SOFTWARE & SERVICES 2 JUNE 2009

DAVID SHORE, CFA, MBA 416.860.6784

WEB 2.O WEEKLY david.shore@researchcapital.com
Arun Thomas (Associate) 416.860.7666

SOCIAL NETWORKS LEAD ACTIVITY – DIGITAL SKY TECHNOLOGIES INVESTS IN FACEBOOK

MA Y CL O S E S AT H IG H E S T L E V EL I N OV E R T W EL V E MO NT H S
The month of May saw 20 financings totalling $327.1 million, buoyed by Digital Sky Technologies’ $200 million
investment in Facebook. W ithout this transaction, May would have been the lowest month for financing year-to-date at
$127.1 million in 2009. From a sector perspective, excluding the Facebook transaction, Ad Network saw the highest
level of activity over the last three months, with Media, Gaming, Video, and Social Network attracting the most level
of interest. The other transaction of size that gained much real estate on business news was Disney’s investment in
Hulu. Both transactions highlight traditional companies marrying into new business models that are testing the
frontiers of how consumers choose and use media.

Financing by Month

800.0 40
750.6

700.0 35
653.9

600.0 30

500.0 25
461.7
(US$mm)

(#)
400.0 20
361.3
351.4
327.1
308.3
300.0 15

244.0
225.8
192.6 198.0
200.0 185.5 10
162.5
144.9 149.5
129.0 132.3 127.4 125.6
111.0
101.1
100.0 87.3 88.5 84.9 79.7 5
66.3 73.6
57.7 57.1
40.5 48.0
43.4 47.5 47.6
38.8 32.3 38.8
21.4 24.4
23.9 21.5 30.0
9.4 12.5 15.4
13.2
0.0 0
6

9
5

9
06

07

08

09
5

8
-0

-0

-0

-0
-0

-0

-0

-0

-0

-0

-0

-0
-0

-0

-0

-0
l-0

l-0

l-0

l-0
n-

n-

n-

n-
ov

ay

ov

ay

ov

ay

ov

ay
ep

ep

ep

ep
ar

ar

ar

ar
Ju

Ju

Ju

Ju
Ja

Ja

Ja

Ja
M

M
M

M
N

N
S

Capital Market Activity: The month of May closed with 20 financings totalling $327.1 million led by the $200 million
investment by Digital Sky Technologies in Facebook. Excluding the Facebook transaction, May would have been the
lowest month in CY2009. The Facebook transaction aside, four transactions (One Net Ent., Cyberplex, Peer39, and
OpenX) were greater than or equal to $10 million. The average value in May is $15.6 million (and $6.4 million
excluding the Facebook transaction), greater than the average value for April of $6.2 million on 21 financings. The
March average was $6.5 million on 24 financings.
Price Performance: Most of the companies in our universe had positive stock price performances over the past
week (for stocks with prices greater than $1) (Figure 12), with 29 companies showing positive returns on the week.
GameOn co. Ltd (3812-TSE) led the group with a 28.2% return, while eolith Co. Ltd. (A041060-KOSE) had the worst
return, dropping 13.7% in the week.

