most frequently cited concerns being language and, perhaps more important, intellectual-property risks. "To India, software is the most important thing in the country," says Eric Rongley, the American CEO of China-based outsourcer Bleum Co., who worked in the IT-services industry in India for five years starting in the mid-'90s. Rampant piracy was brought under control quickly there because it threatened the growth of the nascent export industry, he says. It's a different story in China, where pirated software still turns up frequently in markets and on street corners. That's partly because the country's dominance as a manufacturing center means it doesn't need to pin its future solely on IT. China, "in order to really go big in this industry, is going to need to take piracy seriously, take intellectual property seriously," Rongley says.

The cost benefits China offers don't necessarily outweigh business-technology executives' concerns, but the savings are compelling enough that companies are game to try to plan around the obstacles. The monthly salary for programmers in high-tech hot spots like Beijing, Shanghai, and Shenzhen is between $600 and $960, according to a survey conducted by InformationWeek China . That's about half the salary paid for a similar position in India and less than a quarter of what prevails in the United States. Rates are even lower in secondary locations. For instance, the average salary for a programmer in Dalian, a coastal city in northern China, is $450 per month.

As interest in China increases, major U.S. computer-services firms, including Affiliated Computer Services, BearingPoint, EDS, and IBM, are setting up shop in the People's Republic. Most big Indian outsourcing companies, including Infosys Technologies, Satyam Computer Services, Tata Consultancy Services, and Wipro Technologies, also are establishing satellite operations in China to serve Asian customers and reduce pressure on their facilities in India. Cognizant Technology Solutions, a New Jersey provider of application-development services that operates primarily from India, last year opened a development center in Shanghai to serve customers throughout Asia and the West. Having operations in China to do basic software coding for clients gives American and Indian IT-services firms a hedge against rising costs in their India-based operations and lets them satisfy IT executives' desire to add geographic diversity to their offshoring plans. "Risk mitigation is becoming increasingly important," Gartner analyst Frances Karamouzis says.

They're also hoping to capitalize on the fact that China's burgeoning economy has led to more U.S. businesses opening offices there, creating a need for on-the-ground support with IT and business-process operations. Satyam, which opened its first Chinese office in Shanghai three years ago, won an IT support-and-implementation contract with supply-chain software vendor Marc Global's newly opened China office because of Satyam's strong roster of local talent. "The Chinese like dealing with the Chinese," says Mark Skipper, president of Marc Global's Asia-Pacific operations.

Motorola has outsourced human-resources management for its China employees to Affiliated Computer Services' Beijing center. "We need to support customers who have activities in China," says Tom Blodgett, Affiliated's managing director for BPO solutions. In January, the service provider revealed plans to open a second operations facility in China to offer finance and accounting BPO services and IT outsourcing. Blodgett ultimately sees China as "a major global production center to serve the West. We're always looking for talented, educated people that are willing to work at the correct wages," he says. EDS hopes to follow suit, through its ExcellerateHRO unit, a joint venture with Towers Perrin.

The Chinese government is following the Indian model to ensure a steady supply of IT talent for both foreign and homegrown IT-services firms: investing in education and quality control. In partnership with U.S. tech firms such as Cisco Systems, IBM, Microsoft, and Sun Microsystems, the government has established 35 national schools to provide software training, especially in technologies such as .Net, Linux, Java, and Web services. The goal is to have 800,000 trained software pros by the end of 2005, versus 600,000 in India. The government also is promoting the use of widely recognized quality-control standards. To date, 11 outsourcing companies with operations in China have attained Capability Maturity Model Level 5, the highest ranking from Carnegie Mellon University's Software Engineering Institute. Among those, seven are indigenous Chinese companies.

IT officials at organizations that have tapped outsourcing talent in China say the educational efforts are paying off. "I'm very impressed with their skill level," says Jean-Benoit Gauthier, technology director for the International Olympic Committee. Gauthier is using Chinese IT workers through his outsourcing vendor, Atos Origin, under a contract that covers summer and winter games in cities including Beijing in 2008.

Contracting with a service provider that has both the scale required to handle a megaproject like the Olympics and native IT staff in China is essential for Gauthier. Atos Origin is creating a number of key applications for use at the Beijing Olympics. Gauthier acknowledges the possibility of communications and cultural divides that could jeopardize projects outsourced to Chinese IT workers. While India's colonial history seeded English firmly into its culture, most Chinese speak Mandarin or Cantonese. But the International Olympic Committee hasn't had any project delays or misunderstandings. "They're bridging any gaps created by culture," he says.

Those gaps exist, though. "The Chinese may nod their heads, but it doesn't mean they understand what you're saying," says Marc Global's Skipper. Language "will continue to be a huge issue for the next five to 10 years," Gartner's Karamouzis says. Children are now required to take English from the third grade on, so the problem should ease as the next generation enters the workforce. And some companies are getting a jump by pushing an aggressive English-speaking agenda. At Bleum, which provides IT development and support to banks and credit-card and software companies in the States, all staff must speak English two days a week, and soon it's going to be every day of the week, Rongley says.

To compensate for the language barrier, CommerceQuest needed to establish very formal communication processes with workers in China, Risse says. "Early on, there were times when it appeared they hadn't done a lot of work. It turned out they were doing the work but just not communicating it effectively," he says. Documenting requirements actually turned into an advantage, Risse says. "It helps everyone stay on the same page."

To further improve communication, Risse confers mostly with senior managers at Freeborders , the San Francisco vendor that provides his company with outsourcing services at its development center in Shenzhen. English proficiency is mandatory for mid- and senior-level employees at Freeborders , which registers annual sales of $15 million to $20 million and expects a growth rate of about 100% this year, co-founder John Cestar says. Frequent inquiries come from businesses that have seen costs in India rise over the past two years. "A number of Indian companies have had three-year price guarantees and haven't been able to honor them," he claims.

But the scarcity of Chinese IT workers fluent in English skews China's own low-cost advantages. Those workers who are proficient in the language command a higher salary than their counterparts--as much as 10% to 15% more than similarly skilled Indian programmers, Gartner estimates. It's one reason officials at Sierra Atlantic Inc., a Fremont, Calif., company that specializes in offshore software development, passed on China last year as a site to complement its facilities in India. "It's a significant issue," says Marc Hebert, executive VP at Sierra Atlantic.

A more pressing concern for CommerceQuest and others is containing the type of work outsourced to China, given the country's reputation for ignoring infringements on intellectual-property rights. Freeborders mostly performs peripheral work on CommerceQuest's business-process-management applications. Risse says his concerns are such that he most likely wouldn't send development of an entire application to China. "We don't give them every piece of the puzzle," he says.

The problem can be exacerbated when companies contract with Chinese outsourcers that are themselves software-product companies. That's pretty common. For example, both Kingdee International Software Group Co., a leading enterprise-resource-planning soft- ware vendor in China, and Shenyang Neusoft Co., which had outsourcing sales of $35 million last year for BPO and software-development services to Japanese customers, also are software-product companies.

"Anyone who's concerned about [intellectual property] is still going to be concerned of that," Rongley says. Customers are "concerned about their IP turning into the Chinese product one day." Even though Bleum isn't in the product business, Rongley says that employees are subject to background checks and must sign a separate intellectual-property contract in both English and Chinese. In August, the company will be the first in the country to have ISO 17799 certification, an internationally recognized standard for corporate information security, he says.

Not everyone agrees with Rongley's assessment that pure outsourcing companies in China are more likely to offer better intellectual-property protection than hybrids that offer services and sell their own software products. "It cuts both ways," says Ralph Eckardt, an intellectual-property specialist at the Boston Consulting Group. "If a company is developing its own software, it has an interest in promoting intellectual-property protection across the board."

Chinese officials say they're cracking down on piracy and improving the country's reputation as a place to conduct IT work. Some of this is happening at the local level as major cities seek to gain an edge in attracting outsourcing business. Last year, Zhu Xiaoming, deputy director of the Shanghai People's Congress Standing Committee, speaking at Shanghai's Global IT Outsourcing Summit, said his city is working to stamp out software piracy. The Shanghai Municipal Foreign Economic Relations and Trade Commission, which has a standing delegation in the United States to forge ties with Silicon Valley, says it's closely cooperating with the Shanghai Intellectual Property Administration on intellectual-property protection and educating software-outsourcing companies on the issue. But it's "a gradual process," says Feng Cheng, director of science and technology development and the technology trade division at the commission. "The problem will not be solved within one day."

Another problem is that it isn't unusual for a large Chinese software company to have government officials on its board or even be owned by the government. One analyst whose firm does work in China admits that the close government ties are a potential concern. The Chinese government heavily promotes the competitive interests of Chinese companies, the analyst says. It isn't unheard of for the government to provide indigenous companies with confidential information about foreign companies doing business in the country, he says.

Questions also swirl around whether China's IT industry has all the skills companies need. Sierra Atlantic's Hebert notes that, while Chinese programmers tend to be strong in broad-based technologies such as Java and .Net, it's difficult to find individuals with experience working on specific business applications such as PeopleSoft, SAP, or Siebel Systems. "Those skills really don't exist in China," he says. Hebert also believes that, for now at least, Chinese IT workers are generally less productive than Indian workers, a notion that's supported by McKinsey's research. Operating margins at Chinese software-services companies tend to average about 7%, compared with a worldwide average of 11%, McKinsey says.

But a more disciplined approach to IT may improve China's productivity stats. That's being fostered in companies such as Bleum, which is continuing to refine its processes as it plans for CMM Level 5 certification by May. And foreign vendors also are bringing their own expertise in processes to their Chinese operations, helping to raise quality in the country. Cognizant uses its established facilities in India to train new Chinese workers. "We have to transplant not just our knowledge but also our culture," says Francisco D'Souza, Cognizant's chief operating officer.

Ultimately, China's biggest advantage in IT services is simply its size. "It's the next big destination because it's the only one that can rival India in terms of scale," Karamouzis says. A few hundred thousand software engineers graduate from colleges in China every year, versus 30,000 in India.

That, says Freeborders Cestar, will prevent the kind of wage inflation India is experiencing as demand there moves closer to supply.

Overall, CommerceQuest's Risse says he's satisfied with Freeborders work, which represents 5% to 10% of his application-development budget. Satisfied enough that, going forward, China will account for half of any staff additions to CommerceQuest's development team. "They're good at certain areas, and we want to take advantage of that," Risse says. Undoubtedly, so will many more IT execs as China becomes outsourcing's next hot spot.


© Freeborders 2005, All Rights Reserved
 IT and Software Application Outsourcing from China

General Presentation
General Brochure

Practice Area Centers of Excellence

Automated Testing & QA
Web Services
Application Specialities
 Invista
How Freeborders developed a mission-critical enterprise application for the world's largest textile manufacturer

Leading Media Software Provider
How Freeborders delivered intergrated reporting applications for a leading media software provider  

was der Ami da schreibt:

Waiting for the Squeeze!
by: bakerfrick
Long-Term Sentiment: Strong Buy 04/13/05 01:51 pm
Msg: 231349 of 231351



Aber normalerweise saugt sich der kluge Investor vor einem vermuteten ShortSquezze bis zur Halskrause voll, wenn das seine Mittel zulassen und es mit seiner Risikostruktur übereinstimmt.

würde ich zum heutigen Kursverlauf sagen. Der Shortseller, und es handelt sich - da bin ich mir inzwischen ziemlich sicher - im wesentlichen nur um einen - hat sich heute weiter tiefer die Scheisse geritten. Die Zahl der geshorteten Aktien dürfte meinen Schätzungen nach in der Nähe von vier Millionen liegen. Wie bekommt man diese vier Millionen, die man leer verkauft hat, herbei? Ganz einfach, das wird sehr schwierig. Wir haben es heute wieder einmal erlebt. Momentan versucht der Shortseller noch zu bluffen und den Kurs nach unten zu schaukeln. Um seine Stärke zu demonstrieren, die er sicherlich hat (sonst könnte er sich das riesige Verlustrisiko nicht leisten), will er vermutlich insbesondere den Daytradern zeigen, dass er den Kurs beliebig einstellen kann, z.B. ihn in 0,12er-Schritten nach unten bewegen kann, wenn er genügend leer verkauft. Allerdings brauchte er dazu heute schon 700.000 Aktien - in den Tagen vorher ging das mit wesentlich weniger.

Daher muss man momentan eigentlich nur kaufen und warten bis das Ding explodiert - eine also ziemlich einfache Strategie.

Ein Marktkapitalisierung von 300 Millionen erscheint mir dann als ein angemessener Wert, die etwas mehr als 80% Anteil von Internet Capital wären dann fast ein Viertelmilliarde wert, das entspricht der momentanen Marktkapitalisierung. Dazu kommen noch weitere fast 20 Beteiligungen.




Untermauerung meiner vorhergehenden Ausführungen(Teil 1)

Hier die erste der beiden oben angeführten Beteiligungen:

INCREASING DEMAND FOR PROCUREMENT BUSINESS PROCESS OUTSOURCING AND DIFFERENTIATED OFFERING HELP MARKET SHARE LEADER ICG COMMERCE ACHIEVE STRONG 2004 RESULTS

Procurement-Only Focus, Deep Market Experience, Comprehensive Offering Focused on Operational Improvements And Continuous Value Generation Combine To Drive Over 175% Growth In Services Backlog

PHILADELPHIA - March 9, 2005 - ICG Commerce, a leading procurement services provider, today announced key business results for 2004. The company signed 55 contracts during the year and achieved consistent double-digit quarter-over-quarter growth. The strong momentum is reflective of the company's track record of producing results for leading companies and points to its comprehensive approach to procurement as the most effective model for driving bottom-line savings and process efficiencies.

Among the new contracts signed in 2004 were eight agreements for comprehensive procurement management or outsourcing services, including those with new customers Avaya, Cooper Cameron Corp., Greif, Inc., Universal Packaging Corp., and Vought Aircraft Industries, Inc. In addition, extensions were signed with a number of long-term customers such as Crown, Cork & Seal, Delta Air Lines, Indalex and Nordstrom.

"In 2004 ICG Commerce quantifiably distinguished itself as the leader in procurement-BPO with strong performance in customer acquisition,” said Edward H. West, chairman and CEO of ICG Commerce. “Our differentiated and comprehensive offering combined with external market factors have helped bring the procurement business process to the fore, elevating it from a back office function to a key business performance driver.” West added, “Further to the additions we’ve made on the customer front, we continue to add to our team of experts, most notably through the addition of Michael Zisman, former vice president, corporate strategy at IBM and current ICG Commerce and Internet Capital Group board member."

Due to the number of multi-year customer relationships secured in 2004, the value of ICG Commerce's services backlog (the value of all remaining contracted revenue) grew in excess of 175% throughout the year. Key market factors contributing to the company's growth included continued strong demand for overall cost reduction across industries and an increasing focus on core competencies. "Over the past few years, corporations in the U.S. and Europe began, in earnest, outsourcing major but non-core business processes, such as procurement, finance and accounting and human resource management," said Zisman. "This allows companies to focus on their core-competencies and benefit from the focus, expertise and cost effectiveness of others."

These factors continue to drive procurement-BPO growth as organizations increasingly realize that procurement transformation is an important vehicle for battling pressures on the purchase of indirect and direct materials, which in turn, impact product costs and profit margins.

"Recently, we have seen an increased appreciation at the senior executive level for the power of the procurement function to improve business performance," said Zisman. "Although procurement software alone automates some of the necessary processes, it severely understates the full savings potential of a proactive effort to improve overall procurement operations. The market is beginning to recognize the leadership role outsourcing can play in that process."

Impacting results more directly than external market forces was the company's model, which focuses exclusively on driving results through comprehensive procurement transformation. The ICG Commerce approach marries deep purchasing category expertise; process and operations specialists; and a comprehensive but flexible technology platform to build and execute programs that produce sustainable and measurable savings for customers year after year.

According to research published last year by analyst firm Nelson Hall, ICG Commerce currently leads the procurement-BPO industry in market share. In 2004, the company also earned recognition from both the Outsourcing Center and Forbes magazine as a leader in procurement outsourcing, which many have proclaimed to be the fastest-growing BPO segment.

Continuing to innovate, ICG Commerce made several infrastructure and organizational enhancements over the course of the year, including the unveiling of a Procurement Center of Excellence at the company’s new headquarters outside Philadelphia. Dozens of customers, prospects and industry experts have visited the center over the past six months to learn best practices and gain an inside look at the team managing transactions and purchasing activities on behalf of many of the world’s leading companies.

# # #

About ICG Commerce, Inc.
ICG Commerce (www.icgcommerce.com)is a leading Procurement Services Provider exclusively focused on helping companies buy more effectively and efficiently in order to reduce costs significantly and continuously. The company offers an unmatched combination of process and category expertise and hosted technology to deliver Sourcing, Purchase-to-Pay Automation and Outsourcing Services. ICG Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group’s (Nasdaq: ICGE) network of partner companies and has been honored as one of Forbes’ ‘Best of the Web: B2B’, UPSIDE Magazine’s ‘Hot 100’ and as an iSource 100 company.





Untermauerung (Teil 2)

Hier die zweite in den Zahlen meines Ausgangspostings angesprochene Beteiligung von Internet Capital. Man hält hier 87%.

CommerceQuest Closes 2004 with Significant Financial Growth and Begins 2005 with Strong Momentum

Date Posted : 3/21/2005

- TAMPA, FL – March 22, 2005 – CommerceQuest Inc. today announced significant revenue growth in business process management (BPM) software in 2004 and demonstrated its momentum within the BPM industry through the announcement of strategic partnerships and product developments. These results further underscore the increased market recognition for BPM as an important support to process improvement initiatives within leading enterprises.
CommerceQuest customers are realizing the benefits achievable via TRAXIONSM Enterprise Business Process Management Suite (TRAXION EnterpriseBPMS). For example, by rapidly moving a process from the analysis phase to deployment and execution, allowing the process to be continuously improved, managed, and monitored in real time, enterprises are empowered to potentially achieve 30-45 percent greater ROI.

CommerceQuest’s year-over-year revenue growth in license software revenue saw an increase of 62 percent in 2004, which far exceeds growth rate estimates for the BPM marketplace by industry analysts. Additionally, the company improved its revenue mix in 2004 with license software at 60 percent and services at 40 percent.

“We are extremely pleased with the progress we have made within the market over the past year,” said CommerceQuest CEO Michael Forster. “The growth that we’ve achieved is strong evidence that our TRAXION EnterpriseBPMS is delivering significant value. In 2005, we will continue to help both new and existing customers achieve their business objectives through improved process efficiency and flexibility.”

CommerceQuest announced several strategic partnerships in 2004, including a new relationship with IBM to resell Process Manager for Data (PM4Data) to enhance IBM’s On Demand strategy. This joint enterprise integration platform has already illustrated benefits to customers, such as Charming Shoppes, Inc. and Standard Chartered Bank, who wanted to manage the movement of data across multi-platform environments, as well as gain visibility into disparate systems throughout the enterprise.

CommerceQuest extended its ecosystem of partners with new Value Add Solution Partners (VASP) and Technology Partner relationships. The Normandy Group, a Cognos Pinnacle partner, joined the VASP program capitalizing on the synergy between corporate performance management and business process management. In addition, a Technology Partnership was established with Mercury Interactive Corporation.

New partnerships with Mindjet and iGrafx were also announced in 2004. These relationships enable companies to complete the entire business process lifecycle with combined analysis, mapping, and execution capabilities via CommerceQuest’s Universal Process Engine. By using analysis, simulation and mapping tools, enterprises typically notice a 20-33 percent improvement in cycle time and throughput; however, executing and integrating processes with the Universal Process Engine from CommerceQuest can attain an additional 25-30 percent improvement.

Globally, CommerceQuest continued to build strategic partnerships throughout Europe, the Middle East, Africa, and Asia. Trinity Expert Systems and Devoteam are two leading solution-oriented companies aligning with CommerceQuest to provide marketplace differentiation for continued growth in a highly competitive environment, as well as to enable customer success through Enterprise BPM.

Another significant company milestone in 2004 was the announcement of TRAXION EnterpriseBPMS 8.1. This product enhancement featured new capabilities within the Business Innovation Xcelerator and Business Integration Xcelerator. By combining process modeling, workflow, simulation, integration, and extensive activity monitoring and management technologies, TRAXION EnterpriseBPMS enables companies to increase value and productivity, which benefit its bottom line.

About CommerceQuest (www.commercequest.com)
Founded in 1991, CommerceQuest is the only enterprise solutions provider that enables its customers to rapidly turn business strategy into business processes by fully integrating the work that people do with software systems that optimize business performance. CommerceQuest delivers a complete set of scalable business process management (BPM) solutions that leverage existing IT investments to unite people, processes and technology in a service-based architecture that spans the extended enterprise, from the mainframe to the Internet and everything in between. More than 500 industry-leading companies rely on CommerceQuest to help them integrate heterogeneous workflow and IT systems, including many of the Fortune 500 companies such as The Home Depot, Coca-Cola Bottling, Ahold, and American Express.

CommerceQuest is a privately-held company and a member of Internet Capital Group's (Nasdaq: ICGE) collaborative network of Partner Companies

Problemlos erkennt man, dass allein diese beiden Beteiligungen, wo Internet Capital 76 bei ICGCommerce und 87% bei CommerceQuest hält, von insgesamt 20 Beteiligungen einen Wert darstellen, der in die Nähe der momentanen gesamten Marktkapitalisierung von Internet Capital in Höhe von 230 Millionen kommen kann.

Wegen dieser von mir geschilderten Entwicklung, sind ja auch viele Käufer mit hohem Risikoprofil aus der Aktie raus. Das ist momentan das Problem der Aktie, denn die Anleger mit dem zu Internet Capital passenden Risikoprofil sind noch nicht in genügendem Ausmaß in der Aktie drin. Die veränderte Ertrags-Risiko-Struktur ist bisher nur bei den Institutionals angekommen, die ja nach der Ersetzung von Fremdkapital durch Eigenkapital ihren Aktienanteil von 2% um das über Zwanzigfache auf 45% gesteigert haben. Auch bei den Fonds sitzen eigentlich Fachleute ähnlicher Qualtiät wie bei den Institutionals, aber sie haben ein Problem, sie müssen die Papiere im Fonds den Privatanleger offenlegen - und die halten Internet Capital für etwas Unanständiges, wie das ja viele auch hier tun, die sich nicht näher mit dem Wert beschäftigen - folglich bleiben die Fondsmanager mit Rücksicht auf ihre Kunden fern. Und bei den Privatanlegern haftet dem Papier halt auch noch der Ruf des Unseriösen an. Dass diese emotionalen Sperren so lange bestehen geblieben sind, habe ich auch nicht vermutet - dass sie allerdings irgendwann verschwinden, bin ich mir auch sicher, denn auf Emotionen bauende Anlageentscheidungen dauern nicht ewig, auch wenn dem einen oder anderen bestimmte Zeiträume ewig vorkommen.

sollte - auch ich poste jetzt einmal nachträglich, was ich schon vorher gedacht habe.

Dass wir heute bei 5,85 landen, war mir ziemlich klar. Nun werden einige fragen, warum ich trotzdem zum Kaufen aufgefordert habe. Nun, das ist ziemlich einfach, Kaufen zum niedrigsten Kurs und Verkaufen zum höchsten Kurs schaffen bekanntlich nur wenige, mit einigen Ausnahmen, die sich ja auch auf diesem Threat schon zu Wort gemeldet haben - und ich gehe davon aus, dass Ihr Ihnen aufs Wort geglaubt habt, denn das sind ja durchunddurch ehrenwerte und anständige Menschen, wie ihre Anhänger auch bezeugen können.

Warum ich wusste, dass wir heute bei 5,85 landen? Wer die Kursentwicklung und die Umsatzzahlen verfolgt und die Orderstellung auf Island, kann relativ leicht erkennen, dass hier eine Hedge seinem Broker den Auftrag gegeben hat, den Kurs pro Tag um 0,15 zu senken, koste es, was es wolle. Gestern musste er schon 500.000 Aktien in den Ring werfen, um das zu erreichen (300.000 mehr als in der letzten Zeit), heute waren es schon 700.000 Aktien. Das kann zwar noch einige Zeit so gehen, aber irgendwann werden dann alle Aktien leer verkauft sein. Eventuell kann man dann auch noch Leerverkaufspyramiden bauen - im Rahmen des Nackten Shortens geht das durchaus.

Der Rest ist Kleist: Die Geschichte vom zerbrochenen Krug, die auch der stärktste Hedge-Fund der Welt nicht verhindern kann. Wenn nämlich die Anleger merken, dass die Beteiligungen pro Aktie tatsächlich z.B. 20 Dollar wert sind, fällt das Kartenhaus, das immer kunstvoller aufgeschichtet wird, um.

www.linkshare.com/ rc/nma-main.shtml

Erstmal gab es allerdings von Internet Capital, was der erste Quartal anbetrifft, kein Hinweis darauf, dass das erste Quartal bei den Erlösen schwächer ausfallen werde, wie das in den Vorjahren bei der Bekanntgabe der Ergebnisse für das vierte Quartal regelmäßig geschah. Dies hängt sicher damit zusammen, dass die beiden konsolidierten Beteilígung CommerceQuest und ICGCommerce stark wachsen, die in den Vorjahren stagnierten, und auch die restlichen Beteiliungen bei den acht Beteiligungen, die neben Linkshare für Quartalserlöse von 43,5 Millionen zuständig sind, an Bedeutung gewinnen und so die Saisondelle bei Linkshare ausgleichen können.

Shopping for holiday gifts is a challenge to parents, especially those with infants and toddlers. The mall parking lots are crowded, strollers cannot navigate through many of the narrow store aisles, and it’s tricky to buy gifts for the kids when they’re with you. For these reasons, and plenty more, parents are shifting their buying habits from the local mall to online malls, such as the BabyLounge Shopping Mall – shopping.babyloung e.com

Online shopping is gaining in popularity because it can be done from the comfort of your home; all of your favorite stores are there, such as Wal-Mart, Best Buy, and Toys R Us; the holiday gifts are shipped to your front door (often the shipping is free); and in many cases, there are better deals online when online shoppers utilize coupon codes.

To help this year’s online holiday shoppers, the BabyLounge Shopping Mall, an online mall featuring free online coupons and deals for over 700 online stores, announced today their top ten online shopping stores for holiday gift shopping online, based on the purchasing habits of online shoppers over Thanksgiving and “Black Friday.” The top ten online shopping stores list was topped by Wal-Mart.

“Moms and dads are shifting their buying habits to online shopping in droves. During the week, between naps, feedings, play dates, and school, it’s just too much of a project to get all of the kids and hit the mall for many parents,” says Vicky Collins, Chief Mom Officer, at the BabyLounge Shopping Mall, shopping.babyloung e.com . “With our fingers on the pulse of what’s hot and what’s not, we’re providing the list of the top ten online shopping stores to help parents navigate the maze of online shopping and find the best online coupons and deals. We hope it provides moms and dads with some needed simplicity during the crazy holiday season."

The top ten online shopping stores, as reported by the BabyLounge Shopping Mall (visit shopping.babyloung e.com for the current free online coupons and deals):

1. Wal-Mart
2. Best Buy
3. Amazon
4. eBay
5. Sears
6. Target
7. Toys R Us
8. Home Depot
9. Overstock
10. JC Penney

“The good news for online holiday shoppers is that with the continued growth of online shopping combined with an expected flurry of coupon and free shipping deals, the top ten online shopping stores make holiday shopping more easy and affordable,” adds Collins.

About BabyLounge.com
BabyLounge.com has been a leading source of parenting resources and free online coupons and deals for over 5 years. BabyLounge.com was started by Shawn and Vicky Collins after the birth of their first daughter, Caitlin, as a means to help with the household expenses, since Vicky had become a stay at home mom. Now Caitlin has two little sisters, and BabyLounge.com has grown up with them to become a notable player in the online shopping space. The BabyLounge Shopping Mall is powered by 77Blue - www.77blue.com/

der wichtigsten Kunnden der wertvollsten Internet Capital-Beteiligung Linkshare. Ihr entdeckt eine der im obigen Text angeführten erfolgreichsten Kunden.

www.linkshare.com/clients/index.shtml

Linkshare ihren Merchant bei den im vorherigen Text angesprochenen Sonderaktionen hilft, könnt Ihr zum Beispiel daran sehen, was da in dieser Woche angelaufen ist:

www.linkshare.com/rc/DD_cp_041105.shtml

hält der Bereich um die 5,80 oder sehen wir wirklich noch die 5$?

daher habe ich ja auch, wie Du vielleicht an anderer Stelle gelesen hast, am Freitag in diesem Jahr zum ersten Mal massiv nachgekauft, denn fundamental läuft es genau in die andere Richtung. Wir haben eine Marktkapitalsierung von 220 Millionen. Zieht man die 50 Millionen für den Aktienwert von Blackboard ab, verbleiben 170 Millionen für den Wert der restlichen Beteiligungen des unter Berücksichtigung seines Kassenbestandes mehr als schuldenfreien Unternehmens. Wie Du oben nur unschwer entnehmen kannst, stellt allein Linkshare diesen Wert dar. Linkshare ist hochprofitabel, macht schon seit Herbst 2001 Gewinne und wächst stark - die Erlöse in 2005 dürften zwischen 80 und 100 Millionen liegen. Bei sehr konserativer Wertschätzung kommst Du dann da auf einen Wert von ca. einer halben Milliarde (optimistischere Schätzung in einem guten Nasdaq-Umfeld laufen auch schon einmal bis auf eine Milliarde hoch). Was 40%, das ist Internet Capitals Anteil, wert sind kannst Du Dir sicher selbst ausrechnen. Insofern ist - da man das in ähnlicher Form, allerdings mit niedrigeren Beträgen, für weitere Beteiligungen machen kann, ein fundamentaler Boden da. Ich würde auf Geschwätz von technischen Analysten bei diesem Wert keinen Cent geben - denn selbst jeder ernsthafte technische Analyst wird sich nicht für zuständig erklären, wenn Shortseller, noch dazu einer - vermutlich ein Hedge, am Kurs dreht. Der Sachverhalt ist klar, der Hedge hat sich verzockt, mit fast drei Millionen waren wir bei den Leerverkäufen schon zum 15.3. auf einem Redkordniveau - fast zehnmal so hoch als ich letzten Jahr um diese Zeit. Seine einzige Chance, die er gesehen hat, besteht nun darin, den Haltern von Internet Capital Angst zu machen, um in einer Bewegung nach unten das Eindecken zu günstigen Kursen noch hinzubekommen.

Eine zweite Untergrenze ist dadurch gegeben, dass eigentlich Internet Capital schon mit Rückkäufen von Aktien begonnen haben müsste. Denn die haben für das Geschäft einer Holding völlig überflüssigen 130 Millionen Cash und marktgängige Wertpapiere. Damit könnte sie rein theoretisch zwei Drittel der Aktien zurückkaufen. Das wäre absolut vernünftig, wenn auch nicht in großem Umfang, denn sonst würden die Kurse logischerweise nach oben springen und man bekäme nicht mehr viele günstig - aber so 30 Millionen Cash von den 130 Millionen wären schon sinnvoll - dafür bekäme man gegenwärtig 5 Millionen Aktien, was die Zahl der umlaufenden Aktien von 38 auf 33 Millionen reduzieren würde. Ich habe das auch heute in einem Mail an Internet Capital gefordert. Wer das auch tun will, sollte das an die folgende Adresse posten:

www.ir@internetcapital.com

Das machen die zwar nicht, denn die wollen das Geld vermutlich in die Beteiligungen investieren. Dadurch wächst zwar das Unternehmen besser, aber die Investitionen müssten schon verdammt gut sein, wenn sie eine noch bessere Alternative sein sollten als ein Aktienrückkauf zum momentanen Zeitpunkt, der für den Shareholder Value besser wäre.

Noch einmal zu Deiner Ausgangsfrage: Wenn der Hedge Funds, der gegen Internet Capital shortet sehr kapitalkräftig ist und die Geschäftsleitung ihren Angestellten noch etwas spekulieren lässt können wir auch bei fünf Dollar landen. Ich vermute einmal, dass die aber nicht lassen - und auch andere Instititutionals nicht, die dem Shortseller die Aktien abkaufen. Ich käme dann erstmals in dreieinhalb Jahren in Versuchung. Bisher habe ich meine Basisinvestments unverändert gelassen und nichts in Internet Capital umgeschichtet, aber dann ........ ich weiss nicht.  

der springende Punkt,das nachlegen und umschichten.Ich bin auch recht ordentlich in ICGE investiert und werde je nach Verlauf nächste Woche nachkaufen und bei eventuellen 5$ umschichten.Weil,der momentane Kurs schreit ja regelrecht danach.
Wollte auch mal Danke sagen für Deine Postings hier und an anderer Stelle.

Nun ist, wie oben schon angeführt, einerseits Fastclick unterbewertet, andererseits sind aber auch die Geschäftsmodelle nicht vergleichbar. Denn das Geschäftsmodell von Linkshare ist sehr viel betändiger und auf Dauer angelegt. Während Fastclick 50% seiner Umsätze mit den zehn größten Kunden macht, hat Linkshare eine sehr breite Kundenbasis. Auch die nachstehende ausführlichere Liste ist nur ein Auszug:

www.linkshare.com/clients/extended.shtml

Und Linkshare ist nach und nach solide aufgebaut worden, schwimmt in Cash, da man seit vier Jahren Gewinne anhäuft. Fastclick ist dagegen ein Unternehmen, das Werbung verkauft und überwiegend aus dem Erdbeben gestampft wurde und dann ganz schnell an die Börse gebracht wurde. Die Geschichte von Linkshare ist sehr viel länger und solider, wie z.B. die beiden Auszeichnungen aus der Vergangenheit zeigen.

LinkShare Corporation Named New York's #1 Fastest Growing Technology Company in Deloitte & Touche "Fast 50" Program for Second Consecutive Year

New York, NY - September 26, 2003- For the second consecutive year, LinkShare Corporation, the leader in performance-based marketing, has been awarded the highest ranking in Deloitte & Touche's prestigious Technology Fast 50 program for the New York area, a list of the top 50 fastest growing technology companies in the region by Deloitte & Touche LLP, one of the nation's leading professional services firms. LinkShare is the only company in the program's history to have received the highest ranking for 2 consecutive years.

"
LinkShare is the leader in performance-based marketing, providing an online marketplace where businesses can build pay-for-performance relationships that minimize customer acquisition costs, and maximize the revenue-generating potential of their websites. By participating in LinkShare's affiliate marketing networks, online businesses desiring additional sales, registrations, leads, or other activity are able to forge alliances with hundreds of thousands of affiliate sales partners seeking to monetize their traffic. In addition, LinkShare is launching a new suite of services aimed at helping companies manage their affiliate marketing programs more efficiently and increase revenue through targeted search marketing. The 26,268 percent growth and resulting ranking are evidence of how LinkShare's business solutions have successfully delivered value to its customers, even in a challenging market environment.


Deloitte & Touche announced the rankings at the awards dinner for the winners on Thursday, September 25, 2003, at the Ritz-Carlton New York, Battery Park. Rankings are based on the percentage of growth in fiscal year revenues over five years, from 1998-2002. LinkShare's increase in revenues of 26,268 percent from 1998 to 2002 resulted in first place ranking overall in the Fast 50 for New York. The average increase in revenues among companies who made the Fast 50 for this region was 1,312 percent.

To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in 1998 and $1,000,000 in 2002, must be public or private companies headquartered in North America, and be a "technology company" defined as owning proprietary technology that contributes to a significant portion of the company's operating revenues (using other companies' technology in a unique way does not qualify); and/or devoting a significant proportion of revenues to research and development of technology.


LinkShare Corporation Named New York's Fastest Growing Technology Company in Deloitte & Touche "Fast 50" Program

LinkShare Reports Revenue Growth of over 32,185% from 1997 to 2001

New York, NY - October 11, 2002 - LinkShare Corporation, a leader in performance-based marketing, has been named to Deloitte & Touche's prestigious "2002 Technology Fast 50" program for the New York City, Westchester and Rockland Counties region. LinkShare's first place ranking, based on the Company's 32,185% revenue growth from 1997 to 2001, was announced at an awards dinner last night, Thursday, October 10, 2002, at the Ritz-Carlton New York, Battery Park. LinkShare leads an esteemed group of companies on this year's list that span various industries, from telecommunications and semiconductors to biotech and pharmaceutical.

Ab 2003 hat man dann an diesem Wettbewerb nicht mehr teilgenommen, weil, so die Begründung der Unternehmenleitung, die Konkurrenz Rückschlüsse auf die Umsätze ziehen könne. Ich schätze die Umsätze in 2005 in etwa auf 100 Millionen, das kann man sehr gut aus den Zahlen von Tradedoubler aus meinem vorherigen Posting ableiten. Die Gewinne müssten sehr hoch sein, da man bereits vor vier Jahren bei ca. 25 Millionen Erlösen in die Gewinnzone gekommen ist und die zusätzlichen Erlöse sehr viel höher sind als die zusätzlichen Kosten, das Phänomen der gegen Null tendierenden Grenzkosten - ein bei vielen Web-Firmen zu beobachtende Erscheinung, deren hebelnde Wirkung auf die Gewinne von den Nichtbetriebswirtschaftlern unter den Analysten gar nicht erfasst werden kann.

Um aber noch einmal zu Deiner Frage von gestern zurückzukommen, ich sehe schon eine Grenze für den Shrotseller durch die Fundamentals, also den Wert der Beteiligungen. Man kann halt nun einmal in den Quartalsberichten ablesen, dass die zehn Kernbeteiligungen (ohne Blackboard) fast 60 Millionen Umsatz pro Quartal haben, dass die zwei konsolidierten Beteiligungen ICGCommerce und CommerceQuest erstmals echte Gewinne gemacht haben, dass man Anteile an Blackboard hält, die einen Wert von 50 Millionen haben, dass statt negativen Eigenkapital wie bis vor einem Jahr das jetzt ein derstelliger positiver Millionenbetrag vorhanden ist uvm. Der jetzige Kurs könnte daher nur richtig sein, wenn die bei Internet Capital die Bilanzen gefälscht hätten - was man ausschließen kann, denn der CEO und CFO müssen inzwischen aufgrund von Sarbanes-Oxley die Richtigkeit beeiden, sonst kommen sie in den Knast. Zudem wird kaum ein Unternehmen so mit Röntgenaugen beobachet wie diese abgestürzte New Economy-Ikone - nur aus diesem Ruf kann allerdings auch der Erfolg der Shortseller abgeleitet werden. Aber derartige Spekulation, die nur auf Emotionen aufbauen und diametral zu Fundamentals erfolgen, haben meines Erachtens keinerlei Erfolgschancen.

"91% merchants and 82% of affiliates expect growth", eine Aussage aus dem vorstehenden Artikel, hier etwas ausführlicher - ganz komplett kann man sich den für fünf Dollar runterladen. Für den Wert von Internet Capital ist das von großer Bedeutung, denn der Wert der wertvollsten Beteiligung Linkshare hat großen Einfluss auf den Kurs. Denn ob man Linksahre mit 300 Millionen bewertet (obwohl beim jetzigen Kursniveau vielleicht 150 Millionen angesetzt werden) mit 500 Millionen oder gar mit 1.000 Millionen, ist schon sehr wichtig. Ich neige zu einem Wert irgendwo zwischen 500 und 1.000 Millionen, exakt weiß ich es auch nicht. Die Umsätze in 2005 dürften an 100 Millionen heranreichen, die Gewinnsituation exzellent sein, denn man ist schon seit vier Jahren und einem Umsatz zwischen 20 und 30 Millionen in der Gewinnzone. Welches Umsatzmultiple ist aber richtig? Mit Sicherheit nicht 1,5, wie es momentan im Kurs von Internet Capital enthalten sein dürfte. Ist es 5 oder 8,10 oder mehr? Da kamen im Laufe von 2004 gewisse Zweifel, die für ein Multiple unter 10 sprachen, weil man um die Dynamik des Wachstums etwas fürchtete - sogar die Leute der Fachzeitschrift, wie sie im Artikel zugaben. Auch sie sind überrascht, dass an diesen Befürchtungen nichts dran zu sein scheint:

Special Report: Affiliate Marketing 2005 -- Do Merchants & Affiliates Have Unrealistic Expectations? 12/14/2004


Click here to get this entire Article for just $5




SUMMARY: 750 online merchants and 480 affiliates just took our questionnaire, and here are the results we promised you.
Turns out merchants and affiliates are resoundingly positive about growth for 2005. Which is, frankly, a bit weird. Find out why.

Includes a results data charts, four tactics to improve your results, and seven useful resource links:

ARTICLE:
MarketingSherpa's December affiliate marketing survey results are in -- and the results are stunningly different from our expectations.

2004 has been a particularly tough year with merchants' fears of cookie stuffing and dishonest adware/spyware, CAN-SPAM legalities, and paid search arbitrage.

Many experts, including us, worried these factors would drive the estimated $1.5 billion affiliate marketing industry into a decline.

Guess what? According to our survey results, affiliate marketing is alive and well. Overall 91% of surveyed merchants and 82% of affiliates expect revenue growth in 2005.

According to Messer, changes in customer attitudes have taken place since LinkShare was founded in 1996. "Online users are not satisfied with a single site," he said. "They only arrive at a purchasing decision after comparing numerous sites." Affiliates are a crucial element in the effort to differentiate EC sites that sell the same products at the same prices with largely the same convenience, he added.

"When television became available, it was thought that success could be achieved simply by broadcasting theater performances. But in fact, no one wanted to watch theater on TV," Messer noted. "People come up with new ideas over time. When TV first came out, nobody had imagined anything like the Ed Sullivan Show. Did anyone foresee the popularity of shows like "Survivor," which feature ordinary people? You have to maintain an awareness that change occurs constantly."

In the world of the Internet, too, "even major companies that were successful in the beginning but neglected to innovate or evolve no longer have an important position in the marketplace," he said, stressing the need for change. "Broadband transforms work and daily life. And since consumers are changing in major ways, EC sites will have to evolve in keeping with those changes."


Infrastructure innovations continue with the focus tightened on added value.

"It's there when you need it, and that makes it well suited to the rhythm of life throughout the day," Messer said of the advantages of the Internet. He noted that broadband Internet users use the Internet 17.3 hours per month, adding that "there's been a major change from the age when people were happy with the information given to them to an era in which people seek out their own information."

Messer said that the leading players in his company's affiliate marketing business is not LinkShare, but the affiliates themselves. "I don't think that we have all the ideas," he said. "Affiliates are just platforms, and we will provide this simple means to the people with the ideas. LinkShare will keep the focus narrowed to added value as we continue to transform the infrastructure," he said, stressing his company's role as a platform provider.

To demonstrate LinkShare's continuous effort to provide transformative new services and functions, Messer noted the examples of XML compatibility, Web services, the InStore card that can be used at physical retail outlets, and data analysis function. He said that the latter is to be introduced in Japan in the coming days. "Data is so abundant that it can't be made thorough use of. Providing a simple interface making it possible to analyze meaningful data should make it possible to make deliberate decisions that take more data into account."

Sensing the intimate relationship between affiliates and search functions, the company also began offering the LinkShare Search Advantage search service. "There are cases in which the user can't search using the keyword that is actually desired," he said. "We intend to optimize search programs to affiliate sites using a common data set."