This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550
 Page 2

THE WEB 2.0 UNIVERSE

Ninety-three public Web 2.0 companies identified: Our W eb 2.0 universe contains 93 companies, with a combined
market cap of ~$53 billion (Figure 1). The average market cap for the group is ~$577 million (but a median of only $50.9
million), with average trailing revenue of $152.1 million (median $54.3 million). The companies are also generally
profitable, with a median EBITDA margin of 14.2%. On a valuation basis, the overall average is 4.9x trailing revenue
(median 2.0x) and 10.0x trailing EBITDA (median 9.6x). Fourteen of the companies have more than 500 employees.
C omparable C o mpany A nalys is > W eb 2.0
Trading Current U S D Market U S D LT M To tal US D L TM T otal E BITDA TE V/LT M T E V/LT M
C om pan y Nam e L TM as of T icker E xc hange Cu rrency H Q P rice C ap ($m) R ev ($m) E B ITDA ($m) % R evenu e E B IT DA E mployees
Acce le rize N ew Me dia, Inc. 3 /31 /200 9 AC LZ OT C B B USD U nited S ta tes 0 .35 9 .7 4.1 (4 .4) NM 3.5 x - 11
Actoz S of t C o., L td. 3 /31 /200 9 A0 527 90 K OS E KR W S outh K orea 26, 300 18 2.2 93. 7 2 0.4 21 .7% 1.6 x 7.5x NA
AQ Inte ractive , Inc. 1 2/31 /200 8 38 38 TSE JPY J apan 80 ,000 .00 4 5.0 62. 4 5 .0 8 .0% 0.2 x 3.0x NA
As s o cia ted Media H oldings Inc. 6 /30 /200 7 AS MH OT C P K USD U nited S ta tes 0 0 .1 0.1 (2 .3) NM 8.1 x - 3
B igstring Co rp. 3 /31 /200 9 BS GC OT C B B USD U nited S ta tes 0 .02 1 .0 0.1 (2 .0) NM 30.7 x - 4
B e tawave Corpora tion 3 /31 /200 9 B W AV OT C B B USD U nited S ta tes 0 2 .3 8.4 (1 2.6) NM - - 53
B e yo nd Commerce, In c. 3 /31 /200 9 B Y OC OT C B B USD U nited S ta tes 1 .01 4 4.8 7.1 (9 .5) NM 7.0 x - 69
B right T hings plc 9 /30 /200 8 AIM:B G T AIM GBP U nited K ingdom 0 4 .8 0.3 (1 .9) NM 17.6 x - 9
B roa dW ebAs ia Inc. 9 /30 /200 8 BW BA OT C P K USD U nited S ta tes 0 .30 2 5.3 0.0 (4 .6) NM - - 46
C DC C orp. 3 /31 /200 9 C HIN .A N as da qG S USD H ong K on g 2 18 0.4 389 .9 3 0.8 7 .9% 0.5 x 6.3x NA
C ha ngyou. com Limite d 3 /31 /200 9 C Y OU N as da qG S USD C hina 35 .77 1,9 67.4 222 .5 13 5.1 60 .7% 8.0 x 1 3.2 x 628
C hina G ate wa y C orpo ra tion 9 /30 /200 8 C GW Y OT C P K USD U nited S ta tes 0 0 .0 6.7 (6 .6) -9 8.9% 0.0 x - 37
C hine s e G amer International 3 /31 /200 9 G T S M:308 3 GTSM TWD T aiwan 376 .50 98 0.3 57. 2 3 2.0 56 .0% 16.0 x 2 8.5 x NA
C ornerW orld C orporation 1 /31 /200 9 C WR L OT C B B USD U nited S ta tes 0 5 .8 1.3 NM NM 5.5 x - NA
C yberplex Inc. 3 /31 /200 9 T S X:C X TSX C AD C ana da 1 .57 7 7.4 74. 9 7 .7 10 .3% 1.0 x 9.5x NA
DADA S pA 9 /30 /200 8 C M:D A CM EUR Ita ly 6 13 6.7 240 .4 3 8.4 16 .0% 0.8 x 4.9x 578
DXN Holdings B hd 2 /28 /200 9 DXN KLSE MY R Ma la ys ia 0 .40 2 6.2 79. 7 1 0.9 13 .7% 0.5 x 3.9x NA
Dibz Inte rnational, Inc. NA DIB Z OT C P K USD U nited S ta tes 0 0 .0 NA NM NM - - NA