Messer also brought up the example of Google, noting that they are a competitor. "Google built the world's top brand in three years, and they did it without brand investment. Their website is simple, too. In the world of the Internet, it is possible to become a major player without major investment," he said, adding that "there'll probably be another Google-like presence on the Internet within two to three years."


When television first appeared, broadcasts of theater and radio footage were the mainstream. Now, programming featuring ordinary people is the most popular.


New capabilities offered by LinkShare Data analysis to start in Japan in a few days

The Veg-O-Matic of wireless phones has taken Japan by storm, and it's headed our way with exciting implications for marketers.

What is 3G wireless? 3G, or third generation, is a technology that enables high-speed, always-on (simultaneous voice and data) wireless connectivity for mobile phone subscribers. The capabilities are so far beyond voice that the term mobile phone has been replaced with the more inclusive mobile handset. The service was introduced to the Japanese market in 2001 by DoCoMo, the largest Japanese telecom, but the handsets were unappealing and the service unreliable.

Massive adoption did not occur until upstart KDDI, Japan's second-largest telecom, leapfrogged DoCoMo by introducing its "au" wireless service in March 2002, along with a new, streamlined handset with a large display and long-lasting battery. KDDI then changed the game by introducing fixed packet pricing—think back to 1996 when AOL introduced flat-rate pricing for dial-up Internet access and you get the picture.

KDDI today boasts 16 million subscribers to the service, or 70 percent of the 3G market in Japan, says Mobile Media Japan.

What's so special about 3G? High-speed connectivity, for one. KDDI recently launched 2.4 megabits per second wide band service, which is comparable in speed to cable and permits the same step-up to rich media content on your handset that high-speed access enables on your PC. The display is as much as 80 percent larger in one dimension than typical U.S. cell phones.

Another key feature is the "always-on" aspect, which lets you receive a call (voice) while you're online (data). The latest 3G handsets have built-in digital cameras with up to 2.0 megapixels of resolution, and if you're wondering how you would ever store pictures that large, the handsets have data folders with as much as 24 megabytes of capacity.

GPS capability is available, turning your display into a map and guiding you to your destination. The ability to download ring tones has been taken to the logical next step—downloading songs, and the latest handsets such as the Casio W21CA let you listen to them on stereo speakers.

Many of these handsets are equipped with infrared devices, similar to a Mobil Speedpass, that let customers buy items from vending machines, for example, and have them billed to their wireless account. Smart card technology also has been introduced to turn handsets into e-wallets, thus replacing credit cards and cash.

One of the more interesting e-commerce applications uses the handset's digital camera and 2D barcode technology. KDDI recently launched a shopping service using this technology that radically increases its role in transaction processing. After incurring significant expenses to build its au wireless customer base, KDDI sought to recoup its investment by adopting an advertising model, charging advertisers for the right to put their products in front of customers. Again, think back to AOL cutting deals with advertisers to allow them access to its customers.

To manage this, KDDI partnered with top affiliate marketing service provider LinkShare. KDDI is now a LinkShare affiliate, and all advertisers that want to participate must become LinkShare merchants.

For example, a KDDI customer sees a print ad for an iPod in a magazine and decides to buy it. The print ad includes a 2D barcode in the lower-right corner provided to the advertiser by KDDI. The barcode contains all the relevant information—the advertiser, the price, the commission KDDI charges, transaction fees, etc. The customer snaps a picture of the barcode, LinkShare's technology calls up an image of the product, the user confirms the purchase and it's billed to the user's wireless account. LinkShare's technology calculates the purchase price, the sales commission paid to KDDI and the transaction fee paid to LinkShare.

3G wireless is far behind in the United States because of the hefty price tag attached to building the infrastructure, $60 billion by some estimates. 3G service is not expected to be widely deployed until the end of 2006. Verizon launched the service in San Diego and Washington, DC, in 2003. Cingular's recent merger with AT&T Wireless will jump-start its foray into 3G. AT&T launched 3G this year in Seattle, Phoenix, Dallas, Detroit, San Diego and San Francisco.

In the United States, cell phones are largely still just phones, but this is changing as users—mostly young people—incorporate cell phones into their daily lives for various types of communication, including text messaging and sharing digital photos. Advertisers are following along, experimenting with how best to use this emerging channel.

Projecting two years hence, when 3G is up and running, it seems clear that it will be a huge opportunity for marketers. The issue of advertising fragmentation becomes less of a challenge when one device consolidates most online activities and is always on. Whoever owns the customers will rule the day.

Werbeanzeigen in Zeitungen werden also mit einem Code versehen, der von einem Handy mit einer entsprechenden Scan-Funktion gelesen werden kann. Man bekommt das Angebot und das Unternehmen, das hinter der Zeitungsanzeige steht auf das Handy. Führt die Prozedur zu einer Bestellung, erhalten der Handybetreiber und Linkshare, die das organisieren, eine Umsatzbeteiligung. In Japan läuft das schon, allerdings ist dort auch die Zeitung mit der Werbung am Provisionskuchen beteiligt. Die Anzeigengebühr besteht dann aus einem fixen Bestandteil und weiteren variablen Bestandteilen, die LinkshareJapan nach den erfolgten Verkäufen ermittelt. Der Erfolg lässt sich zwar nicht voraussehen, für die Internet Capital-Beteiliung Linkshare könnte sich aber zusätzlich zum schon normalen Affiliate Marketing eine gigantische Einnahmequelle auftun. Und Linkshare scheint mit seinen Technologien dieser Markt total zu beherrschen - zumindest noch momentan, auch wenn dort später andere einzudringen versuchen werden, wenn das sehr lukrativ wird.

denn wer heute gegen Börsenschluss einmal die Orderlage auf Island beobachtet hat, konnte beobachten, dass die Shortseller massiv Material in den Markt werfen mussten, um den Kurs unter sechs Dollar zu halten.

Dadurch haben sie sich auch heute weiter in die Scheisse geritten, als dass sie ein Stück herausgekommen sind. Damit ist der erste Tag von 10 Tagen für die Shortseller verstrichen, bis sie ihre Leerverkäufe glattgestellt haben müssen. Denn in zehn Tagen dürfte die Bombe von neuen Rekordzahlen über Leerverkäufe zum 15.4. platzen. Und wer da noch nicht glattgestellt hat, ist arm dran.

Wer bis da noch drin ist, kauft dann allerdings auch wesentlich teurer ein.

Revenue explores the strategies, technologies, designs and best practices that help affiliates and merchants achieve success in performance marketing, a fast-growing area of e-commerce in which independent Web publishers, usually operating as small businesses, generate commissions by introducing consumers to the sites of larger merchants.

Revenue is available through major book and magazine dealers. It is also sold through subscriptions, including those offered through the magazine's own affiliate marketing program www.revenuetoday.com.

About Montgomery Media International

Montgomery Media International, a division of Montgomery Research, publishes consumer magazines and contract publishing solutions. Find out more about Montgomery Media at www.montgomerymedia.com.

DataMirror(R) (TSXMC)(NASDAQMCX) today announced a partnership with solution provider, The Normandy Group, to offer real-time data integration, business continuity, and regulatory compliance solutions to Normandy Group clients. The partnership will leverage DataMirror's industry-leading software, including iCluster(R), Transformation Server(R) and, LiveAudit(R) to extend The Normandy Group's business intelligence, business process, and enterprise resource planning business practices.

The Normandy Group will serve as a systems integrator partner to offer customized solutions featuring DataMirror software to its existing client base. The Normandy Group will expand its customers' use of information technology with the addition of iCluster, Transformation Server, and LiveAudit for high availability, disaster recovery, real-time data integration, and auditing purposes. In particular, The Normandy Group will leverage DataMirror software solutions to enhance data warehouse and business intelligence solutions from Cognos, along with business process analysis solutions implemented by CommerceQuest.

"With such a strong reputation for delivering solutions that meet specific business needs, DataMirror is excited about the addition of The Normandy Group to our existing partner ecosystem," says Stewart Ritchie, Senior Vice-President, Worldwide Sales, DataMirror. "The addition of DataMirror technology enhances the business intelligence, data warehouse, and business process solutions of existing Normandy Group customers by delivering real-time data integration capabilities that facilitate continuous access to accurate information."

The Normandy Group is a Cognos Pinnacle Partner and was recently named ScanSource Partner of the Year. The consultancy focuses its expertise in the financial services, manufacturing, healthcare, retail, utilities, and telecommunications sectors. DataMirror offers more than ten years of leadership with best-of-breed, real-time integration software solutions.

"We are excited about the partnership with DataMirror and what their industry-leading software provides for our customers," said Charles Burke, CEO, The Normandy Group. "The partnership with DataMirror enhances our ability to provide customers with world-class integrated solutions to achieve their business goals and objectives."

The Normandy Group is a DataMirror Platinum Partner.

About The Normandy Group

The Normandy Group is committed to the success of their clients as a premier provider of innovative business solutions that encompass the people, process, and technology components necessary to create business value. Additionally, it is The Normandy Group's mission to exceed the client's expectations and give them a competitive edge in today's challenging business climate. They support growth and emerging clients with top professionals in business and technology. Protocol (i)(TM) is the company's proprietary framework known as a standard for delivering scalable and secure business solutions.

The Normandy Group's unique approach to performance management, process improvement, and the application of industry best-practices enables their clients to be first to market with leading-edge solutions realizing tremendous competitive advantages. The new pace of business requires a more forward thinking vision, greater agility in the marketplace, and a faster, more nimble response to changing demands. For more information, visit www.thenormandygroup.com.

About DataMirror

DataMirror (NASDAQ: DMCX; TSX: DMC), a leading provider of real-time data integration, protection, audit and java database solutions, improves the integrity and reliability of information across all of the systems that create and store data. DataMirror's flexible and affordable integration solutions allow customers to easily and continuously detect, translate, and communicate all information changes throughout the enterprise. DataMirror helps customers make better decisions by providing access to the continuous, accurate information they need to take timely action and move forward faster.

Over 2,000 companies have gained tangible business benefits from DataMirror software, including Debenhams, FedEx Ground, First American Bank, OshKosh B'Gosh, Priority Health, Tiffany & Co., and Union Pacific Railroad. DataMirror is headquartered in Markham, Canada and has offices around the globe.

And affiliate marketing will continue to grow as more companies decide they want to advertise online, says Stephen Messer, chief executive of LinkShare, a leading online marketing company. LinkShare manages affiliate marketing programs for Avon and others.

"Today, we manage over 11 million relationships between our merchants and Web sites that are in the network," he said. "It makes it easier for their customers to find their products."

Avon's affiliates include such sites as iVillage.com, a Web portal for women, and Ebates Shopping, a rewards site.

EBay is also enthusiastic about its affiliate program. In an earnings conference call last year, eBay executives said affiliate marketing was one of the strongest drivers of consumer traffic to the company's online auction service. But they declined to provide details.

Apple has used affiliate marketing to drum up customers for its iTunes online music service. After launching in April 2003, iTunes served up its 200 millionth song download in December. Apple also declined to discuss its affiliate marketing.

Success in affiliate marketing largely depends on finding the right mix of partner sites. In the music category, recording artist Web sites that attract fans are a good bet to generate music sales, says Messer.

"The key Web sites for iTunes are those sites that have fans, because that's where the buyers would be," he said.

Amazon.com, (AMZN) the world's largest online retailer, eschews TV ads in favor of online advertising — including affiliate marketing.

Amazon wants to reach consumers who are already online, says Frank Sadowski, vice of consumer electronics for Amazon.

"Affiliate marketing is very effective," he said. "Just being pervasive on the Internet and having Amazon.com come up on thousands of sites is very significant."

Like other online retailers, Amazon won't say exactly how many sites are in its affiliate marketing program. It also won't name any of the sites or say how much it spends on affiliate marketing.

"It's a significant portion for us," said Sadowski.

Companies want to protect their marketing secrets. A partner site that attracts customers and boosts sales is like gold, says Jeff Pullen, executive vice president of operations for ValueClick. (VCLK) ValueClick owns Commission Junction, which provides affiliate marketing and other services for 1,500 customers.

"Once you get a productive publisher, you don't want to lose him," said Pullen, who was chief executive of Commission Junction before ValueClick bought the company in December 2003. "If they are sending you new customers and they are helping you generate revenue, the last thing you want to do is post on your Web site which one of your sales people are the best."

In most affiliate marketing programs, advertisers pay their affiliate partners a percentage each time a consumer passes through to buy a product or service.

For example, if a consumer comes through an affiliate site and buys a $100 pair of shoes on a retailer's site, the affiliate partner gets about 10% of the sale.

ValueClick's Commission Junction gets about 30% of that fee, or $3.

The company's revenue from affiliate marketing program rose 37% in the third quarter vs. the year-ago period, Pullen says.

"What that tells us is that we are attracting new customers and existing customers are having success with the program," he said.

Affiliate marketing programs work differently than paid search programs, which require advertisers to pay a search company each time a consumer clicks on their ad listed in search results.

In affiliate marketing, a consumer must not only go to a site but also make a purchase. No cash changes hands unless a consumer completes a transaction, says Pullen.

"If the customer doesn't buy something — or fill out an application or become a registered user or whatever it is the advertiser is looking for — the affiliate doesn't get anything," he said. "Affiliate marketing is not a traffic aggregation strategy."

But is affiliate marketing better than the paid search approach?

Advertisers seem to like both.

A survey of 150 retailers by Shop.org and Forrester Research found that 59% used paid search in 2003. Nearly 50%, meanwhile, said they used affiliate marketing programs.

Retailers rated paid search as 96% effective in 2003. Affiliate marketing programs received a 94% effectiveness rating, the survey found.

Each approach has its advantages, analysts say. With paid search programs, advertisers can bid on key words or phrases in search results. A consumer typing in that phrase could likely end up on that advertiser's Web site.

In contrast, advertisers in affiliate marketing programs must hope that a consumer who clicks through to their site will be looking for something to buy, says Steven Kaufman, vice president and media director of Digitas, (DTAS) a marketing services company.

"It's a different world," he said. "You don't have a lot of control with affiliate marketing, and in a lot of cases, you get what you pay for."

In other words, affiliate sites don't always bring in good sales leads.

That's why advertisers say it's important to ditch ineffective affiliates.

Last year Avon reduced the number of Web sites in its affiliate marketing program to 2,500 from 10,000 in 2003. Avon cut the sites that didn't generate sales, says McAdams.

"We decided it was cleanup time," she said.

Now the company sees affiliate marketing as more effective than the paid search approach.

With affiliate marketing, customers are coming directly to Avon rather than searching among several rival products, says McAdams.

Other advertisers like both approaches.

Wine.com, an online retailer of wine and related products, spent about $1 million on Internet marketing services over the Christmas shopping season vs. $200,000 during year-ago period.

So far, results from affiliate marketing and paid search have been pretty even, says George Garrick, chief executive of Wine.com. And both were far more effective than plain-old Internet advertising, he says.

"What doesn't seem to work well is regular banner ads," Garrick said.

More and more of the company's sales are now coming from customers who live outside the city but shop on the company's Web site. To attract customers looking to buy digital cameras, portable digital music players, plasma televisions and the like, J&R has shifted more marketing dollars to promote its Internet operations and has strategically placed hundreds of links on technology sites.

"They've been one of the most aggressive in the marketplace," says Stephen Messer, chief executive of LinkShare. His company connects retailers such as J&R with tech gurus who write online about their favorite gadgets. Consumers read the write-ups and click a link to www.JR.com if they want to buy something. LinkShare started putting J&R's link on Web sites about five years ago.

Internet option

"When 9/11 happened, that team knew there would be difficulty getting people downtown, so they turned to the Internet," Mr. Messer says.

Getting shoppers to its site is only half the story. J&R has been a success on the Web because it offers sharp prices and an extensive, ever-expanding inventory, says Alan Wolf, editor of Twice, a trade journal that covers consumer electronics.

Although the Internet has been good to J&R, the Friedmans still have faith in their storefronts on Park Row. J&R owns and operates 300,000 square feet of retail space there and is planning to expand even further.

In the next few months, the retailer will add two floors to the two already dedicated to digital cameras and their accessories. It also just opened a 2,000-square-foot personal-care store with massagers and hair dryers to serve the area's burgeoning residential community. In the next year, J&R will convert 15,000 square feet of warehouse space below 17 Park Row into a new sales floor for personal care products, appliances and housewares.

The new stores are partly designed to attract more female customers, a missing component in J&R's success. The company is also partnering with InStyle magazine to exclusively sell a wedding music CD, starting this spring in its store and online. J&R's Web site will launch a bridal registry in the next three months.

Feminine appeal

"It's a chance for us to appeal to the female customer in this typically male-dominated industry," says Ms. Friedman, who talks about her family's one-block empire while surrounded by her collection of candid celebrity photographs.

Snapshots of Bruce Springsteen and a young Janet Jackson are just two among dozens of smiling faces hanging in Ms. Friedman's pink- and mint-colored office. Mixed into the display are several startling photographs taken outside J&R on Sept. 11.

Ms. Friedman recalls the decision to reopen after only six weeks, even when the insurance companies would have paid the owners more to stay shuttered.

"We had to open. It was a deserted town. It was scary," she says. "The second we reopened, the vendors were back on the sidewalk."

Finde ich echt stark, wie Du Dich mit der Firma ausseinandersetzst. Kannst Du mir sagen, wie ich zu einem Jahresabschluss von Internet Capital Group auf deutsch komme? Möchte mir das ganze auch mal näher betrachten.

Gruss

cashflash

finden, Du musst Dich mit einer englischen Version zufrieden geben. Und auch da hilft es Dir nicht weiter, wenn Du nicht die weitere Erläuterungen liest. Denn Internet Capital ist ein Holding, die ihrerseits nur Beteiligungen hält - also eine Art verkappter Internetfonds. Bei Internet Capital wird nichts produziert und dienstgeleistet, das geschieht in den 20 Beteiligungen. Folglich arbeiten dort auch nur 20 Beschäftigte.

In den Rechnungsabschluss sind nur solche Beteiligungen integriert, wo man über 50% der Anteile und Stimmrechte hat. Das sind nur ICGCommerce (Anteil = 76%) und CommerceQuest (Anteil = 87%). Nur diese beiden Firmen fließen in den Rechnungsabschluss von Internet Capital ein. Bei GoIndustry hält man zwar 54%, hat aber nicht die Stimmenmehrheit. Allerdings veröffentlicht Internet Capital seit zwei oder drei Quartalen aufschlussreiche Zusatzinformationen zu den Umsätzen und sonstigen Zahlen von Unternehmen, wo man nicht über 50% hält. Diese Information kannst Du z.B. dem letzten Quartalsbericht entnehmen. Daraus kannst z.B. schließen, dass Internet Capital in 2005 anteilige Umsätze seiner Beteiligungen ohne die börsennotierte Beteiligung Blackboard von um die 150 Millionen haben dürfte. Dass hierzu eine Börsenkapitalisierung von 220 Millionen nicht passt, dürfte Dir bei einem unter Berücksichtigung seines Kassenbestandes schuldenfreien Unternehmens sofort ins Auge springen. Denn vergleichbarer Unternehmen werden mit dem fünf- bis zehnfachen ihres Umsatzes bewertet.

"Allerdings veröffentlicht Internet Capital seit zwei oder drei Quartalen aufschlussreiche Zusatzinformationen zu den Umsätzen und sonstigen Zahlen von Unternehmen, wo man nicht über 50% hält."

Eine ähnliche Gesellschaft wie Internet Capital ist NetInvest in der Schweiz. Die geben auch in den Berichten Auskunft über den Geschäftsverlauf Ihrer Beteiligungen. Dasselbe wollte ich nun von ICG, aber auf Englisch habe ich so meine liebe Mühe...

LS New Merchant Announcement
November 16, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with the New Merchant Announcement:

Bedford Fair Lifestyles

Cables To Go

CellularFactory

Draper’s and Damon’s

Fast Floors.com

FoodSaver.com

Frederick's of Hollywood

Holiday Network

Lands' End

Old Pueblo Traders

preCharge.com

SHOP.COM

Solestruck.com

The Supply Sergeant

ZeroDegrees

LinkShare New Merchant Announcement
November 30th, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with the New Merchant Announcement:

Complete Life Quote Confoti, Inc.

Flowers USA (FTD.com)

Mytwinn.com

Special Delights

The Walker's Warehouse

LS Exclusive New Merchant Announcement
November 11th, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with an exclusive New Merchant

Merchant:Catherines

LS Exclusive New Merchant Announcement
November 15th, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with an exclusive New Merchant Announcement:

Dale & Thomas Popcorn

LS Exclusive New Merchant Announcement
November 17th, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with an exclusive New Merchant Announcement:

Merchant:PETsMART

LS Exclusive New Merchant Announcement
November 23rd, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with an exclusive New Merchant Announcement:

Merchant:Fingerhut

LS New Merchant Announcement
November 24th, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with an exclusive New Merchant Announcement:

Merchant:Alloy.com

LinkShare New Merchant Announcement
December 14th, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with the New Merchant Announcement:
Bag Borrow Or Steal™

Good Times

.Mac (Apple Computer)

NetTickets.com, Inc.

Ora Jewels

ajamaGramTastyGram

Vermont Teddy Bear

LinkShare Exclusive New Merchant Announcement
December 2nd, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with an exclusive New Merchant Announcement:

Merchant:Kayser-Roth: No nonsense®, Burlington Socks, PrimaSport

LinkShare Exclusive New Merchant Announcement
December 22nd, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with an exclusive New Merchant Announcement
Merchant:Nokia, Inc.


LinkShare Exclusive New Merchant Announcement
December 29th, 2004


Dear LinkShare Affiliate:

LinkShare is pleased to present you with an exclusive New Merchant Announcement:

Merchant:Lingo






 
Den fehlenden Bericht von Linkshare über das vierte Quartal kann man sich zwar problemlos aus den Daten aus dem Vorstehenden und dem nachstehenden Bericht über das dritte Quartal zusammensetzen:


LinkShare Inks Agreements with Over 40 New Clients In Third Quarter
Clients Include Netflix, Apple's iTunes Music Store, Charming Shoppes, Inc.

New York, NY - October 21, 2004 - LinkShare Corporation, a leader in performance-based marketing solutions, today announced that the company has signed agreements with over forty new clients to power their affiliate marketing programs during the third quarter of 2004. New clients span a variety of categories, and include Alloy, Apple's iTunes Music Store, Charming Shoppes, Inc. (Lane Bryant, Catherines, and Fashion Bug), Frederick's of Hollywood, and Netflix. Several existing clients, including Boden and Charles Tyrwhitt, were also signed for the LinkShare Search Advantage solution, which helps clients manage and optimize their paid placement and paid inclusion search marketing campaigns.

"The value of a LinkShare affiliate marketing program to drive distributed commerce online continues to attract leading companies," says Heidi Messer, President and COO of LinkShare. "With hundreds of thousands of affiliate partners in the LinkShare Network, our clients have access to one of the largest distribution channels online to reach their end consumers."

Over 90% of the new clients did not previously have an affiliate program solution - the relationship with LinkShare will be their first entry into this performance-based marketing industry. More and more businesses are looking to affiliate marketing to help them achieve greater reach online effectively and efficiently.

"Charming Shoppes, Inc. is focused on building a solid distribution channel through affiliate partners to ensure that our products and promotions have the broadest reach to consumers online. The LinkShare Network will be a powerful contribution to the growth of our program and to meeting our revenue goals this holiday season," says Robin Baskin, Vice President of Internet Marketing.

Several LinkShare affiliate marketing programs, including one for Frederick's of Hollywood, should be launching within the next few weeks.

"We decided to switch program providers to LinkShare so that we could have greater control and management of our affiliate channel. The tools that LinkShare provides will allow us to manage the Frederick's of Hollywood affiliate program more effectively and efficiently," says Mike Leonard, Online Marketing Specialist at Frederick's of Hollywood. "We're looking forward to our new partnership with LinkShare."

About LinkShare Corporation
LinkShare Corporation is a leading provider of technology solutions to track, manage, and analyze the performance of sales, marketing, and business development initiatives. Combining patented technology, the reach and distribution of a robust network, and expert account management services, LinkShare empowers clients with the ability to collaborate with partners online and develop cost-efficient pay-for-performance campaigns. LinkShare provides the platform, tools, and reporting to help clients acquire new customers, increase revenues, drive results, and measure success across affiliate, search, and email initiatives. LinkShare clients are Fortune 500 and prominent companies doing business online, and include J.C. Penney, 1-800-Flowers.com, AT&T Corp., American Express, Avon Products and Dell, Inc. LinkShare was founded in 1996 and is headquartered in New York City, with offices in San Francisco, Denver, and Chicago.

LinkShare is proud to receive financial, operational and strategic support from Mitsui & Co., Ltd. (NASDAQ: MITSY), Mitsui & Co. (U.S.A), Inc., Internet Capital Group (NASDAQ: ICGE), and Comcast Interactive Capital, an affiliate of Comcast Corporation (NASDAQ).

Wundern tut einem aber schon, dass dieser fiktive Bericht nicht konkret im Januar erschien:

LinkShare Inks Agreements with Over 50 New Clients In Fourth Quarter
Clients Include Nokia, Apple Computer and PetsMart

New York, NY - January 21, 2005 - LinkShare Corporation, a leader in performance-based marketing solutions, today announced that the company has signed agreements with over forty new clients to power their affiliate marketing programs during the fourth quarter of 2004. New clients span a variety of categories, and include Nokia, Apple Computer and PetsMart. Several existing clients were also signed for the LinkShare Search Advantage solution, which helps clients manage and optimize their paid placement and paid inclusion search marketing campaigns.

"The value of a LinkShare affiliate marketing program to drive distributed commerce online continues to attract leading companies," says Heidi Messer, President and COO of LinkShare. "With hundreds of thousands of affiliate partners in the LinkShare Network, our clients have access to one of the largest distribution channels online to reach their end consumers."

Over 90% of the new clients did not previously have an affiliate program solution - the relationship with LinkShare will be their first entry into this performance-based marketing industry. More and more businesses are looking to affiliate marketing to help them achieve greater reach online effectively and efficiently.

"Nokia Inc. is focused on building a solid distribution channel through affiliate partners to ensure that our products and promotions have the broadest reach to consumers online. The LinkShare Network will be a powerful contribution to the growth of our program and to meeting our revenue goals ," Vice President of Internet Marketing. "We're looking forward to our new partnership with LinkShare."

About LinkShare Corporation
LinkShare Corporation is a leading provider of technology solutions to track, manage, and analyze the performance of sales, marketing, and business development initiatives. Combining patented technology, the reach and distribution of a robust network, and expert account management services, LinkShare empowers clients with the ability to collaborate with partners online and develop cost-efficient pay-for-performance campaigns. LinkShare provides the platform, tools, and reporting to help clients acquire new customers, increase revenues, drive results, and measure success across affiliate, search, and email initiatives. LinkShare clients are Fortune 500 and prominent companies doing business online, and include J.C. Penney, 1-800-Flowers.com, AT&T Corp., American Express, Avon Products and Dell, Inc. LinkShare was founded in 1996 and is headquartered in New York City, with offices in San Francisco, Denver, and Chicago.

LinkShare is proud to receive financial, operational and strategic support from Mitsui & Co., Ltd. (NASDAQ: MITSY), Mitsui & Co. (U.S.A), Inc., Internet Capital Group (NASDAQ: ICGE), and Comcast Interactive Capital, an affiliate of Comcast Corporation (NASDAQ)

Wie gesagt, die vorstehende Meldung ist den Daten nachempfunden. Aber nicht nur von Linkshare werden uns Informationen vorenthalten, eine totale Datensperre gibt es bei GoIndustry, seit es Internet Capital gelang, den Anteil von 30% auf 54% aufzustocken. Meines Erachtens deutet das darauf hin, der Führung nahe stehende Käufer am
Werk sind, die beim Erwerb von Aktien zu Ausverkaufspreisen nicht gestört werden sollen. Víelleicht will man ja auch wie im Februar noch einmal selbst zuschlagen. Dem Anleger bleibt daher nicht sehr viel anderes übrig als mitzukaufen.

wie schon häufig an starken Nasdaq-Tagen. Da Internet Capital sehr stark von Shortselling beeinflusst wird bzw. von einem oder wenigen großen Shortsellern, versuchen die an solchen Tagen Stärke zu demonstrieren. Ihr Pech - die Zittrigen sind nicht mehr drin, sie bekommen bei den niedrigen Kursen keine Umsätze zustände, außer ihren eigenen Verkäufen. Heute in sechs Tagen, wenn die Shortselling-Zahlen zum 15.4. veröffentlich werden, kann ich mir durchaus vorstellen, dass wir über drei Millionen liegen - und da bei einem Free Float, den ich irgendwo zwischen acht und zehn Millionen bei Kursen bis neun Dollar einschätze. Das wird echt eng.

Aus Liquiditäts- und Streuungsgründen werde ich versuchen der Versuchung erneuter Käufe zu widerstehen - obwohl es zugegebenermaßen juckt. Aber ich bin meinem Durchschittspreis von 4,55 aus meinen letzten Anschaffungen auch zufrieden, selbst wenn es sie momentan noch etwas preisgünstiger gibt - man soll ja auch den anderen ein Schnäppchen gönnen.

200.000-Stück-Geschenk

zum Börsenschluss annehmen, denn die Shortseller haben zum Handelsende, um den Kurs auf dem gestrigen Niveau zu halten, noch einmal binnen kurzer Zeit 200.000 Stück geworfen, die locker absorbiert wurden.

Vielleicht bekommt Ihr morgen in Frankfurt noch günstig ein paar Stücke, ehe vielleicht morgen an der Nasdaq der Zug abgeht. Es sind schließlich nur noch sechs Bankarbeitstag bis wir vermutlich erfahren, wieveil tiefer sich die Shortseller erneut in die Schesse gerammelt haben. Schon das letzte Mal hingen sie mit fast 2,7 Millionen drin - bei einem von mir geschätzten Free Float unter 10 Millionen Stück bei Kursen unter 10 Dollar.

Ich würde bei einer größeren Stückzahl in Frankfurt mit einem Staffellimit arbeiten. Denn da hatten wir schon öfter jemand, der vermutlich zu niedrigen Kursen gleichzeitig als Käufer und Verkäufer auftrat, was eigentlich nach dem Wertpapierhandelsgesetz verboten ist, aber gegen Strohmänner ist da kein Kraut gewachsen. Darüber sollte man sich auch nicht den Kopf zerbrechen, die Lage so nehmen wie sie ist und ausnützen: Das bedeutet mit gestaffelten Limits kaufen, wobei die Limits so zu legen sind, dass man an eventuellen Durchhandelsgeschäften auch bei uns einen Reibach machen kann.

Ebay und GoIndustry

sind zwar von den Größenordnungen her zwei verschiedenen Welten, denn die Erlösschätzungen für Ebay für 2005 lauten auf 4,4 Milliarden, während sich die Erlöse von GoIndustry in 2005 zwischen 50 und 60 Millionen bewegen dürften. Sie sind somit um den Faktor 80 kleiner. Zieht man die Marktkapitalisierung von Google von 43 Millionen heran, ließe sich daraus ein Wert für GoIndustry von 550 Millionen herunterbrechen und die 54% Anteil von Internet Capital wären kanpp 300 Millionen wert - fast 50% mehr als die gesamte Marktkapitalisierung von Internet Capital. Selbst wenn es nur halb so gut käme, lagen wir immer noch bei 150 Millionen für eine von zwanzig Beteiligungen von Internet Capital mit einer gesamten Marktkapitalisierung von 220 Millionen, die natürlich nicht alle GoIndustry das Wasser reichen können. Mit Linkshare existiert allerdings eine weitere Beteiligung, die noch wertvoller als GoIndustry sein dürfte.

Denn auch eine weitere Hoffnung des shortenenden Hedge trügt, nämlich die auf eine aus saisonalen Gründen in den letzten Jahren immer vorhandenes schwaches Quartalsergebnis von Internet Capital im ersten Quartal. Die Ursache dafür lagen meist bei Linkshare, die stark dominierend waren und gegenüber dem Weihnachtsquartal, wo das Affiliate Marketing brummt, etwas abfielen. Wie aber die Ergebnisse von Google und Yahoo zeigen, kann man da bei Linkshare diesmal optimistischer sein und noch wichtiger ist, dass andere Beteiligungen von Internet Capital jetzt in Umsatzzahlen (z.B. Starcite) hineingewachsen sind, die das Gewicht von Linkshare für die Erlöse von Internet Capital reduziert. Hinzu kommt, dass ICGCommerce und Commercequest nach rückläufigen Erlösen in den letzten beiden Jahren inzwischen einen glänzenden Tournaround hingelegt haben, schwarze Zahlen bereits im vierten Quartal hingelegt haben und in diesem Quartal auch ihre Erlöse um 25% steigerten (was aufs Jahr hochgerechnet über 100% sind) - obwohl sie logischerweise dieses Tempo bei den Erlössteigerungen kaum durchhalten können.

aus dem vorletzten Posting und dem angestellten Vergleich mit Ebay. Dass GoIndustry wächst, kann jeder erkennen, der sich in der Vergangenheit die nachstehende Liste der Verkaufsaktionen in den letzten 30 Tagen, die sie regelmäßig veröffentlichen, mit den früheren sehr viel weniger umfangreicheren vergleicht.

www.goindustry.com/de/salelistclosed.asp

Insofern muss man die vor einiger Zeit erfolgte Aufstockung der Beteiligung durch Internet Capital von 30% auf 54% bei GoIndustry als sehr positiv für den Wert von Internet Capital werten.

Noch beeindruckender an der 54%-Beteiligung ist allerdings, wenn Ihr einmal auf die nachstehende Kundenliste klickt, die sich rechts am Rande befindet. Klickt ruhig einmal alle Bereiche durch.

www.goindustry.com/de/about/clientsalelist.asp

Meine These, dass allein diese eine Beteiligung schon einen großen Teil der gesamten Marktkapitalisierung von Internet Capital von ca. 230 Millionen ausmacht, ist dann sicher noch schwer von der Hand zu weisen. GoIndustry müsste zum Beipsiel ca. 410 Millionen wert sein, damit für die 54% Anteil 230 Millionen rauskämen. Bei ca. 60 Millionen geschätzten Provisionserlösen von GoIndustry in 2005, würde das auf ein Kurs-Multiple von 7 hinauslaufen, Ebay hat eines von über 10.

This strategic alliance proclaims to be India’s first ever auctioning of infrastructure and industrial assets. This unique format of asset disposal in India will be attractive to financial institutions, Banks, government bodies and companies in the private & public sectors whose primary objective is to obtain the highest realization for their assets. This venture will prove to be the most rapid and cost effective manner to transform the assets into cash, in line with the Government policy for Securitisation and Reconstruction of Financial Assets. This will be of immense benefit to various Asset Reconstruction Companies, as the new entity can work as a catalyst for realizing cash out of Non Performing Assets.

The Joint Venture spells an innovative platform providing mutual benefits to Quipo and SREI’s (a leading national non-banking financial institution focusing on financing of construction equipment and infrastructure projects) large base of over 6000 customer’s through value addition in their business model. The objective of maximizing realization for the customers’ assets is achieved through a number of sale methodologies, including the revolutionary technology of ‘Online Auction’ with GoWebcast. This unique technology will bring bidders across the world into the traditional auction room via the internet and allow complete transparency of the transaction; helping the seller to know exactly how much and to whom the asset was sold.

Speaking on the occasion, John Allbrook, CEO, GoIndustry Henry Butcher Group said, “We firmly believe that the services which we can offer can be of great benefit to Industry in India. We have been selling assets into India for over 25 years now and we felt it was time to strengthen our presence here. We believe, in Quipo, we have the ideal partner to launch our services in India. We will offer our auctions, asset disposal and valuation services to companies and financial institutions in India who can benefit from selling their surplus equipment through both our local and international network. Our presence will also give the opportunity to Indian customers to buy equipment from our disposals worldwide.”
“We are proud to be associated with a global company such as GoIndustry Group which provides Infrastructure & Industrial Asset Auction & Valuation Services, and help in adding another critical link to our value chain. This is consistent with our pursuit of conceptualizing and delivering unique and innovative solutions for the Indian Infrastructure Industry”, said Mr. Sunil Kanoria, Chairman and Managing Director, Indian Infrastructure Equipment Ltd.

About GoIndustry Henry Butcher

GoIndustry Henry Butcher is a division of the GoIndustry Group, one of the largest industrial asset management companies in the world covering Asia Pacific, Africa, Europe and the Americas. The GoIndustry Group brings industrial equipment disposal and consultancy services to all industry sectors with a high degree of professionalism and quality of personal service which has been the cornerstone of the company for over 125 years.

About Indian Infrastructure Equipment Ltd. (IIEL)

Indian Infrastructure Equipment Ltd, India’s first equipment bank and only end-to-end equipment Rental Company, is a unique and pioneering effort conceptualized and sponsored by SREI and is supported by the Construction Industry Development Council (CIDC).

Branded as ‘Quipo’, IIEL provides state-of-the-art equipment for a whole range of construction requirements along with value added services such as trained operators to run and service the equipments and on-site repairs and maintenance. With its tailor made solutions suited to specific needs, Quipo enables customers to focus on their core competencies and increase their profitability.

Stronger relation with India’s top construction companies and partnership with worlds leading equipment manufacturing companies, Quipo became the leading player in mechanizing India’s construction industry with latest technologies.

The major shareholders of IIEL include International Finance Corporation (IFC), Washington (World Bank Group), FMO (Financial Institution owned by the Government of Netherlands) and Swedfund International AB, Sweden, (Financial organization owned by the Swedish Government).

was seine 20 Beteiligungen anbetrifft.

Über Hiobsbotschaften und Freundentaumel in der High-Tech-Branche schreibt heute die Süddeutsche Zeitung. Freundtaumel angebracht ist nach Ansicht der SZ vor allem für zwei Bereich.

Bereich I: "Vor allem preisgünstige Lösungen, die Unternehmen letztlich helfen Kosten zu sparen, sind gefragt."

Bereich II: "Gibt es überall Licht und Schatten? Bei Internet-Firmen offenbar nicht. Ebay, Yahoo und Google gläntzen mit guten Zahlen. Das muss nicht immer so bleiben. Doch der langfrristige Trend arbeitet für die Online-Wirtschaft. Das Internet wird immer wichtiger - für Privatkunden und Unternehmen. Zumindest für die Internet-Branche sind die Aussichten glänzend."

Wenn Ihr Euch jetzt einmal die 20 Beteiligungen von Internet Capital anseht, könnt Ihr feststellen, dass sie fast alle in einem oder gar beiden der oben beschriebenen Bereiche den Schwerpunkt ihres Wirkens haben.

wo Internet Capital 32% hält, ist so ein Beispiel für die optimale Aufstellung von Internet-Capital-Beteiligungen, denn es ist gleichzeitig in den beiden oben angeführten Bereichen tätig. ECredits  Angebote für automatisierte Kreditentscheidungen helfen den Unternehmen Kosten sparen, gleichzeitig profitiert Ecredit.com enorm vom Trend hin zur Online-Wirtschaft, da durch die steigende Zahl der Geschäftsverbindungen in einem sehr viel größeren Raum der Bedarf an atuomatisierten Kreditentscheidungen dramatisch zunimmt.

Die Kundenliste ist dramatisch gewachsen und auch sehr prominent besetzt, wie ihre am rechten Rand auf der nachstehenden Website nachlesen könnt. Was einen Teil dieser prominenten Kunden zu den Angeboten von Ecredit.com sagt, könnt Ihr auch auf dieser nachstehenden Website lesen:

www.ecredit.com/docs/customers.php

wo Internet Capital 76% hält, ist eine weitere Beteiligung, die preiswert den Unternehmen Kosten zu sparen hilft. Interessant ist, dass dieses Unternehmen auch bei uns ein sehr starkes Standbein durch seine Tocher hpi hat. Dahinter verbirgt sich der ehemalige Zentraleinkauf des Hoechst-Konzerns, der im Bereich der elektronischen Beschaffung in Deutschland Marktführer war und der von Internet Capital-Tochter ICGCommerce vor einigen Jahren übernommen wurde.

www.hpigmbh.com/Whoswho032004.pdf

"In ICG Commerce we found a strong and very experienced partner for solving our specific needs in optimizing the master data structure within the ERP-system of the RWE group," said Dr. Thomas Holzapfel, RWE Systems Manager responsible for master data management.


RWE will leverage ICG Commerce's proprietary technology and experts to accurately capture and categorize massive amounts of purchasing data generated by multiple RWE data systems. The ICG Commerce category experts, supported by customized IT applications, will turn the data into a format that is more user-friendly, providing RWE a clearer picture of their spend and the ability to make more informed sourcing decisions.


"With the significant growth that the RWE group has experienced recently, they are a perfect example of how large companies can become more cost efficient through a better understanding of their expenditures," said Ed West, chairman and chief executive officer for ICG Commerce. "ICG Commerce's unique and comprehensive procurement infrastructure of experienced people combined with powerful tools and technology provide the most effective strategies for cost reduction and improved procurement processes."


Services to RWE will be performed by ICG Commerce's operations in Frankfurt, Germany.

About ICG Commerce, Inc.
ICG Commerce (www.icgcommerce.com) is the leading Procurement Services Provider delivering total procurement cost savings through an unmatched combination of deep expertise and hosted technology. ICG Commerce provides a comprehensive range of solutions to help companies identify savings through sourcing, realize savings through implementation and transaction management and drive continuous improvements through category management. ICG Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq: ICGE) network of partner companies and was recently named one of UPSIDE Magazine's Hot 100 companies for 2002 as well as a Supply Chain e-Business Top 100 solution provider.

wo es um das Joint Venture der Internet Capital-Beteiligung GoIndustry mit einer indischen Bank ging. Die Höhe der Zahlen, die die bereits 2005 schaffen wollen, erstaunt mich:

Quipo
New Delhi, February 1
Indian Infrastructure Equipment Ltd (IIEL), branded as ‘Quipo’, today struck a joint venture with the UK-based GoIndustry Henry Butcher for infrastructure and industrial asset auction and valuation services in the country, and the two firms expect business worth $ 100 million in the first year. — UNI

Bei den genannten 100 Millionen Dollar blieben bei den üblichen 15% für GoIndustry beretis im ersten Jahr Provisionserlöse von 15 Millionen hängen - nicht start für den Anfang, wenn man bedenkt, dass ich weiter oben die Provisionserlöse von GoIndustry insgesamt nur mit 60 Millionen veranschlagt hat, was allerdings eine vorsichtige Schätzung war.