DigitalP ost Inte ra ctive , Inc. 3 /31 /200 9 DG LP OT C B B USD U nited S ta tes 0 .02 1 .1 0.7 (2 .6) NM 3.8 x - 7
DigitalT own, In c. 2 /28 /200 9 DG T W OT C B B USD U nited S ta tes 2 5 4.2 NM (3 .0) NM - - 3
Dolphin D igital Me dia, Inc. 3 /31 /200 9 DP DM OT C B B USD U nited S ta tes 0 .53 2 7.4 0.8 (3 .7) NM 36.7 x - NA
E o lith C o. L td. 1 2/31 /200 8 A0 410 60 K OS E KR W S outh K orea 725 4 2.8 14. 9 (3 .5) -2 3.6% 3.0 x - NA
E xte ns ions , Inc. 3 /31 /200 9 E XT I OT C P K USD U nited S ta tes 0 .15 1 4.2 NM NM NM - - 2
F inancia l Media G roup, Inc. 2 /28 /200 9 F NG P OT C B B USD U nited S ta tes 0 0 .2 7.2 2 .4 34 .1% - - 22
F luid Mus ic Ca nada, In c. 3 /31 /200 9 T S X:F MN TSX C AD U nited S ta tes 0 .75 3 6.2 5.0 (6 .9) NM 5.2 x - NA
F rogs te r Interactive P ictu re s AG 6 /30 /200 8 FRG XT R A EUR G ermany 7 2 4.8 5.7 (3 .5) -6 0.6% 4.3 x - NA
G a ma nia Digital E ntertainmen t C o., L td. 3 /31 /200 9 61 80 GTSM TWD T aiwan 58 .60 27 5.6 128 .3 2 1.3 16 .6% 2.0 x 1 1.8 x NA
G a me On C o L td. 3 /31 /200 9 38 12 TSE JPY J apan 1 24, 000 12 4.0 76. 1 1 8.0 23 .7% 0.8 x 3.5x NA
G e oS e ntric O yj 3 /31 /200 9 G E O1 V H LS E EUR F inland 0 .05 6 3.7 6.0 (1 5.5) NM 9.9 x - 108
G ian t Intera ctive G roup, Inc. 3 /31 /200 9 GA NYS E USD C hina 8 1,7 86.7 219 .1 NM NM - - NA
G iga Media Ltd. 1 2/31 /200 8 G IG M N as da qG S USD T aiwan 6 .19 33 4.4 190 .4 4 6.0 24 .2% 1.4 x 5.6x NA
G ravity C o., L td 9 /30 /200 8 GR VY N as da qG M USD S outh K orea 1 3 0.6 39. 7 7 .6 19 .2% - - 636
G ree, Inc. 6 /30 /200 8 T S E : 363 2 TSE JPY J apan 5 ,630 .00 1,3 00.4 30. 4 1 0.9 36 .0% 40.1 x - NA
G u ngH o O nline E ntertainment, Inc. 1 2/31 /200 8 37 65 OS E JPY J apan 2 48, 000 29 3.8 116 .3 2 0.7 17 .8% 2.3 x 1 3.1 x NA
H anbitS of t, Inc. 3 /31 /200 9 A0 470 80 K OS E KR W S outh K orea 5 ,290 .00 9 4.0 56. 0 (1 5.0) -2 6.8% 1.4 x - NA
IAC /InterActiveC orp. 3 /31 /200 9 IAC I N as da qG S USD U nited S ta tes 17 2,5 00.7 1 ,40 6.4 4 2.6 3 .0% 0.4 x 1 4.4 x 3 ,20 0
IAS E n ergy, Inc. 1 /31 /200 9 IAS C.A OT C B B USD C ana da 0 .23 1 6.1 0.0 (0 .8) NM - - NA
is ee media Inc. 1 2/31 /200 8 IE E T S XV C AD C ana da 0 3 .8 1.4 (5 .5) NM 1.4 x - NA
J umbuck E ntertainment P ty Ltd. 1 2/31 /200 8 AS X:J MB AS X AU D Aus tra lia 0 .45 1 8.0 14. 5 5 .4 37 .2% 0.9 x 2.4x 72
J umpT V Inc. 1 2/31 /200 8 T S X:J T V TSX C AD C ana da 1 8 3.7 13. 4 (8 .4) -6 2.6% 4.7 x - 237
K a boos e Inc. 3 /31 /200 9 T S X:K AB TSX C AD C ana da 0 .61 7 8.5 75. 7 9 .0 11 .9% 1.1 x 9.3x NA
K ings oft Co. Ltd. 3 /31 /200 9 38 88 S E HK HKD C hina 5 73 1.5 129 .2 5 2.0 40 .3% 5.2 x 1 2.9 x 2 ,27 1
Lin go M edia Corporation 1 2/31 /200 8 T S XV : LM T S XV C AD C ana da 1 .05 1 2.4 0.9 (1 .5) NM 11.6 x - NA
Live Wo rld Inc. 3 /31 /200 9 LV WD OT C P K USD U nited S ta tes 0 2 .6 11. 4 (0 .0) -0 .4% 0.1 x - NA