ICGCommerce, die 76%-Beteiligung von Internet Capital, deren Deutschland-Niederlassung ich Euch ja weiter oben vorgestellt hatte, ist ein führender Spezialist auf diesem Sektor. Ariba ist auch auf diesen Zug gesprungen, durch die Übernahme von Freemarkets, und hat jetzt neben dem Klotz am Bein (Software mit zurückgehenden Umsätzen) ein Sprungbein (Provider für Einkaufsdienstleistungen), sodass man die zuletzt gesehenen Kursrückgange wegen gefallener Softwareverkäufe doch als ziemlich absurd abtun muss, weil das neue Wachstumssegment nicht berücksichtigt wurde - Internet Capital ist allerdings trotzdem viel chancenreicher, weil unterbewerteter. Allerdings hatte auch ICGCommerce Ende 2003/Anfang 2004 eine Durststrecke zu überwinden. Mein obiges Posting zu RWE und ICGCommerce zeigt, dass ICGCommerce heute überwiegend als Komplettanbieter auftritt, während er früher auch noch stark zusammen mit Beratungsdienstleistern agierte. Durch diese Konkurrenzsituation fielen wohl einige Aufträge, die über Betratungsfirmen, zu denen man teilweise in Konkurrenz agiert, weg. Allerdings war diese Entscheidung für einen von zwei Wegen notwendig und überfällig. Wie gut man inzwischen wieder dasteht, zeigen die folgenden Ausführungen zum Geschäftsverlauf im vierten Quartal:

INCREASING DEMAND FOR PROCUREMENT BUSINESS PROCESS OUTSOURCING AND DIFFERENTIATED OFFERING HELP MARKET SHARE LEADER ICG COMMERCE ACHIEVE STRONG 2004 RESULTS

Procurement-Only Focus, Deep Market Experience, Comprehensive Offering Focused on Operational Improvements And Continuous Value Generation Combine To Drive Over 175% Growth In Services Backlog

PHILADELPHIA - March 9, 2005 - ICG Commerce, a leading procurement services provider, today announced key business results for 2004. The company signed 55 contracts during the year and achieved consistent double-digit quarter-over-quarter growth. The strong momentum is reflective of the company's track record of producing results for leading companies and points to its comprehensive approach to procurement as the most effective model for driving bottom-line savings and process efficiencies.

Among the new contracts signed in 2004 were eight agreements for comprehensive procurement management or outsourcing services, including those with new customers Avaya, Cooper Cameron Corp., Greif, Inc., Universal Packaging Corp., and Vought Aircraft Industries, Inc. In addition, extensions were signed with a number of long-term customers such as Crown, Cork & Seal, Delta Air Lines, Indalex and Nordstrom.

"In 2004 ICG Commerce quantifiably distinguished itself as the leader in procurement-BPO with strong performance in customer acquisition,” said Edward H. West, chairman and CEO of ICG Commerce. “Our differentiated and comprehensive offering combined with external market factors have helped bring the procurement business process to the fore, elevating it from a back office function to a key business performance driver.” West added, “Further to the additions we’ve made on the customer front, we continue to add to our team of experts, most notably through the addition of Michael Zisman, former vice president, corporate strategy at IBM and current ICG Commerce and Internet Capital Group board member."

Due to the number of multi-year customer relationships secured in 2004, the value of ICG Commerce's services backlog (the value of all remaining contracted revenue) grew in excess of 175% throughout the year. Key market factors contributing to the company's growth included continued strong demand for overall cost reduction across industries and an increasing focus on core competencies. "Over the past few years, corporations in the U.S. and Europe began, in earnest, outsourcing major but non-core business processes, such as procurement, finance and accounting and human resource management," said Zisman. "This allows companies to focus on their core-competencies and benefit from the focus, expertise and cost effectiveness of others."

These factors continue to drive procurement-BPO growth as organizations increasingly realize that procurement transformation is an important vehicle for battling pressures on the purchase of indirect and direct materials, which in turn, impact product costs and profit margins.

"Recently, we have seen an increased appreciation at the senior executive level for the power of the procurement function to improve business performance," said Zisman. "Although procurement software alone automates some of the necessary processes, it severely understates the full savings potential of a proactive effort to improve overall procurement operations. The market is beginning to recognize the leadership role outsourcing can play in that process."

Impacting results more directly than external market forces was the company's model, which focuses exclusively on driving results through comprehensive procurement transformation. The ICG Commerce approach marries deep purchasing category expertise; process and operations specialists; and a comprehensive but flexible technology platform to build and execute programs that produce sustainable and measurable savings for customers year after year.

According to research published last year by analyst firm Nelson Hall, ICG Commerce currently leads the procurement-BPO industry in market share. In 2004, the company also earned recognition from both the Outsourcing Center and Forbes magazine as a leader in procurement outsourcing, which many have proclaimed to be the fastest-growing BPO segment.

Continuing to innovate, ICG Commerce made several infrastructure and organizational enhancements over the course of the year, including the unveiling of a Procurement Center of Excellence at the company’s new headquarters outside Philadelphia. Dozens of customers, prospects and industry experts have visited the center over the past six months to learn best practices and gain an inside look at the team managing transactions and purchasing activities on behalf of many of the world’s leading companies.

jolie.newman@nelson-hall.com                                                                                 john.willmott@nelson-hall.com





NelsonHall Forecasts Nascent Procurement BPO Market

To Grow By CAGR of 26 Percent



WASHINGTON & LONDON (May 24, 2004) — BPO market research firm NelsonHall today announced that the current worldwide market for procurement BPO is just $200 million, and is expected to reach $640 million by 2008 (CAGR 26 percent.)

Said John Willmott, founder of NelsonHall, “While there have been published announcements of large market size and growth figures for procurement services, the reality is that most contracts are still based on a mix of consulting and applications hosting.  Very few of them include more than minimal procurement process handling, such as requisitioning.  True procurement BPO services are currently at the embryonic stage, but on the evidence of several landmark contracts signed in 2003 and early 2004, we see the market for indirect procurement BPO services starting to take off in the next two years.”



Early Adopters Show the Way in Procurement BPO Market

At present, procurement BPO activity is piecemeal, with organizations outsourcing specific indirect spend categories, such as technology and office supplies and contract labor.  However, within the last 12 months, multi-national organizations such as WorldWide Technology, Deutsche Bank, Avaya and Goodyear Dunlop Europe have signed outsourcing contracts for the management of part or all of their indirect spend, and the success of these foundation contracts will determine the rate of take-up by the rest of the market.

Said Willmott, “The Chief Procurement Officers of major multi-nationals are beginning to view procurement BPO as a complementary activity to in-house and procurement consulting activities.  Some organizations lack the coordinated procurement capabilities to execute their sourcing strategies, and decentralized procurement functions often need an external provider to assist migration to a centralized function and to enforce in-house procurement compliance.  We anticipate these emerging drivers will significantly expand the market for procurement BPO.”



Cost Reduction Remains the Primary Market Driver, But Others Emerge

Organizations adopting procurement BPO are primarily expecting a reduction in procurement costs, typically of between five and 10 percent.  Secondary expected benefits include improving management of compliance across the organization, immediate return on investment (ROI), improved spend management, improved access to goods and services (e.g. temporary labor), and access to expertise, technology and best practices unavailable in-house.

The principal indirect spend categories currently being outsourced are IT, business travel, telecommunications, contract labor, and office supplies and equipment.  Growing areas include professional services (e.g. legal services), marketing, and MRO (maintenance, repair, and operations.)

The high-tech/manufacturing and financial services sectors show most procurement BPO activity globally, with the consumer packaged goods (CPG) sector likely to emerge in the near future.



No Clear Leaders Yet in Supply-Side of Procurement BPO Market

With the market still in its infancy, there are no clear leaders in the supply of procurement BPO services. The supplier landscape is currently populated by a few “pure play” BPO vendors such as Xchanging and Exult, niche procurement BPO vendors such as ICG Commerce, and a number of global IT services vendors including Accenture, Capgemini, EDS and IBM Global Services, who are developing their service offerings. There is also evidence of software vendors beginning to develop managed services offerings through acquisition (e.g. Ariba’s acquisition of Alliente.)

The larger vendors are typically targeting Global 500 companies, with indirect spend of over $1 billion, that need to centralize their procurement function. Thereafter, vendors will target mid-market companies which can gain the benefits of aggregation by being served from the same delivery center as the larger clients.

Over the next two years vendors will jostle for position, likely resulting in the acquisition of smaller niche procurement vendors by the global services vendors as market demand picks up.



Winning Suppliers Will Combine Cost Benefits with Process Excellence

Suppliers operating in this embryonic market face a number of challenges, including initial market caution, access to C-level executives, and the need to articulate a clear value proposition that emphasizes operational benefits beyond cost reduction – such as improved supplier management, improved compliance management and access to procurement expertise.  The winning suppliers will be those who can offer the right mix of long-term cost savings, operational excellence, and attractive pricing models.





About NelsonHall

Based in the U.K. with offices in the U.S., NelsonHall provides buy-side and sell-side organizations with deeper research and analyses in front office, mid-office and back office BPO than any other research firm in the world.  The company’s subscription-based model provides subscribers with robust market analyses, case studies, vendor assessments, contract analyses, market reports and access to a content-rich BPO contracts database.  The firm covers a wide range of industries including financial services, government and utilities sectors, and tracks worldwide and regional BPO activity.  NelsonHall’s home page is www.nelson-hall.com.


Wie Ihr seht, bedient die Internet Capital-Beteiligung ICGCommere ein Nische, der Umsatz dürfte in 2004 bei 30 Millionen gelegen haben. Nach dem obigen Bericht bestehen gute Chancen. Wenn ICGCommerce mit dem Markt wächst, könnten das in 2008 105 Millionen sein. Das sind für mich schon wundervolle Wachstumsraten, auch wenn das vielen Rein-Raus-Zockern schlicht und einfach zu viel Geduld abverlangt. Zumindest ich habe diese Geduld.

Philip Hammarskjold, managing director of Hellman & Friedman, said he looks forward to partnering with the DoubleClick team "to help realize the company's significant opportunities for growth in both its online advertising and marketing and data businesses."

David Rosenblatt will continue to oversee the TechSolutions division as its CEO, and Brian Rainey will continue to lead the DataSolutions division as its CEO.

"This is a great outcome for our customers, shareholders and employees," said Rosenblatt, who is currently president of DoubleClick.

The deal has been approved by DoubleClick's board but is subject to approval by DoubleClick shareholders, federal regulators and the closing of debt financing arrangements.

Hellman & Friedman LLC is based in San Francisco and has invested in about 50 companies since its founding in 1984, including media, software, information services, financial services, energy, and professional services businesses.

JMI Equity has focused on investments in the software and business services industries since its founding in 1992.

The Avaya/ICG Commerce relationship focuses on driving efficiencies and cost savings across a majority of Avaya's indirect buying categories. ICG Commerce provides a comprehensive infrastructure of technology, category experts and process specialists to manage a broad spectrum of procurement processes including strategic sourcing, savings implementation, purchase-to-pay transaction processing, and on-going category management. Through this expansive approach, including the implementation and ongoing management of optimal supplier contracts, ICG Commerce and Avaya drive meaningful and measurable savings on Avaya's purchased goods and services.

"We are very pleased to see that the Outsourcing Center has recognized the value being generated through the Avaya/ICG Commerce outsourcing partnership," said Jason Gilroy, vice president of Procurement Outsourcing for ICG Commerce. "This recognition is indicative of the experience that both companies' have in outsourcing procurement, the operating environment, which ensures ongoing measurement and communication, and the companies' joint commitment to success."

The winners of the Outsourcing Excellence Award will be honored at an "Oscars of Outsourcing" ceremony at the Sourcing Interest Group's spring conference in May, as well as recognized in future issues of Forbes and Outsourcing Journal. For more information about the awards program, please visit www.outsourcing-awards.com .

About Avaya

Avaya Inc. ( www.avaya.com ) designs, builds and manages communications networks for more than 1 million businesses worldwide, including 90 percent of the Fortune 500®. Focused on businesses large to small, Avaya is a world leader in secure and reliable Internet Protocol (IP) telephony systems and communications software applications and services. Driving the convergence of voice and data communications with business applications -- and distinguished by comprehensive worldwide services -- Avaya helps customers leverage existing and new networks to achieve superior business results.

About ICG Commerce, Inc.

ICG Commerce ( www.icgcommerce.com ) is a leading Procurement Services Provider exclusively focused on helping companies buy more effectively and efficiently in order to reduce costs significantly and continuously. The company offers an unmatched combination of process and category expertise and hosted technology to deliver Sourcing, Purchase-to-Pay Processing and Procurement Outsourcing Services. ICG Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq: ICGE - News) network of partner companies and has been honored as a Forbes Best of the Web: B2B and Supply and Demand Chain Executive 100 company as well as had its executives recognized among the Supply and Demand Chain Executive "Pros to Know".




--------------------------------------------------
Source: ICG Commerce, Inc.

Information and Interpretation

by: tradforprofit

Long-Term Sentiment: Buy 04/24/05 04:01 pm

Msg: 231818 of 231824

The web sites of the core companies of ICGE contain more information than is usually revealed in the Yahoo message board headlines.

It would be interesting if those who contribute to this message board would follow these sites more carefully and comment on the
content which they read. Those with expertize in a particular area might be able to elaborate on the possible significance of that material to the future of ICGE.

Zunächst einmal hat er recht damit, dass kaum noch etwas, was früher sehr viel häufiger der Fall war, von den Kernbeteiligungen auf Yahoo veröffentlicht wird - da ist sicher kein Zufall, sondern gezielt gehandhabt. Der Ami hat recht, dass man bei einigen Kernbeteiligungen selbst etwas mehr erfährt. Wo der Ami irrt ist, dass die Kernbeteiligungen gut informieren. Einige, wie z.B. GoIndustry halten gezielt jede Information zurück, Linkshare ist da nicht viel besser. Bei Linkshare kann man sich aber die Informationen aus der Kommunikation mit den Merchants und Affiliates auf sehr mühsame Weise zusammensetzen. Für mich ist inzwischen klar, dass hier mit Einverständnis der Unternehmensleitung soviel wie möglich Informationen, vor allem positive zurückgehalten werden. Man testet hier m.E. das von der SEC erlaubt maximal aus. Das geht vor allem deshalb so gut, weil die Beteiligungen Private Helds sind. Als langfristiger Anleger hätte ich nichts dagegen, wenn dies geschieht, damit wie im Februar geschehen der CEO und CFo billig nachkaufen können. Weniger positiv würde ich es siehen, wenn hier eine Übernahme vorbereitet wird, die den Übernehmenden nicht zu teuer kommen soll. Denn auch bei 10 oder 15 Dollar ist Internet Capital verschenkt. Eine gewisse Sicherheit sehe ich hier im Anteil der Institutionals in Höhe von 45%, die sich sicher nicht über den Löffel balbieren lassen.


Gute Nachrichten zu den Beteiligungen werden momentan bewusst unterdrückt. Nur wenn man gar nicht mehr anders kann, wie zum Beispiel im nachfolgenden Beispiel, und man davon an anderer Stelle gelesen hätte (z.B. bei der Preisverleihung), lässt man etwas raus. Denn hätte man das verschwiegen, wäre das bewusste Zurückhalten positiver Nachrichten zu offensichtlich gewesen. Dass trotz dieser guten Nachrichten die Kurse heute leicht sinken, war mir klar, als ich die Nachricht und die Beteiligung, über die berichtet wurde, las. Ich kenne keinen einzigen Fall von vielleicht zwanzig, wo positiv über ICGCommerce berichtet wurde, der nicht von massivem Shortselling begleitet war. Auf kurze Frist war diese Strategie des von mir vermuteten Hedge auch fast immer erfolgreich - es gelang ihm die Nachricht kursmäßig zu neutralisieren. Da die gute Nachricht aber natürlich existiert, sollte man die Geschenke des Hedge annehmen und ihm die Aktien, die er selbst noch nicht hat, aber verkauft, zu den günstigen Preisen abkaufen.

Hier das Beispiel, das meine These belegt (kompletten Texte siehe weiter oben)

Avaya and ICG Commerce's Procurement Outsourcing Relationship Named Finalist In Outsourcing Center's Prestigious 2005 Awards
Monday April 25, 8:00 am ET

Relationship Recognized as Model for Optimal Customer/Provider Collaboration Due to Its Overall Success with Regard to Cost Savings and Business Process Excellence

PHILADELPHIA, April 25 /PRNewswire/ -- ICG Commerce, a leading procurement services provider, today announced that its relationship with global communications leader Avaya Inc. (NYSE: AV - News), has been named a finalist in the Outsourcing Center's 2005 Outsourcing Excellence Awards.  

Nicht berauschend waren 1,1 Milliarden, die für die Übernahme von Doubleclick bezahlt wurden. Über Doubleclick kann man heute im Handelsblatt lesen: "Doubleclick vertreibt Software, die Werbekunden zur Verwaltung ihrer Internet-Anzeigen nutzen. Zudem bietet die Firma verschiedene Dienstleistungen und Produkte rund um Direktmarketingkampagnen an." Doubleclick ist also ein Gemischtwarenladen ohne klare Fokussierung - daher wurden die auch von einem Finanzinvestor übernommen, nicht von einem Konkurrenten. Ich gehe davon aus, dass der Finanzinvestor Doubleclick in seine Einzelteile zerlegen und verkauften wird. Zu Doublecklick gehört auch ein wesentlich kleinerer Konkurrent von Linkshare, Performics, der wohl mit am wertvollste Teil von Doublecklick. Ich hatte ja den Wert von Linkshare auf 500 Millionen bis eine Milliarde taxiert, gehe nach dem Preis für Doubleclick auf den unteren Rand. Aber die 40% von Internet Capital wären dann immer noch 200 Millionen wert, zusammen mit den 50 Millionen Marktkapitalisierung von Blackboard wären dann schon diese beiden von 20 Beteiligungen mit 250 Millionen immerhin 25 Millionen mehr wert als die momentane Marktkapitalsierung von Internet Capital in Höhe von 250 Millionen.

Selbst unter Berücksichtigung der momentan miserablen Preise für kleine Inet, wie zum Beispiel auch die Bewertung des IPO Fastclick zeigt, ergibt sich noch eine Unterbewertung von Internet Capital um 50% - eine Verdoppelung ist selbst unter den momentanen schlechten Marktbedingungen auf 12 Dollar realistisch. Bei einer Besserung der Marktbedingungen, die sich auch sehr schnell ergeben kann, sind dann 20 Dollar das nächste Ziel.

12-Apr-05 6.32 6.33 6.10 6.14 687,600 6.14
11-Apr-05 6.34 6.43 6.20 6.32 270,600 6.32
8-Apr-05 6.63 6.69 6.39 6.40 157,500 6.40
7-Apr-05 6.70 6.84 6.60 6.65 110,200 6.65
6-Apr-05 6.49 6.80 6.45 6.66 187,600 6.66
5-Apr-05 6.59 6.85 6.40 6.52 251,100 6.52
4-Apr-05 6.61 6.69 6.33 6.52 597,500 6.52
1-Apr-05 7.08 7.12 6.59 6.72 347,200 6.72
31-Mar-05 7.00 7.07 6.87 7.02 184,500 7.02
30-Mar-05 6.88 7.08 6.85 7.07 196,100 7.07
29-Mar-05 7.15 7.26 6.92 6.93 214,200 6.93
28-Mar-05 7.16 7.29 7.07 7.21 229,700 7.21
24-Mar-05 7.03 7.23 7.00 7.21 199,200 7.21
23-Mar-05 7.26 7.40 6.87 7.05 348,200 7.05
22-Mar-05 7.22 7.43 7.22 7.35 183,200 7.35
21-Mar-05 7.20 7.29 7.14 7.29 278,000 7.29
18-Mar-05 7.31 7.46 7.24 7.26 342,400 7.26
17-Mar-05 7.49 7.54 7.30 7.42 283,900 7.42
16-Mar-05 7.50 7.54 7.32 7.48 267,800 7.48
15-Mar-05 7.64 7.85 7.25 7.60 362,400 7.60
14-Mar-05 7.86 7.87 7.59 7.69 177,500 7.69
11-Mar-05 7.57 7.74 7.57 7.72 211,100 7.72
10-Mar-05 7.59 7.80 7.45 7.65 408,600 7.65
9-Mar-05 8.01 8.14 7.57 7.65 435,000 7.65
8-Mar-05 8.09 8.16 8.00 8.05 463,400 8.05
7-Mar-05 8.07 8.14 8.01 8.05 241,600 8.05
4-Mar-05 7.92 8.09 7.92 8.00 219,200 8.00
3-Mar-05 8.19 8.19 7.89 8.01 331,000 8.01
2-Mar-05 8.26 8.30 8.07 8.08 329,600 8.08
1-Mar-05 8.32 8.64 8.27 8.35 844,600 8.35
28-Feb-05 8.00 8.55 7.98 8.32 1,019,100 8.32
25-Feb-05 7.80 8.07 7.75 8.04 842,100 8.04
24-Feb-05 7.18 7.77 6.96 7.77 955,300 7.77
23-Feb-05 7.01 7.20 7.01 7.07 380,100 7.07
22-Feb-05 7.35 7.47 6.96 6.97 556,500 6.97
18-Feb-05 7.45 7.53 7.21 7.43 444,800 7.43
17-Feb-05 7.81 7.88 7.45 7.45 434,800 7.45
16-Feb-05 8.01 8.01 7.70 7.83 257,900 7.83
15-Feb-05 8.10 8.17 7.83 7.90 804,300 7.90
14-Feb-05 7.83 8.10 7.80 8.09 384,800 8.09
11-Feb-05 7.60 8.00 7.57 7.90 531,000 7.90
10-Feb-05 7.67 7.73 7.61 7.65 836,000 7.65
9-Feb-05 7.75 7.88 7.72 7.73 758,000 7.73
8-Feb-05 7.64 7.80 7.57 7.75 566,100 7.75
7-Feb-05 7.75 7.81 7.60 7.64 163,100 7.64
4-Feb-05 7.71 7.82 7.55 7.75 421,000 7.75
3-Feb-05 7.19 7.65 7.16 7.64 461,700 7.64
2-Feb-05 7.30 7.45 7.19 7.27 1,521,700 7.27
1-Feb-05 7.51 7.80 7.28 7.42 521,100 7.42
31-Jan-05 7.59 7.87 7.52 7.52 439,200 7.52
28-Jan-05 7.72 7.73 7.45 7.63 313,800 7.63
27-Jan-05 7.91 7.99 7.67 7.69 290,600 7.69
26-Jan-05 7.67 7.91 7.67 7.81 302,300 7.81
25-Jan-05 7.64 8.31 7.43 7.73 1,458,300 7.73
24-Jan-05 8.02 8.10 7.58 7.64 974,100 7.64
21-Jan-05 8.30 8.50 7.92 8.02 1,048,100 8.02

Ich meine, man sollte dem Eindecken der Shortseller zuvorkommen. Nicht nur wenn alle auf einmal aus einem Saal flüchten, gibt es Blutspuren, sondern auch wenn alle auf einmal hineinwollen - ich meine bei den Shortsellern.