Lo okS mart, Ltd. 3 /31 /200 9 LOOK N as da qG M USD U nited S ta tes 1 .30 2 2.2 60. 7 (3 .8) -6 .3% - - 90
Magnitu de Information S ys tems Inc. 3 /31 /200 9 MA G Y OT C B B USD U nited S ta tes 0 6 .8 0.1 (3 .1) NM - - 14
Mixi, In c. 3 /31 /200 9 21 21 TSE JPY J apan 458 ,000 .00 72 8.2 124 .7 4 4.2 35 .4% 4.9 x 1 3.8 x NA
Mode rn Times G rou p Mtg AB 3 /31 /200 9 MT G B OM S EK S weden 233 2,0 68.2 1 ,81 7.2 27 8.4 15 .3% 1.5 x 9.5x 2 ,96 9
Moggle , Inc 3 /31 /200 9 MMOG OT C B B USD U nited S ta tes 2 .30 8 3.5 NM NM NM - - 3
MOK O.mobi L imited 1 2/31 /200 8 MK B AS X AU D Aus tra lia 0 4 .6 1.2 (2 .4) NM 3.0 x - NA
Myriad G rou p AG 1 2/31 /200 8 MY R N SWX C HF S witzerla nd 5 .75 11 4.5 40. 0 0 .8 1 .9% 3.1 x - 405
N E OW IZ G ames C orpora tion 1 2/31 /200 8 A0 956 60 K OS E KR W S outh K orea 77, 100 60 2.0 200 .9 5 3.9 26 .8% 2.9 x 1 1.0 x NA
N etD rago n W ebS oft, Inc. 3 /31 /200 9 77 7 S E HK HKD C hina 5 .42 36 9.6 87. 0 3 4.4 39 .5% 2.7 x 6.8x 2 ,42 6
N ete as e.com I nc. 3 /31 /200 9 NT E S N as da qG S USD C hina 36 4,4 06.5 470 .9 30 6.0 65 .0% - - NA
N eXplo re Co rpora tion 9 /30 /200 7 N XP C OT C P K USD U nited S ta tes 0 .70 3 9.0 NM (4 .9) NM - - 19
N gi G roup Inc. 1 2/31 /200 8 24 97 TSE JPY J apan 34, 700 4 4.3 101 .7 3 1.3 30 .8% - - NA
N orthgate Te chno lo gies L imited 3 /31 /200 9 59 005 7 BS E INR India 47 .05 3 5.0 119 .4 (2 8.0) -2 3.5% 0.3 x - NA
Open T e xt Corp. 3 /31 /200 9 OT E X N as da qG S USD C ana da 36 1,8 77.1 782 .6 19 9.2 25 .5% 2.5 x 9.8x 3 ,40 0
Openwave S ys tems Inc. 3 /31 /200 9 OP W V N as da qG S USD U nited S ta tes 1 .86 15 4.5 197 .2 (2 .1) -1 .0% 0.3 x - 630
P e rf ect W orld C o., Ltd. 3 /31 /200 9 PW R D N as da qG S USD C hina 23 1,1 89.7 228 .3 12 4.7 54 .6% 0.1 x 0.1x NA
P h otoChann el N etwork s Inc. 3 /31 /200 9 T S XV : P N T S XV C AD C ana da 1 .54 4 8.5 19. 9 0 .5 2 .3% 2.4 x - NA
Qu epa s a C orp. 3 /31 /200 9 QP S A N as da qC M USD U nited S ta tes 1 1 3.0 0.1 (1 0.8) NM - - 74
OA O R B C Information S ys tems 1 2/31 /200 7 R BCI R TS USD R us s ia 1 .35 18 7.3 154 .7 2 0.2 13 .1% 0.0 x 0.3x NA
S h anda In teractive E ntertainme nt L td. 1 2/31 /200 8 S N DA N as da qG S USD C hina 60 4,1 78.9 522 .6 24 0.1 46 .0% 0.4 x 0.8x NA
S h utte rf ly, In c. 3 /31 /200 9 S F LY N as da qG S USD U nited S ta tes 15 .13 38 0.9 215 .2 2 8.3 13 .2% 1.5 x 1 1.1 x 514
S K C ommun ications Co., Ltd. 1 2/31 /200 8 A0 662 70 K OS E KR W S outh K orea 12, 000 40 0.2 186 .7 1 2.1 6 .5% 2.1 x 3 3.0 x NA
S N AP Inte ra ctive , Inc. 3 /31 /200 9 S T VI OT C B B USD U nited S ta tes 0 .79 8 .5 3.3 0 .9 28 .0% 2.2 x 7.7x 11
S N M G lobal H oldings 9 /30 /200 8 S N MN OT C P K USD U nited S ta tes 0 0 .0 2.0 (0 .7) -3 4.8% 1.1 x - 33
S o cia l Media V e nures , In c. 1 2/31 /200 8 S MV I OT C P K USD U nited S ta tes 0 .01 0 .0 0.1 (0 .1) -6 0.5% 0.0 x - NA