The conference will be held on May 26, 2005, 8:00 a.m. to 4:30 p.m., at the Harvard Club, 27 West 44th Street, New York, NY. Early registration by May 12, $195 NYSSA members, $295 nonmembers. Prices $70 higher after May 12. Registration deadline is May 19. No charge for press with credentials. A complete agenda is available at www.nyssa.org/Temp late.cfm?Section=calendar &template=/ ContentManagement/Content Display.cfm&ContentID=492 1. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

About NYSSA

NYSSA, established in 1937, is the premier independent forum for the exchange of information among investment decision-makers. A not-for-profit educational organization with over 9,000 members, NYSSA is committed to the promotion of best practices and the highest professional and ethical standards in the investment industry. NYSSA is the largest of the more than 127 societies worldwide that make up CFA Institute, which has more than 70,000 members.

Contacts


The New York Society of Security Analysts
Dawn Cavalieri, 212-541-4530, ext. 20
DawnC@nyssa.org

Die vorstehende Aussage triftt auf Internet Capital exakt zu: "This conference will provide a unique forum in which to study emerging small- and mid-cap Internet companies that have solid business and financial fundamentals." Denn wir haben ein unter Berücksichtigung des Kassenbestandes schuldenfreies Unternehmen mit einer Reihe von Beteiligungen, die in der Gewinnzone arbeiten.

der wertvollsten Beteiligung von Internet Capital, für seine Merchants hat für die Online-Geschäfte für den Muttertag einen bisher nie gesehen Umfang erreicht. Da Linkshare an den Umsätzen prozentual beteiligt ist, kann sich jeder selbst ausrechnen, wie sich da bei Linkshare auswirkt.

www.linkshare.com/rc/DD_cp_042505.shtml

wo Internet Capital 46 hält. Computerjobs ist keine Kernbeteiligung, was damit zusammenhängten dürfte, dass man in einer Nische agiert und daher kein Riesenunternehmen ist. Allerdings hat es in der letzten Zeit einen Schub gegeben. Während man Jahre brauchte, um aus der Spanne zwischen 8.000 und 10.000 laufende Jobangebote herauszukommen, hat man den nächsten Sprung um 2.000 auf jetzt über 12.000 laufende Jobangebote binnen weniger Wochen geschafft. Einfach mal nachsehen:

www.computerjobs.com/homepage.aspx

To accelerate the launch of The ComputerJobs.com Community, the company is hosting two unique contests where users who actively participate in the discussion forums can win up to $1,000. More information about the contest can be found on the site itself.

The ComputerJobs.com Community also offers weekly articles written by the ComputerJobs.com staff and select users of the site, with topics ranging from general career advice to the latest and greatest applications and technologies. Users interested in searching for high-tech jobs can do so within The ComputerJobs.com Community site as well. Visitors also have access to the most popular search terms that recruiters and employers use when sourcing for candidates.

"Bringing people together to share information, advice and experiences is what the Internet is all about," says Turner. "With The ComputerJobs.com Community, our goal is to offer IT professionals a place to do all of that and more."

About ComputerJobs.com
Founded in 1995 by and for information technology professionals, ComputerJobs.com is the Internet's leading IT employment Web site with over 500,000 unique monthly visitors and 1.5 million registered users. Employers are rewarded with access to over 530,000 pre-screened resumes from experienced IT professionals, including many of the best and brightest IT talent in the industry. ComputerJobs.com is a privately held Atlanta-based corporation, with investments from Internet Capital Group (NASDAQ: ICGE) and Mellon Ventures

Das sehen die Shortseller wohl ähnlich, denn seit zwei Tagen praktizieren sie eine Strategie, die zumindest nach deutschem Recht, also dem Wertpapierhandelsgesetz, eine Kursmanipulation darstellt. Wenn Ihr Euch einmal den nachbörslichen Handel anseht, haben wir da einen Abschluss über 139287 Stück - meines Erachtens ist das die Rückübertragung auf einen "Handelpartner", der vorher durch Verkäufe auf den Kurs Einfluss zu nehmen versuchte. Das Risiko echter Leerverkäufe wird also als zu groß angesehen, aber man möchte den Kurs nach unten schaukeln, um Teileindeckung vornehmen zu können. Das war gestern der zweite Tag, wo man das praktiziert hat.

Mein Rat: In solchen Situation kann man günstig mitkaufen, aber es eilt. Denn erstens riechen auch andere, nicht nur ich, schnell diesen Braten. Und zweitens wird sich die Marktüberwachung und die SEC derartige Spielchen ansehen. Allerdings weiss ich nicht ganz genau, ob das in den USA vielleicht im Gegensatz zum Wertpapierhandelsgesetz nicht doch erlaubt ist, obwohl ich nicht glaube. Ich habe früher schon einmal in einem Mail die SEC auf einen ähnlichen Fall hingewiesen und ein Rückmail erhalten, dass man für den Hinweis dankbar sei und dem Hinweis nachgehen werde, was allerdings vermutlich nur SEC-Routine war. Übrigens kamen damals nach diesem Mail derartige Geschäftlein nicht mehr vor, womit ich allerdings nicht behaupten will, dass mein Mail an die SEC das ausgelöst habe, zu 99,99% haben die das gemerkt und abgestellt, weil sie schlicht und einfach ihren Job getan haben.

DEDHAM, MA and Raleigh, NC, April 27, 2005 - eCredit, a leading provider of online software for credit and collections professionals, today announced that Stock Building Supply, the US's largest supplier of building materials to professional home builders, has selected eCredit Enterprise Edition to manage collections processes. Replacing an existing manual paper-based system that no longer adequately serves Stock's growing customer base, eCredit will be used by over 100 collectors in locations throughout the US.

"eCredit Enterprise Edition presented the ideal solution for driving our collections operations, which are highly decentralized and spread out over 200+ locations in 28 states," said Dan O'Neill, Corporate Director of Credit, Stock Building Supply. "Our business is growing rapidly and eCredit's centralized collections data coupled with its easily configurable workflow tools will create efficiencies where we most need them."

In addition to deploying the solution across multiple locations to increase operational efficiencies, Stock Building Supply will also use eCredit Collections Enterprise Edition to lower DSO, by providing the collectors with tools to more effectively determine where best to direct their efforts and to bring in more cash, faster.

"We are enthusiastic about the benefits we will gain from using eCredit," continued O'Neill. "By prioritizing customers and tasks in a daily work queue, eCredit lets our collectors be more strategic about collecting cash, improving our financial health, lowering DSO and reducing bad debt."

"Companies like Stock, who are experiencing rapid geographic expansion and growth in number of accounts, continue to find eCredit Enterprise Edition the most appropriate solution," said Jeff Dickerson, eCredit President and CEO. "eCredit will provide Stock's collections team the tools it needs to create value across the entire organization and the web-based nature of the application means it will be simple to add more users. We are very excited that Stock has selected eCredit to support their collections operations as they continue to grow."



About Stock Building Supply
Raleigh, NC-based Stock Building Supply now operates more than 240 locations in 28 states, with reported sales of $3.6 billion in the fiscal year 2004; ending July 31st. Stock Building Supply is a subsidiary of Wolseley plc of Theale, England, which had worldwide sales in fiscal year 2004 of over $18 billion. Wolseley is traded on the New York Stock Exchange as WOS.

About eCredit
eCredit is a leading provider of online software for credit and collections professionals. Its award-winning product family - Personal Edition, Professional Edition, and Enterprise Edition -supports the mission critical processes of granting credit, monitoring portfolio risk, resolving disputes and collecting accounts receivable. With deep roots in the credit and collections community, eCredit has over a decade of experience helping companies reduce bad debt and DSO while improving productivity, lowering costs and demonstrating results. Its on-demand software supports companies of any size in a broad array of industries and geographies, including ChevronTexaco, Cisco, Samsung Electronics, Cargill, NEC Financial, Graybar, CDW, Sun Microsystems, and Ryder System. eCredit is a private company headquartered in Dedham, Massachusetts. For more information, please visit www.ecredit.com or call 1 877 LOWR DSO.

eCredit.com and the eCredit.com logo are registered trademarks.

New capabilities offered by LinkShare Data analysis to start in Japan in a few days





und offensichtlich schließt der CEO von Linkshare nicht aus, dass dies die 40%-Beteiligung von Internet Capital, Linkshare sein könnte. Ich wäre aber auch schon mit 10% der Marktkapitalisierung von Google für Linkshare seht zufrieden, auch mit 5%-

To demonstrate LinkShare's continuous effort to provide transformative new services and functions, Messer noted the examples of XML compatibility, Web services, the InStore card that can be used at physical retail outlets, and data analysis function. He said that the latter is to be introduced in Japan in the coming days. "Data is so abundant that it can't be made thorough use of. Providing a simple interface making it possible to analyze meaningful data should make it possible to make deliberate decisions that take more data into account."

Sensing the intimate relationship between affiliates and search functions, the company also began offering the LinkShare Search Advantage search service. "There are cases in which the user can't search using the keyword that is actually desired," he said. "We intend to optimize search programs to affiliate sites using a common data set."

Messer also brought up the example of Google, noting that they are a competitor. "Google built the world's top brand in three years, and they did it without brand investment. Their website is simple, too. In the world of the Internet, it is possible to become a major player without major investment," he said, adding that "there'll probably be another Google-like presence on the Internet within two to three years."


When television first appeared, broadcasts of theater and radio footage were the mainstream. Now, programming featuring ordinary people is the most popular.


New capabilities offered by LinkShare Data analysis to start in Japan in a few days

Es ist schon unglaublich, da schreiben gleich zwei "Journalisten" über Internetfirmen und bezeichnen eine Werbeform als neu, die es seit Jahren gibt: Affiliate Marketing. Dass der Markt sehr attraktiv ist, hat Goolge auch bemerkt. Nur hat Google ein nicht gerade kleines Problem, der Markt ist schon lange besetzt: Linkshare und CommissionJunktion beherrschen den US-Markt, TradeDouber ist in Europa bärenstark und LinkshareJapan in Japna. Warum sollen also die Firmen von ihren Partner mit patentierten Technologien zu Google wechseln, wenn die Partnierschaften hervorragend funktionieren und die mit Abstand preiswerteste Form des Online-Marketing sind - sehr viel preiswerter als Suchmaschinen-Marketing. Allerdings erreicht man nicht jeden mit Affiliate Marketing, wie das umgekehrt bei Suchmaschinen-Marketing oder anderen Formen des Online-Marketings auch der Fall ist.

Was ich allerdings nicht aussschließe, ist die Möglichkeit, dass Google einen der großen Spieler am Markt für Affiliate Marketing zu übernehmen - eine These, die ich schon über ein Jahr vertrete und früher ofter vorgebracht habe. Das könnte vor allem die Internet Capital-Beteiligung Linkshare sein, wo außer Internet Capital mit 40% noch Comcast, der größte US-Kabelnetzbetreiber, und Mitsui, das zweitgrößte Handelsunternehmen der Welt und größte Handler Asiens, mit im Boot sind.

Positioned by Gartner Inc., the leading provider of research and analysis on the global IT industry, as a visionary in the Strategic Sourcing Applications market, confirming the company’s strong position in the industry.
Received Supply and Demand Chain Executive magazine’s “2005 Pros to Know” awards for several executives and customers, including:
Emptoris vice president of supplier performance intelligence, Sherry Gordon, and Sean Devine, director of client services, in the Providers Pro to Know category.
GlaxoSmithKline director of eSourcing and Technology Work Cell, Tim Davies, in the Practitioner Pro to Know category.
Emptoris Advisory Board member, Robert A. Rudzki, in the Practitioner Pro to Know category.
Recognized as a finalist for the 2005 Red Herring 100 awards, further validating Emptoris as a strong private company.
Participated at the Conference Board’s 2005 Electronic Procurement Conference in Chicago, and discussed topics related to the benefits of strategically managed procurement.
Announced plans for Emptoris Empower 2005, its annual user conference, in Boston, October 17 – 20.
Offered educational seminars in San Francisco and Chicago with customers, partners and analysts to discuss sourcing strategies and leveraging new technologies to support them.
Emptoris is achieving success in the market because its offering goes beyond spend management. Its solution is not only focused on controlling costs but also on finding new ways to create value and improve the performance of suppliers. Looking ahead, Emptoris plans to continue empowering its customers to drive a wider, deeper and faster approach to their supply management initiatives. Specifically, the company continues to look for opportunities to expand its product offering to better serve its current and future customers. In addition, Emptoris is building out the operational infrastructure and support services necessary to meet and exceed the ever-changing demands of its global buyer and supplier base.

"The role of the Chief Procurement Officer has become increasingly more strategic within global organizations that are looking to drive stockholder value. Improving bottom-line performance, through strategically managing procurement and supplier relations, can be a significant driver of stockholder value," said Robert A. Rudzki, advisory board member for Emptoris, President of Greybeard Advisors LLC, and former Senior Vice President and CPO of Bayer Corporation. "Emptoris understands this and its Enterprise Supply Management suite enables organizations to manage procurement strategically. As a result, companies can access the best quality goods and services along with the right mix of suppliers to improve cost savings that directly impact financial results."

About Emptoris
Emptoris is a leading provider of powerful enterprise supply management solutions for Global 5000 companies. By implementing Emptoris 5™, a suite of Web-based solutions, enterprises can quickly identify and prioritize procurement savings opportunities, negotiate significant cost savings with vendors, and track contract compliance and supplier performance. Emptoris customers include American Express, Bank of America, Boeing, Dow Corning, GlaxoSmithKline, Motorola, Toro, Owens Corning and Samsung America. Emptoris, a privately held company, is headquartered in Burlington, Massachusetts.

Mr. Clary's session, "Elevating Procurement Within the Enterprise: How to Raise Your Organization's Strategic Importance," will outline how attendees can make procurement a strategic priority within their organizations based on examples of successes achieved at leading companies.

The discussion will cater to senior-level purchasing professionals who would like a better understanding of how to gain broader control over company spend, set optimization priorities, measure results and then reinforce procurement's position as a strategic priority by effectively communicating results.

"Keith and I look forward to providing a glimpse into the best practices that have helped many procurement professionals achieve cost savings and significantly impact on company performance," said Clary. "ISM provides a unique opportunity to address the procurement industry by bringing together leaders from across the nation to share their proven, real-world solutions, and we are honored to be a part of the speaker line up."

ISM's 90th Annual International Supply Management Conference and Educational Exhibit 2005 features more than 100 workshop-sessions that enable attendees to focus on practical solutions, world-class strategies, best practices, management trends and new approaches to developing successful strategic procurement initiatives.

Mr. Hausmann will present at 10:40 a.m. and 2:00 pm CDT on Monday, May 9. Mr. Clary will present at 10:40 a.m. and 3:20 p.m. CDT Monday, May 9. For more information visit www.ism.ws/ .

Both executives are recognized industry experts having spoken at a number of national and regional events and been honored by Supply & Demand Chain Executive magazine as a "Pro to Know".

About ICG Commerce, Inc.

ICG Commerce ( www.icgcommerce.com ) is a leading Procurement Services Provider exclusively focused on helping companies buy more effectively and efficiently in order to reduce costs significantly and continuously. The company offers an unmatched combination of deep process and category expertise and leading technology to delivery Sourcing, Purchase-to- Pay Automation and Outsourcing Services. ICG Commerce, Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq: ICGE - News) network of partner companies and has been named among Forbes' Best of the Web: B2B, honored as an UPSIDE Magazine Hot 100 company and a Global Logistics & Supply Chain Strategies Top 100 solution provider and had its executives recognized among Supply and Demand Chain Executive magazine's "Pros to Know".

kommen übermorgen. Obwohl auf lange Sicht die Entwicklung der Beteiligungen bedeutsamer ist, reagiert logischerweise die Börse auf diese Zahlen. Am wichtigsten ist sicherlich die Entwicklung bei den 10 Kernbeteiligungen. Hier meine Prognose:

Die beiden konsoldierten Beteiligungen ICGCommerce und CommerceQuest werden nach meiner Schätzung folgende Zahlen vorlegen:

Umsätze: 17 Millionen

Ebitda: 3,5 Millionen

Gewinn: 2,5 Millionen


Die acht Kern-Beteiligungen, die Private Helds und nicht konsolodiert sind, werden nach meiner Schätzung insgesamt folgende Zahlen vorlegen:

Umsätze: 44 Millionen

Ebitda: 0 Millionen

Verlust 2,5 Millionen


Die zehn Kern-Beteiligungen, die Private Helds sind, werden somit insgesamt nach meiner Schätzung folgende Zahlen vorlegen:

Umsätze: 61 Millionen

Ebitda: 3,5 Millionen

Gewinn/Verlust: 0

The New York Society of Security Analysts' first annual Internet Leaders conference is an investing forum that will feature a select group of emerging small-cap companies from the Internet industry. The Internet Leaders conference celebrates innovative companies that share key characteristics including notable growth in earnings and revenues, strong management with clear vision and operational focus category leadership within peer group and significant opportunity for long-term investment growth.

Both events will be web cast and accessible for replay from our web site, www.internetcapital.com. Go to the investor information tab and select presentations and web casts. The web casts will be available for replay for three months from the date of the conference.

About Internet Capital Group

Internet Capital Group (www.internetcapital.com) builds and owns Internet software and services companies that drive business productivity and reduce transaction costs between firms. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of these platform companies that are delivering software and service applications to customers worldwide.

Safe Harbor Statement under Private Securities Litigation Reform Act of 1995

The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future performance of our partner companies, acquisitions or dispositions of interests in additional partner companies, the effect of economic conditions generally, capital spending by customers and development of the e-commerce and information technology markets, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.

Für übermorgen stehen uns daher auch meines Erachtens keine besonderen negativen Überraschungen ins Haus. Eingepreist in den momentanen Kurs ist aber ein mittlerer Weltuntergang.

TradeDoubler, Europe's leading provider of online marketing and sales solutions, today announced its fiscal year end results for 2004. Audited results demonstrate a total revenue of €65 million (598 million SEK), an increase of 130 per cent from €28 million in 2003. This surpasses 2003’s revenue growth of 86 per cent, demonstrating the momentum of TradeDoubler’s strategy and products.

Highlights from 2004 are:

Revenues from continuing operations increased by 130 per cent to €65m (2003: €28 million)
900 clients – including new wins with Yahoo! Europe, Citibank, Eurostar and T-Online (2003: 665)
Unique visitors increased to 643 million (2003: 380 million)
Tracked and generated 5.5 million sales worth over €1 billion in sales value for clients (2003: 2.2 million sales / €400 million sales value)
14.6 million client leads (2003: 4.2 million)


Since first achieving profitability in 2002, TradeDoubler completed its second full year of profitability in 2004 due to robust revenue streams from the affiliate programme business and increasing its client base across all product areas. During 2004 TradeDoubler signed more than 200 new clients including Yahoo! Europe, Citibank, Eurostar and T-Online. Significantly, TradeDoubler also expanded existing relationships with key clients on an international basis, including Apple Store and Dell.

“I am pleased to announce that at the end of 2004 our activities have delivered another year of strong financial growth,” said Martin Henricson, CEO TradeDoubler. Our investment in our people and products, including the new AdTool solution and increased resources in our publisher teams throughout Europe, means that we are making excellent commercial progress. Our business activities are on a firmer footing than at any time since we were founded and we are excited about our prospects for 2005.”


Looking ahead to 2005 TradeDoubler will continue to grow all product areas. It will also expand the short term Campaigns business in order to increase TradeDoubler’s reach and attract more leading European publishers as well as assisting clients in reaching short term objectives.

TradeDoubler will continue to strive for increased growth, profitability and improved margins throughout 2005. It believes this will be achievable through strengthened relationships with existing clients, establishing new revenue streams, putting extra resource into key markets and assessing new markets whether within or outside Europe.

Wichtig ist dabei der Ausblick nach 2005 - schlicht und einfach glänzend, was man problemlos auf Linkshare übertragen kann.

3. Inzwischen haben bestimmte Beteiligungen wie Starcite und Freeborders eine Größe erreicht, dass ihr enormes Wachstum (siehe vorangegangene Postings) ins Gewicht fällt.

4. Die Ex-Sorgenkinder CommerceQuest und ICGCommerce haben keine rückläufigen Zahlen mehr, sondern steigerten schon im vierten Quartal ihren Umsatz binnen 90 Tagen um 20% und hatten nicht nur ein postives Ebitda, sondern echte schwarze Zahlen.

5. Der Hedge glaubt, dass Instiutionals, die inzwischen fast die Hälfte der Aktien halten (vor einem Jahr nur 2%), genau so zittrig und unfähig sind, eine Bilanz zu lesen, wie Zocker, die saisonale Effekte nicht mit der notwendigen Differenzierung behandeln können

kaufen

Der amerikanische Vermögensverwalter Janus Capital Group bricht eine Lanze für die verschmähten Wachstumstitel. Auf Grund einer historischen Analyse kommt Chief Invesment Officer Gary Black zu dem Ergebnis: "Die Marktrotation von Substanz- zu Wachstumsaktien ist längst überfällig."

Das Investmenthaus hat die Marktzyklen der beiden Investmentstile Value und Growth in den USA untersucht. Demnach bevorzugten Investoren in der Vergangenheit nach Wirtschaftskrisen für einen Zeitraum von drei Jahren Substanzwerte. Danach festigte sich das Vertrauen der Anleger in den Aufschwung, sodass Growth-Aktien die Nase vorn hatten. Doch diesmal lässt der Wechsel auf sich warten. Dreieinhalb Jahre nach dem Ende der jüngsten Rezession bevrozugen Investoren nach wie vor Substanzaktien. "Das hat es seit 25 Jahren nicht mehr gegeben", stellt Black klar. Offenbar wirkt der jüngste Börsencrasch noch nach. Nach Ansicht von Janus Capital können Anleger jetzt Wachtumstitel zu historisch günstigen Preisen kaufen.

Aus den von Nachrichtendiensten veröffentlichten Quartalsberichten kann man nicht viel erkennen, da z.B. die dort genannten Umsätze nur drei von 30 Beteiligungen enthalten sind. Zusätzliche Informationen gibt es aber im Gegensatz zu früher jetzt reichlich von Internet Capital unter:

www.internetcapita l.com/news/pdf/Financials 1Q05_suppa.pdf

Nach einer zweiten Durchsicht der Zahlen hat Internet Capital leicht positiv überrascht. Ich hatte ja für die zehn Kernbeteiligungen Erlöse von 61 Millionen vorausgesagt, geworden sind es nun 62,3, wobei sogar noch Ecrecit dabei fehlt, da sie nicht mehr bei den Kernbeteiligungen aufgeführt wird - mit einer derartgen Steigerung hatte ich nicht gerecht.

Die Erlöse der jetzt neun Kernbeteiligungen setzen sich aus 14,4 Millionen für CommerceQuest, ICGCommerce und neuerdings Investorforce zusammen (hier bin ich leicht enttäuscht) und den 47,9 Millionen für Linkshare, GoIndustry, Credittrade, Freeborder, Marketron und Starcite zusammen, deren Steigerung mich sehr stark positiv überrascht hat. Weitere 5,6 Millionen kommen von drei weiteren Beteiligungen, für die auch Umsatze genannt werden (Co-nect, Computerjobs und Ecredt.com). Von diesen 13 Beteiligungen, an denen Internet Capital im Schnitt mit ca. 50% beteiligt ist, kommen also schon einmla Quartalsumsatze von 68 Millionen. Das ist sehr ordentlich, denn das gibt aufs Jahr hochgerechnete 272 Millionen, was erheblich über meinen Erwartungen liegt. Die anteiligen Umsätze von Internet Capital aus diesen 13 Beteiligungen dürften also bei ca. 130 Millionnen liegen - auch das ist ein Wert, der etwas über meinen bisher hier geposteten Ansätzen liegt.

sollte dies heute noch tun, denn ich meine, dass der Shortseller seine Verkäufe, die bezwecken sollen, ein Durchgehen der Kurse zu verhindern, nicht durchhalten kann.

Denn die heutigen Zahlen zeigen ganz deutlich, wie gut die langfristigen Chancen stehen. Die 130 Millionen anteilige überwiegend erstklassigen Umsätze von 13 Private Helds werden z.B. mit einem Kurs-Umsatz-Verhältnis von 1 bewertet. Tritt die Prognose von Internet Capital einer 15 bis 20%igen Steigerung dieser Umsätze im Laufe von 2005 ein, liegen wir sogar unter 1. Für geduldige Investoren ist das ein gefundenes Fressen - vor allem für institutionelle Investoren, die zuletzt vielleicht wieder etwas unsicher geworden waren.

Die ersten Kursgewinne können dabei ziemlich schnell gehen - für die weiteren ist aber weiterhin viel Sitzfleisch erforderlich, denn Internet Capital hat zwar ca. sechs bis sieben IPO-reife Firmen, die morgen auf den Markt kommen können, man ist aber man ist halt nie alleiniger Eigner. Am wertvollsten ist sicher Linkshare, aber das müssten die beiden anderen Eigner Mitsui und Comcast mitmachen. Aber warum sollten die und auch Internet Capital mit einer gut gefüllten Kasse, wenn Linkshare an Wert gewinnt und man z.B. über Comcast lesen kann: "Der größte US-Kabelbetreiber ist glänzend ins Jahr gestartet und hat seinen Nettogewinn auf 313 Millionen Dollar verfünffacht. Gleichzeitig erhöhe Comcast seine Cash Flow-Prognose und stellt zwei Milliarden Dollar für Aktienrückkäufe zur Verfügung."

denn dort wird bei Umsätzen von Null ein Kurs von 4,49 Euro gestellt. Wer diesen Kurs als Grundlage für seine Limitierung nimmt, bekommt heute vermutlich kein einziges Stück. Wer zu 4,60 zum Zuge kommt, dürfte schon eher ein Glückspilz sein.

US46059C2052

"We are pleased to deliver such strong results for our first publicly reported quarter," stated Kurt Johnson, CEO of Fastclick. "We attribute our record revenue in the first quarter to the success of our performance-based online advertising technology solutions and continued growth of our diverse advertiser and publisher network. Through our proprietary optimization technology, we are able to provide advertisers with a highly-automated method to increase their ROI. Simultaneously, our publisher partners enhance the value of their Internet advertising space through the greater revenue-generating opportunities our network provides."
First quarter highlights include:
· Revenue for the first quarter of 2005 increased 80% to $19.6 million compared to the year ago period and marks the ninth consecutive quarter of sequential revenue growth.
· Adjusted EBITDA grew by more than 20% to $2.4 million in the first quarter of 2005 from $2.0 million in the first quarter of 2004.
· Net income was $0.9 million, or $0.06 per fully diluted share.
· Fastclick's network grew to become the second largest online media property reaching over 119 million unique users in March, ahead of Yahoo!, AOL and MSN, according to comScore Media Metrix from its March 2005 Ad Focus report.
· Our network of websites grew to more than 9,000 and delivered more than 8.8 billion ad impressions across our network in March 2005.
First Quarter 2005 Results
Revenue - Fastclick reported record revenue of $19.6 million for the first quarter of 2005, an increase of 80 percent from $10.9 million for the first quarter of 2004.
Adjusted EBITDA - Fastclick's Adjusted EBITDA grew to $2.4 million for the first quarter of 2005, an increase of 20 percent over the $2.0 million reported for the first quarter of 2004. Adjusted EBITDA is defined as income before interest, taxes, depreciation, amortization and the non-cash stock-based compensation charge.
Net Income - The Company reported first quarter net income of $0.9 million, or $0.06 per fully diluted share, compared to $1.8 million, or $0.17 per fully diluted share, for the first quarter of 2004. Net income benefited from a lower tax rate of 2.3% due to the Company's S corporation status during the first quarter 2004. On September 27, 2004 Fastclick revoked its subchapter S corporation status and began operating as a C corporation. The Company's first quarter 2005 financial results reflect an effective tax rate of 42.8%, and increased expenses from the expansion of our operations. Adjusted net income, which excludes stock-based compensation, was $1.5 million for the first quarter of 2005 as compared to $1.8 million for the first quarter of 2004. Adjusted net income on a fully diluted per share basis was $0.11 per share in the first quarter of 2005 compared to $0.17 per fully diluted share in the first quarter of 2004.
2005 Outlook
"We are confident that our strategy will enable us to capture significant opportunities in the rapidly growing online advertising market in 2005. With the proceeds from the closing of our successful initial public offering, we currently have cash, cash equivalents and short-term investments totaling more than $80 million, and are well positioned to aggressively pursue our growth strategy," concluded Johnson.
For full year 2005 the Company expects revenues to be in the range of $88 million to $92 million and Adjusted EBITDA in the range of $12 million to $13 million. Fastclick expects total revenue for the second quarter of 2005 in the range of $20 million to $21 million and Adjusted EBITDA of $2.4 million to $2.6

Was nicht so gut ausfällt, ist, dass die Gewinne nicht so stark gestiegen sind wie der Umsatz. Das ist der Preis für die enorm schnelle Expansion. Und schon von daher ist das Unternehmen nicht mit Linkshare zu vergleichen, das sehr viel kontinuierlicher gewachsen ist. Ausserdem dürften Ebitda und Gewinn von Linkshare trotz in etwa gleicher Erlöse (vielleicht bei Linkshare etwas mehr) um ein Vielfaches größer sein. Denn Linkshare schreibt bereits seit vier Jahren schwarze Zahlen und ist bereits bei Erlösen zwischen 25 und 30 Millionen in die Gewinnzone gekommen. Linkshare hat zudem sehr viele merchants, während Fastclick nach den Aussagen seines IPO-Prospekts 50% seiner Umsätze mit nur 10 Kunden macht. Wie ganz anders das Konzept von Linkshare aussieht, könnt Ihr erkennen, wenn Ihr Euch einmal die nachstehende Liste der Merchants von Internet Capital anseht (und auch dieser vielen Firmen sind nur ein Auszug aus der Kundenliste):

www.linkshare.com/ clients/extended.shtml

Noch extremer sind Unterschiede, wenn man die Zahl der Drittweb-Seiten vergleicht, über die das Online-Marketing platziert wird. Bei Fastclick sind das 3.000, bei Linkshare rechnet man in Hunderttausenden bzw. Millionen, wie ihr nachstehend entnehmen könnt:


LinkShare pioneered online affiliate marketing, and today runs the largest pay for performance affiliate marketing network on the Internet.
Featuring our patented technology, we provide all the tools and services merchants need to create, manage and optimize a successful affiliate marketing program.
With over 10 million partnerships in the network it is the most successful pay for performance network of its kind. Click on Merchant information or Affiliate information above to find out how you can become part of our winning network today.

"The value of a LinkShare affiliate marketing program to drive distributed commerce online continues to attract leading companies," says Heidi Messer, President and COO of LinkShare. "With hundreds of thousands of affiliate partners in the LinkShare Network, our clients have access to one of the largest distribution channels online to reach their end consumers."
Over 90% of the new clients did not previously have an affiliate program solution - the relationship with LinkShare will be their first entry into this performance-based marketing industry. More and more businesses are looking to affiliate marketing to help them achieve greater reach online effectively and efficiently.
"Charming Shoppes, Inc. is focused on building a solid distribution channel through affiliate partners to ensure that our products and promotions have the broadest reach to consumers online. The LinkShare Network will be a powerful contribution to the growth of our program and to meeting our revenue goals this holiday season," says Robin Baskin, Vice President of Internet Marketing.
Several LinkShare affiliate marketing programs, including one for Frederick's of Hollywood, should be launching within the next few weeks.
"We decided to switch program providers to LinkShare so that we could have greater control and management of our affiliate channel. The tools that LinkShare provides will allow us to manage the Frederick's of Hollywood affiliate program more effectively and efficiently," says Mike Leonard, Online Marketing Specialist at Frederick's of Hollywood. "We're looking forward to our new partnership with LinkShare."

About LinkShare Corporation
LinkShare Corporation is a leading provider of technology solutions to track, manage, and analyze the performance of sales, marketing, and business development initiatives. Combining patented technology, the reach and distribution of a robust network, and expert account management services, LinkShare empowers clients with the ability to collaborate with partners online and develop cost-efficient pay-for-performance campaigns. LinkShare provides the platform, tools, and reporting to help clients acquire new customers, increase revenues, drive results, and measure success across affiliate, search, and email initiatives. LinkShare clients are Fortune 500 and prominent companies doing business online, and include J.C. Penney, 1-800-Flowers.com, AT&T Corp., American Express, Avon Products and Dell, Inc. LinkShare was founded in 1996 and is headquartered in New York City, with offices in San Francisco, Denver, and Chicago.

LinkShare is proud to receive financial, operational and strategic support from Mitsui & Co., Ltd. (NASDAQ: MITSY), Mitsui & Co. (U.S.A), Inc., Internet Capital Group (NASDAQ: ICGE), and Comcast Interactive Capital, an affiliate of Comcast Corporation (NASDAQ: CMCSK; CMCSA).

Eigentlich hätte jetzt im Januar 05 ein Bericht über den Verlauf des vierten Quartals folgen müssen, das noch einmal eine Steigerung beim Gewinn neuer Kunden brachte - die Rekordzahl von über 50 Neukunden mit viel Prominenz wie z.B. Nokia dazu. Davon war aber auf der Webseite von Linkshare nichts zu lesen. Man konnte sich das allerdings mit Hilfe der nachstehenden Informationen aus dem Resoruce-Center von Linkshare mühsam zusammensuchen:

www.linkshare.com/ rc/nma-main.shtml

Denn dieser Informationen musste man ja den Affiliates liefern, damit sie diese Firmen auch auf ihren Websiten integrieren konnten.

Wer hat denn da bei Linkshare den Verantwortlichen die Hand geführt, uns einen zusammenfassenden Bericht vom besten Quartal überhaupt im Januar 05 vorzuenthalten? Ihr müsst nicht dreimal raten - das ist ziemlich einfach. Ihr müsst Euch nur die Liste der Insiderkäufe bei Internet Capital ansehen. Da stellt Ihr fest, dass der CEO Buckley im Februar für 200.000 Dollar gekauft hat und der CFO Dolansky für 100.000 Dollar und ein von IBM gekommenes neues Mitglied im Führungsteam ebenfalls.

Dass Linkshare auch bisher keinen Bericht über das erste Quartal 05 vorgelegt hat, der überlicherweise Ende April gekommen wäre, wenn man wie bisher verfahren hat, verwundert da kaum noch.

Was sollte man daraus für Lehren ziehen? Meines Erachtens nur eine, wie das der CEO Buckley und der CFO Dolansky auch getan haben. Die haben sogar zu höheren Kursen gekauft als wir sie jetzt haben. 200.000 bzw. 100.000 Dollar sind zwar nicht die Welt, aber ein gewisser Fingerzeig meines Erachtens schon.

Linkshare und kleine Inet's

Wir konten in den letzten Wochen eine Zweiteilung des Marktes bei den Online-Marketing-Firmen erleben: Google und Yahoo stiegen, der Rest fiel - telweise stark. Linkshare und Internet Capital wurden dabei über Gebühr in Geiselhaft genommen.

1. Linkshare steht nur für ca. einen Drittel des Wertes von Internet Capital. Ich muss gestehen, dass ich durch mein Posting auch etwas dazu beigetragen habe, Internet Capital und Linkshare fast gleichzusetzen.

2. Momentan übertreiben die Märkte, z.B. das bei Valusclick ist ihnen nicht mehr gut genug, obwohl das mit einem 2005er KGV von ca. 25 einhergeht: ""Our multiple online marketing channel strategy helped drive 40 percent pro-forma organic revenue growth and a doubling of operating income year-over-year in the first quarter," said James Zarley, chairman and chief executive officer of ValueClick. "Our first quarter performance sets the stage for another successful year for ValueClick, where we expect to invest for future growth and still drive the expected EBITDA profitability illustrated in our upwardly-revised 2005 guidance."

3. Hohe Kostensteigerungen bei einigen schnell hoch geputschten Online-Marketingern wie Fastclick werden auf alle ´kleine Marketing-Unternehmen übertragen, auch solche, die z.B. völlig organisch über Jahre gewachsen sind und ihren Gewinn wesentlich schneller steigern als die Umsätze, was bei einigen gepushten Unternehmen nicht der Fall ist.

4. Aber selbst wenn wir das alles akzeptieren, können wir bei Linkshare immer noch einen Wert von 350 bis 400 Millionen ansetzen, denn man kann in etwa die Häflte des Wertes Valueclick unterstellen. Die 40% davon sind 140 bis 160 Millionen. Zusammen mit den Aktien von Blackboard ergibt das schon allein die momentane Marktkapitalisierung von Internet Capital. Also selbst bei Annahme schlechtester Bedingungen haben wir noch eine Unterbewerung um den Faktor 2 bis 3, bei einer Nomalisierung der Märkte um den Faktor 4 bis 6.

der wohl wertvollsten Internet Capital-Beteiligung kann man ganz gut nachvollziehen, zumindest die Umsätze - auch wenn da nichts direkt veröffentlich wird und man aus diesem Grund auch seine Teilnahme am Fast 50-Wettbewerb, den man als einziges US-Unternehmen zweimal hintereinander gewonnen hat (zuletzt für 1998 bis 2002), eingestellt hat.

Zudem veröffentlichen die beiden größten Wettbewerber, Commission Junction und Tradedoubler Zahlen, aus denen man gewisse Rückschlüsse ziehen kann. Allerdings ist Commission Junction nur eine Division von ValueClick, anscheinend aber die wertvollste, und Tradedoubler ist kein börsennotiertes Unternehmen. Von Tradedoubler wissen wir dass die in 2004 enorm gewachsen sind - und zwar um 130% auf einen Umsatz von 65 Millionen und beim Personalbestand fast mit Linkshare (ohne LinkshareJapan) gleichgezogen haben. Bei Tradedoubler dürfte mit Sicherheit in 2005 die 100-Millionen-Marke fallen - das ist auch der Umsatz, den ich Linkshare für 2005 zubillige. Vielleicht auch noch ein Hinweis zum Wachstum von Valuecklick, es lag in 2004 bei 40%, allerdings haben die verschiedene Formen von Online-Marketing, haben aber darauf verwiesen, dass sie das Gesamtwachstum von 40% vor allem geschafft haben, weil Affiliate Marketing so gut lief. Damit muss das Wachstum dieses Bereich auch wesentlich größer gewesen sein als 40%. Über den Daumen gepeilt gehe ich davon aus, dass Linkshare ca. die Häfte des Wertes von Valuecklick hat. Zwar ist Valueclick von Werte jenseits der Milliarde auf 800 Millionen abgerutsch - woraus sich für Linkshare aber immer noch Beträge von 400 Millionen ableiten ließen. All diese Zahlen stammen aus einem Umfeld, in dem Werte wie Valueclick gerade enorme Prügel bekommen haben - auch die unterschedliche Entwicklung von großen und kleinen I-Nets habe ich ja schon hingewiesen.






 
snag  




07.05.05, 21:17 Uhr (38 Klick(s)) Beitrag anzeigen

400 Millionen oder eine Milliarde für Linkshare

wenn die Bewertung der Online-Marketing-Unterneh men, die es neben Google und Yahoo gibt, wieder besser wird, hat logischerweise auch auf den Wert von Internet Capital erheblich Einfluss. Denn wäre Linkshare z.B. einen Wert von einer Milliarde verkörpern, was ich für die nahe Zukunft nicht ausschließe, stünde das allein schon für einen Kurs von zehn Dollar bei Internet Capital.

Deshalb ist die Beobachtung des Bereiches Affiliate Marketing und angrenzender Gebiete des Online-Marketing für an Internet Capital Interessierte sehr wichtig. Für den Bereich gibt es inzwischen auch eine eigene Fachzeitschrift. Leider komme ich an den nachstehenden Beitrag nicht dran. Vielleicht liest ihn zufällig jemand, der mit Affiliate Marketing beruflich zu tun hat und z.B. über seine Firma an diesen Artikel rankommt. Ideal wenn er den Artikel hier reinstellen könnte bzw. Auszüge davon oder in anderer Form darüber berichten könnte:


Revenue Magazine Tackles Global Issues

San Francisco, April 12, 2005 - Revenue, the only magazine focused on the fast-growing field of performance marketing, in this latest issue focuses on the international affiliate market, covering the major problems and issues, according to Montgomery Media International, a Montgomery Research, Inc. company.

"Performance marketing is gaining momentum internationally; new markets mean new merchants and new affiliates, which creates more opportunities for the entire community. It has been an exciting quarter investigating these new frontiers," said Nick Smith, publisher of the quarterly magazine.

The The cover story of the just-released sixth issue explores everything affiliates and managers need to know about international affiliate marketing – the pitfalls, the benefits and who’s competing with whom. Issue 6 also gives tips for making seasonal sites a success all year long; a glimpse into a typical day for affiliate peers; and ten tools that will make affiliate life much easier. In addition, we’ve got great information on international search, marketing in a global environment and lessons from an affiliate that didn’t make it.

In this issue Revenue is supported by over 50 advertisers, including Buy.com, Commission Junction, Findology.com, Geico, Lands’ End, LinkShare Corporation, Performics Inc., Target Corporation and Wal-mart.

Revenue explores the strategies, technologies, designs and best practices that help affiliates and merchants achieve success in performance marketing, a fast-growing area of e-commerce in which independent Web publishers, usually operating as small businesses, generate commissions by introducing consumers to the sites of larger merchants.

Revenue is available through major book and magazine dealers. It is also sold through subscriptions, including those offered through the magazine's own affiliate marketing program www.RevenueToday.com.

About Montgomery Media International

Montgomery Media International, a division of Montgomery Research, publishes consumer magazines and contract publishing solutions. Find out more about Montgomery Media at www.montgomerymedia.com.

Press Contacts

Nick Smith, Publisher
Tel: 415-397-2400
nick@revenuetoday.com

Lisa Picarille, Editor
Tel: 415-397-2400
l.picarille@revenuetoday. com

Mein Interesse hat vor allem dieser Passus aus dem vorstehenden Artikel gefunden: "In this issue Revenue is supported by over 50 advertisers, including Buy.com, Commission Junction, Findology.com, Geico, Lands’ End, LinkShare Corporation, Performics Inc., Target Corporation and Wal-mart." Da werden von den 50 behandelten Unternehmen 10 herausgestellt, Konkurrenten von Linkshare (Commission Junction, Performice usw.) und Affiliate Marketing betreibenden Firmen. Bei den herausgestellten Affiliate Markting betreiben Firmen ist interessant, dass diese weltbekannten Namen fast alle bei Linkshare sind: Lands' End, Target, Wal-mart.