S o cia lwis e, Inc. 3 /31 /200 9 S C LW OT C B B USD U nited S ta tes 1 3 0.3 0.0 (4 .8) NM - - NA
S o hu. com Inc. 3 /31 /200 9 S OH U N as da qG S USD C hina 66 .25 2,5 35.0 460 .0 20 0.5 43 .6% 4.7 x 1 0.8 x 3 ,19 7
S ite s earch C orpo ration 1 /31 /200 9 S T PC OT C B B USD U nited S ta tes 3 2 8.2 NM (1 .1) NM - - 15
S park N etworks , Inc. 3 /31 /200 9 LOV AME X USD U nited S ta tes 2 .29 4 7.1 54. 3 1 1.8 21 .7% 0.9 x 4.0x 183
S pectrumDN A, Inc. 3 /31 /200 9 S P XA OT C B B USD U nited S ta tes 0 1 8.0 0.1 (2 .6) NM - - 7
T encent Holdin gs L td. 3 /31 /200 9 70 0 S E HK HKD C hina 85 .60 19,9 07. 1 1 ,20 4.5 57 7.1 47 .9% 18.0 x 3 7.5 x 6 ,19 4
T he P aren t C ompan y 8/2/2008 K IDS .Q OT C P K USD U nited S ta tes 0 0 .4 112 .0 (1 3.5) -1 2.0% 0.2 x - 347
T he 9 L imited 1 2/31 /200 8 N CT Y N as da qG S USD C hina 9 .27 24 8.6 250 .1 8 4.2 33 .7% - - NA
T he S treet.com, Inc. 3 /31 /200 9 TSCM N as da qG M USD U nited S ta tes 2 6 0.0 67. 0 1 .9 2 .9% - - 310
T otal S po rt Online A S 3 /31 /200 6 T OS O OT C NO NOK N orwa y 0 .03 0 .1 2.2 (1 .1) -5 0.6% 4.6 x - 16
T ree.C om, Inc. 3 /31 /200 9 TR EE N as da qG M USD U nited S ta tes 11 11 5.8 215 .6 (1 3.3) -6 .2% 0.5 x - 700
U nis erve C ommu nication s Co rp. 2 /28 /200 9 T S XV : US S T S XV C AD C ana da 0 .06 1 .2 24. 0 0 .1 0 .2% 0.2 x - NA
U nited Online Inc. 3 /31 /200 9 U NT D N as da qG S USD U nited S ta tes 7 58 1.7 811 .2 17 7.3 21 .9% 1.1 x 4.9x 1 ,46 9
U OMO Media , Inc 1 /31 /200 9 U OMO OT C B B USD C ana da 0 .16 1 3.7 0.6 (0 .5) -7 8.2% 22.1 x - NA
V a lueC lick Inc. 3 /31 /200 9 V C LK N as da qG S USD U nited S ta tes 11 98 0.1 591 .7 10 5.5 17 .8% 1.5 x 8.3x 1 ,18 9
V O IS , Inc. 3 /31 /200 9 V OIS OT C B B USD U nited S ta tes 0 .35 2 .9 0.0 (1 .1) NM - - 4
W ebze n Inc. 3 /31 /200 9 W ZE N N as da qG M USD S outh K orea 5 5 3.4 23. 3 (0 .4) -1 .9% - - 314
W izza rd S of twa re Corpora tion 3 /31 /200 9 W ZE AME X USD U nited S ta tes 0 .55 2 6.3 5.6 (5 .1) -9 1.5% 4.9 x - 110
W orlds .com In c. 3 /31 /200 9 W DD D OT C B B USD U nited S ta tes 0 5 .2 0.0 (0 .8) NM - - 1
W ynds torm C orporatio n NA W YND OT C B B USD U nited S ta tes 0 .51 9 .2 NA NM NM - - NA
XIN G AG 3 /31 /200 9 O1B C XT R A EUR G ermany 34 25 1.6 53. 7 1 6.8 31 .2% 3.7 x 1 1.9 x 239
Y e dangOnline Co rp. 1 2/31 /200 7 A0 527 70 K OS E KR W S outh K orea 10 ,200 .00 12 9.8 55. 6 1 2.4 22 .4% 2.3 x 1 0.4 x NA
Y n k K orea Inc. 1 2/31 /200 7 A0 237 70 K OS E KR W S outh K orea 7, 700 1 5.3 15. 8 (1 .2) -7 .6% 0.9 x - NA
ZipLocal Inc. 3 /31 /200 9 T S XV : ZIP T S XV C AD C ana da 0 .01 0 .4 2.8 (2 .2) -7 8.3% 0.6 x - NA
H igh 19,9 07. 1 1 ,817 .2 57 7.1 65 .0% 40.1 x 3 7.5 x 6 ,194
Lo w 0 .0 0.0 -28.0 -9 8.9% 0.0 x 0.1x 1
A vera ge 577.0 152 .1 32.9 6 .0% 4.9x 10.0x 671
Median 5 0.9 54. 3 0 .6 14 .2% 2.0 x 9.6x 237