As many as you like. However, Lands' End reserves the right to terminate any Affiliate with links to Web sites containing objectionable content.

How soon can I get started?

The approval process usually takes about a week. You'll receive e-mail notification the same day we approve your site. Your notification e-mail contains all the info you need to get started immediately.

How do I know how much I've earned?

Once approved, you'll be assigned your own password-protected Personal Account page on the LinkShare Web site. You'll have access to a full menu of detailed Web-based reports to keep track of your site's earnings and performance.

When do I get paid?

You'll receive a check each month for the previous months earnings, provided that your account is owed $25 or more. If not, we'll roll your balance until you reach $25.

How much can I make?

We'll pay 5% of each sale that occurs on a click-through from your site. How much you earn depends on how many of your visitors click on the Lands' End banners and how much those visitors spend at our store. If a shopper later returns merchandise, a subsequent payment may be adjusted accordingly.

Where do I get banners?

After you're approved, we'll send you links to a spot on the LinkShare Web site where you can obtain banners.

How do I update my banners?

It's automatic. Once you're linked, we'll update your banner(s) with fresh content for the same or a similar product category.

How do I quit the program?

Go to your Personal Account page on the LinkShare Web site and hit the "delete merchant" button. That's it!

Still got a question?

You can e-mail our Affiliate Managers directly at affiliate@landsend.com. They're ready and willing to address all the particulars of your individual program.

Auch Target baut auf Linkshare

der wertvollsten Internet Capital-Beteiligung (Anteil = 40%). Noch einmal zum vorletzten Posting und dem dort erwähnten Artikel, in dem die sicher auch Euch bekannten Firmen Lands' End, Target und WalMart besonders herausgestellt wurden, die alle drei ihre Affiliate Marketing von Linkshare organisieren und abwickeln lassen. Hier also Näheres zu Target (der Online-Seite, die zu dem fünf weltweit am meisten verkaufenden Seiten gehört).

Point. Click. Grow. With the Target.com Affiliate Program

Join the Target.com Affiliate Program and put one of the nation’s most recognized brands to work for you.

Our affiliate program is your opportunity to grow with Target.com, one of the top five online retail sites. We’ve added thousands of new products, which means thousands more reasons for guests to shop and ways for you to earn commissions. Join today and start earning commission on every sale you refer to our site.

Target is one of the most recognized brands in the U.S., and Target.com is one of the fastest growing retail sites on the Internet. People who shop our site find a huge selection at low prices, plus exciting new promotions every week. As a member of our affiliate program, that adds up to great commissions for you.


The Target Affiliate Program is powered by Linkshare, the company that pioneered online affiliate marketing and runs the largest, most successful pay-for-performance affiliate marketing network on the Internet. They provide the tools and services that make it easy to track and earn commissions.

Find out more, then join. (It’s free!)

Join the Target.com Affiliate Program now

Specific Terms & Conditions

Der rechnet das aus den Gewinnsteuern der Beteiligungen hoch, die gezahlt werden. Ja, die fallen tätsächlich an, denn ein Teil der Beteiligungen macht Gewinne, ein Teil noch Verluste. Auf die Cash von Internet Capital hat aber weder das eine noch das andere einen Einfluss, da jede Beteiligung ihren eigenen Kassenbestand hat. Erst, wenn wie z.B. zuletzt bei Blackboard Aktien oder andere Anteile verkauft werden, ist das kassenwirksam. Absolute Zahlen, wie der Ami sie bringt, sind insofern etwas problematisch, da auch die Gewinne anderer Beteiligungen für die Steuerzahlungen maßgeblich sind. Obwohl, es wird sich ziemlich auf Linkshare beschränken - denn auch nach dem Erreichen der Gewinnzone müssen wohl die meisten Beteiligungen noch keine Gewinnsteuern bezahlen, da sie zunächst noch Verlustvorträge nutzen können. Daher dürfte der Ami richtig liegen, denn nur Linkshare macht schon vier Jahre Gewinne, und zwar so dicke, dass da mit Sicherheit keine Verlustvorträge von früher mehr zur Verfügung stehen.

Did anyone notice Linkshare's profits..
by: myfriendlyadvice
Long-Term Sentiment: Strong Buy  05/09/05 11:05 am
Msg: 232231 of 232248

almost doubled in just one quarter?????

Don't know if that's the European market starting to kick in or not, but I was sure impressed.

Give them a P/E of around 45 and you have a billion dollar market cap (ICGE owns 40% of that).



Posted as a reply to: Msg 232227 by place2b2b  

Ich will jetzt nicht behaupten, dass dies der Grund dafür war, dass jetzt innerhalb kürzester viel Positives von Satrcite berichtet wrid. Vielleicht wird das Unterdrücken von positiven Information für Internet Capital gefährlicher, weil die dort jetzt mehr als 50% halten - und da könnte die SEC manchen Sachverhalt anders auslegen als bei 37%. Wie gesagt, hier weiter Positives von Starcite.

ICGE hält 53% an StarCite

May 09, 2005 10:00 AM US Eastern Timezone

Morgans Hotel Group First To Integrate Daylight, StarCite To Speed Group Meeting Response

NEW YORK & PHILADELPHIA--(BUSINESS WIRE)--May 9, 2005--Morgans Hotel Group is the first hotel company in the USA to incorporate an integrated group lead solution from Daylight Software and StarCite, Inc., the companies announced today. In utilizing the integrated technology, Morgans will gain the ability to seamlessly view, analyze, price, and book meetings into any of its nine properties, thereby streamlining the meeting Request For Proposal process and enabling its sales executives to faster and more accurately respond to planners.


As part of its overall sales distribution strategy, Morgans Hotel Group has also:

-- Purchased marketing packages for each property in the StarCite Online Marketplace;

-- Added StarCite's private-label Group RapidRFP(TM) to its own hotel web site, www.morganshotels.com, to provide planners with a response mechanism;

-- Partnered with intermediaries including American Express and HelmsBriscoe, both of which use StarCite technology; and

-- Trained its 45 sales representatives to understand and leverage the technology in changing market conditions.

Morgans Hotel Group is known for its boutique hotels and savvy database marketing. A collection of nine properties with meeting space ranging from 2,000 to 18,000 square feet, Morgans Hotel Group began looking for a single technology solution to replace nine disparate systems last fall.

" We had superstar salespeople in many cities, but we needed a way to leverage their relationships for all our properties," said T. Blake Danner, Senior Vice President of Sales, Morgans Hotel Group, New York. " We knew we couldn't be the largest sales force, so we focused on providing our team the tools to create better synergy between our hotels. We sought technology that would encourage more cross-selling, provide more robust property information and increased flexibility, acquire more accurate customer data, and access real-time availability for all hotels. All of this while at any property, customer office, home or location," Danner said.

The integrated solution from Daylight-StarCite addresses these requirements. With single access to their custom Daylight Advanced Sales and Catering(TM) sites, sales representatives can view, respond to, and manage all leads and gain access to any information in the database about properties, space, bookings, customers, etc. All leads sent through StarCite technology to a Morgans property automatically populate the company's Daylight solution. All RFP responses entered into Daylight automatically populate the planner's custom site within StarCite.

To ensure that planners consider Morgans Hotel Group properties including the Delano or The Shore Club in Miami, Hudson, Royalton or flagship Morgans in New York City, or others in San Francisco, London and Los Angeles, the hotel company has enhanced its StarCite's marketing programs and banner advertising.

On its own web site, MHG added StarCite's Group RapidRFP(TM) technology to give users an easy, quick way to communicate all group needs to one property, or all. Leads from the site are automatically flowed to MHG's Daylight application.

Since the two-way interface between Daylight and StarCite was implemented, " our operation is more efficient, faster, more customer-focused and clearly gives us a competitive edge. In some cases, we have responded to the planner and begun negotiations before our competitors have even found the lead in their stack of faxes," Danner added.

" It's clear that Morgans executives understand how to embrace advanced technology now available to level the playing field with much larger competitors," said John Pino, chairman and CEO of StarCite, Inc., Philadelphia. " We commend their innovative approach to developing the strategy, and executing it so well. We look forward to working with Morgans in driving more RFPs to their growing portfolio of unique hotels."

About StarCite, Inc.

StarCite, Inc. provides the most comprehensive suite of applications and services to the $300 billion meeting and events industry. StarCite helps drive efficiencies and cost savings to both corporate buyers and suppliers. More than 400 corporate, association and third-party meeting buyers rely on StarCite's Enterprise Meeting Solutions for workflow, procurement, supply chain management, spend analysis and attendee management. Thousands of industry suppliers rely on the StarCite Online Marketplace, Supplier Marketing Programs and Enabling Technologies to increase meeting revenues. StarCite's international division represents destination management companies and other premier international travel suppliers using both technology and traditional means. StarCite is based in Philadelphia. Investors in StarCite include Internet Capital Group (Nasdaq: ICGE); Maritz Travel Company; Seaport Capital; Starwood Hotels & Resorts Worldwide, Inc.; and TL Ventures. For more information about StarCite, or its technologies and services, please visit www.StarCite.com.





Und heute das von Starcite

wo Internet Capital gerade seinen Anteil von 37 auf 53% erhöht hat und das ein rasantes Wachstum hinlegt, für das die Expansion in Europa das Tüpfelchen auf dem "i" ist:

Maritz Europa, StarCite Announce Strategic Partnership

Strengthens StarCite Marketplace As Largest In Europe, North America

LONDON and PHILADELPHIA – May 10 , 2005 – Maritz Europa and StarCite, Inc. today announced a new strategic partnership designed to help both companies grow their share of the corporate strategic meetings management business in the burgeoning European market. StarCite is recognized as the largest North American, electronic lead generator for European-bound meetings. This agreement, combined with StarCite’s growing global customer deployments, will make StarCite the largest electronic lead generator in Europe.

The technology, distribution and marketing agreement is designed to help StarCite expand its sales, use and service capabilities in Europe and help Maritz Europa leverage leading edge technology for both client and internal use.

Acting as a general sales agent for StarCite, Maritz Europa will bring StarCite’s leading meeting management technology to its customers, suppliers, and other enterprises in the region. Maritz Europa serves clients in the automotive, pharmaceutical, technology, consumer products and other sectors. Additionally, Maritz Europa will encourage and promote the adoption of StarCite’s technology in the European Supplier Community.

Internally, Maritz Europa plans to use StarCite’s leading sourcing, marketplace and attendee management technologies for the meetings and events it manages for clients. The StarCite Online Marketplace is currently the largest, global marketplace for meetings and events with 77,000 suppliers. The technology allows enterprises to identify and manage sourcing to preferred suppliers, create a central calendar of all meetings and effortlessly consolidate data by business unit, vendor or enterprise.

StarCite also will rely on Maritz Europa’s 30-year expertise in the European market to help it expand its presence in Europe and service an expanding client base.

Headquartered in Philadelphia, StarCite, Inc. is the leading provider of technology and services for the $300 billion global meetings and events industry. Its StarCite Online Marketplace last year delivered nearly 31,500 unique requests for proposals, representing $1.3 billion worth of lead opportunities to suppliers in 2004. StarCite offers the industry’s leading online attendee management tools with more than 1 million transactions a year. More than 400 corporations, associations and third-parties rely on its technologies, processes and services to gain a competitive edge by more effectively managing their meetings and events spend.

Headquartered in Marlow, with offices in Germany, Spain and France, Maritz Europa is a division of Maritz, Inc., the world’s largest source of integrated performance improvement, travel and marketing research services. Clients include 28 of the 50 largest companies in the world.

“More and more European companies are embarking on the road to drive through efficiencies and take costs out of their business. Whilst Europe presents a more complex cultural business environment than the U.S., the partnership with StarCite in Europe will allow us to mirror our successful strategy in the U.S. By using one common tool we can now move decisively towards meeting our clients’ corporate objectives on an in-country, regional and global basis,” said Dave Watkins, Chief Operating Officer of Maritz Europa. “We are all very excited about the partnership with StarCite in Europe as it allows Maritz to reinforce its position as market leader in Meetings Consolidation. Whilst not limited to the pharmaceutical market by any means, a number of our clients in this sector have already expressed a keen desire to adopt the technology as part of their pan-European approach to strategic sourcing.”

Shaun Casey, Director of Maritz Europa, will lead this pan-European service with strategic sourcing centers in the UK and Germany. Having worked in several of these Continental European markets, Casey has gained a thorough understanding of marketplace realities.

“With global demand growing significantly, StarCite is committed to advancing our sales and servicing capabilities around the world. We’re delighted to be partnering with Maritz Europa, one of the leading service providers in Europe, that shares our values and passion for improving meeting management in global corporations,” said John Pino, Founder and Chief Executive Officer of StarCite, Inc., Philadelphia. “We look forward to working together to capitalize on the tremendous synergies that come from this partnership, which will allow us both to better serve our respective customers.”

About Maritz Europa
Maritz Europa is one of Europe’s market leaders in communications, event management and research services. With more than 400 employees in the UK, France, Germany and Spain, Maritz Europa provides customized marketing communications solutions to local, regional and global companies within EMEA. With more than 30 years’ operating experience in Event Management alone in Europe, Maritz Europa provides local language support for a whole range of meetings, conferences, product launches and incentive travel worldwide.

For more information about Maritz Europa, please visit www.maritz.co.uk.

About StarCite, Inc.

StarCite, Inc. provides the most comprehensive suite of applications and services to the $300 billion meeting and events industry. StarCite helps drive efficiencies and cost savings to both corporate buyers and suppliers. More than 400 corporate, association and third-party meeting buyers rely on StarCite’s Enterprise Meeting Solutions for workflow, procurement, supply chain management, spend analysis and attendee management. Thousands of industry suppliers rely on the StarCite Online Marketplace, Supplier Marketing Programs and Enabling Technologies to increase meeting revenues. Its StarCite International division represents destination management companies and other premier international travel suppliers using both technology and traditional means. StarCite is based in Philadelphia. Investors in StarCite include Internet Capital Group (Nasdaq: ICGE); Maritz Travel Company; Seaport Capital; Starwood Hotels & Resorts Worldwide, Inc.; and TL Ventures.

For more information about StarCite, or its technologies and services, please visit www.StarCite.com

M edia Contacts:

Shaun Casey
Maritz
+44 (0) 1628 496121
E-Mail to: shaun.casey@maritz.co.uk< br>
or

Mary Ann McNulty
StarCite, Inc.
(267) 330-0510
E-Mail to: mmcnulty@StarCite.com
<

On a daily basis, StarCite provides about $7.4 million worth of lead opportunities to hotels in its database, up 69% from one year ago. These figures exclude private-label sites, which StarCite supplies to Starwood Hotels & Resorts Worldwide, Fairmont Hotels & Resorts, Omni Hotels and a number of other suppliers.

Corporations, Hotels License Attendee Mgt. Technology

StarCite expanded use of its leading corporate strategic meeting management technology and processes to Diebold, TWI Extras meeting management firm and several blue-chip corporations. StarCite also licensed its attendee management technology to hotel management firm Pyramid Advisors, which is selectively offering registration sites as an incentive for meeting planners to book at two of its properties. On the supplier side, StarCite also expanded its relationship with a major hotel chain and renewed a technology deal with another.

StarCite International in the first quarter formed a new Scandinavian Consortium with leading hotels and destination management companies in Sweden, Norway and Denmark. StarCite International also expanded its technology and destination marketing relationships, signing the Austrian Tourist Office and the Netherlands Board of Tourism and Conventions.

About StarCite, Inc.

StarCite, Inc. provides the most comprehensive suite of applications and services to the $300 billion meeting and events industry. StarCite helps drive efficiencies and cost savings to both corporate buyers and suppliers. More than 400 corporate, association and third-party meeting buyers rely on StarCite’s Enterprise Meeting Solutions for workflow, procurement, supply chain management, spend analysis and attendee management. Thousands of industry suppliers rely on the StarCite Online Marketplace, Supplier Marketing Programs and Enabling Technologies to increase meeting revenues. Its StarCite International division represents destination management companies and other premier international travel suppliers using both technology and traditional means. StarCite is based in Philadelphia. Investors in StarCite include Internet Capital Group (Nasdaq: ICGE); Maritz Travel Company; Seaport Capital; Starwood Hotels & Resorts Worldwide, Inc.; and TL Ventures.

Interessant ist dabei, dass sie ihre Prognose für das Jahr leicht aufgestockt haben, denn beim letzten Mal waren es bis zu zwei Milliarden im Buchungssystem generierte Umsätze, jetzt sind es schon mehr als zwei Milliarden in 2005: "At the current pace, the company expects its growing, global user base to deliver more than $2 billion in revenue opportunities to hotels by year-end." Logischerweise fallen hier für das Buchungssytem nicht die Provisionssätze ab, wie bei anderen Reisebuchungssystemen, da die Ordersummen sehr viel höher sind, aber irgendwo zwischen 1,5 und 2% dürften es doch immerhin sein. Zusammen mit Planungs-Tools und anderen Dienstleistungen dürfte man in 2005 bei Erlösen zwischen 40 und 50 Millionen landen. Das ist zwar noch nicht die Welt, aber beim Marktplatz von Starcite sind ja erst zwei Milliarden von insgesamt 300 Milliarden Meeting-Umsätze gelandet. Da ist also noch allerdhand drin. Ob man schon in den schwarzen Zahlen ist? Ich vermute einmal noch nicht, denn das enorme Wachstum hat vermutlich eine Stange Geld gekostet. Ähnlich dürfte es auch bei Freeborders sein, die noch schneller wachsen und wo Internet Capital mit 48% beteiligt ist. Die wollten ursprünglich in 2005 mit einem Börsengang 200 Millionen einsammeln, haben das aber vermutlich vertagt, da durch die nochmal forcierte Expansion logischerweise auch Kosten entstehen, die das Erreichen der Gewinnzone verzögern. Aber aufgeschoben ist schließlich nicht aufgehoben.

Select a name below for more information.  Date  Shares Held   Change
(Shares)  % Change
(Shares)  Value
($1000)  
BARCLAYS GLOBAL INVE...  12/31/2004  4,424,140  12,052  0.27%  $25,527  

GRUBER & MCBAINE CAP...  3/31/2005  2,358,056  104,000  4.61%  $13,606  

DRIEHAUS CAPITAL MAN...  12/31/2004  2,097,395  2,097,395  New  $12,102  

TRAFELET & CO LLC  12/31/2004  1,000,000  1,000,000  New  $5,770  

TURNER INVESTMENT PA...  12/31/2004  725,065  676,875  >1,000.00%  $4,184  



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der wohl mit 100% momentan am schnellsten wachsenden Beteiligung von Internet Capital (Anteil = 48), die das Zeug zum BIG THING hat.

News

INDUSTRY WRAPUPS
Tech business

Freeborders connects Chinese workers with U.S. outsourcers

By Adrienne Sanders

Freeborders connects Chinese workers with U.S. outsourcers

Bangalore is so last season. Shenzhen is the new hot spot for in-the-know IT outsourcers.

At least that is what San Francisco-based Freeborders is banking on. The firm helps clients outsource software application work to China, where labor is half the cost of that in India, and educated workers are plentiful.

Freeborders expects to grow 100 percent this year. The company counts Coach, DuPont and Target among its customers. Freeborders, which has 325 Chinese employees and 60 U.S. employees, will hire 1,000 more, mostly in China, by the beginning of 2006. That's 10 to 15 people per week.

"With over 150,000 tech workers and a population of 9 million, Shenzhen has become the Silicon Valley of China due to its entrepreneurial character, world-class technology infrastructure and talented labor pool," said co-founder John Cestar.

in der Falle. Er hat sich alle Mühe gegeben, um den Kurs nach unten zu schaukeln. Da ist ihm auch teilweise gelungen, aber nicht mit den erhofften Begleitumständen - außer ihm hat nämlich kaum jemand, wie erhofft, mitverkauft. Schon gar nicht ist er zwischen seinen Verkäufen zum Eindecken gekommen. Und so werden wir am 15. dieses Monats vermutlich statt der etwas mehr als 2,8 Millionen mehr als drei Millionen Aktien leer verkauft haben - bei einem Free Float, den ich bei Kursen unter 8 Dollar mamimal auf acht Millionen Stück schätze. Allein 50% der 38 Millionen Stück liegen schon bei Institutionals und Insidern. Auch viele derenigen, die da nicht dazu gezählt werden, werden vor zehn oder gar 20 Dollar nicht verkaufen. Auch ich konnte heute nicht ganz widerstehen und habe eine Zinszahlung in eine Miniportion Internet Capital-Aktien umgewandelt.

die Meldungen zu Internet Capital, indem jede positive Meldung, wie die obige zu Ecredit oder die vielen positiven Meldungen zu Starcite oder Freeborders unterdrückt werden, obwohl sie in jeder Suchmaschine auffallen. Gemeldet wird z.B., dass eine Beteiligung von Internet Capital, Marketron, eine andere Unternehmung verklagt hat - ein Nonevent. Oder dass wieder eine von tausend Anwaltsfirmen Merrill Lynch verklagen, weil die einen Kunden in Sachen Internet Capital falsch beraten haben, weil der damals bei 4280 gekauft hat.

Hat Yahoo da eine neue Geldquelle aufgetan, wo Shortseller gegen Bezahlung positive Meldungen verschwinden lassen können. Zumindest bei Internet Capital ist das so auffällig, dass ich das fast für einen Fall für die SEC halte, denn so blauäugig und so einseitig manipulativ im finden kann man eigentlich nicht sein. So etwas geht eigenlich nur gegen Bares.