Figure 1. Web 2.0 Universe Summary

Source. Capital IQ
 Page 3

C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
Activit y peaks in May – the highest in last 12 months and YTD CY2009: The month of May closed with 20 financings
totalling $327.1 million led by the $200 million investment by Digital Sky Technologies in Facebook. The Facebook
transaction aside, four transactions (One Net Ent., Cyberplex, Peer39, and OpenX) were greater than or equal to $10
million. The average value in May is $15.6 million (and $6.4 million excluding the Facebook transaction), greater than the
average value for April of $6.2 million on 21 financings. The March average was $6.5 million on 24 financings. For the last
three months, except for four deals (Kaixin001.com, Collective Media, One Net Entertainment, and Facebook), all were
below $20 million and a total of six deals were greater than or equal to $15 million.

Financing Activity Last Three Months

350.0 18.0

16.0
300.0 15.6

14.0

250.0

12.0

200.0
10.0
(US$m)

(US$m)
8.0
150.0
6.5
6.2 6.4
6.0

100.0

4.0

50.0
2.0

0.0 0.0
Mar-09 Apr-09 May-09 May-09 (excl FB)

Total Average

Figure 2. Financings, Last Three Months

Source. Company reports

Facebook largest deal in April: Digital Sky Technologies announced a $200 million investment in Facebook last week,
the largest deal so far in the last 12 months. The Facebook transaction aside, 14 of the 20 deals in the month are equal to
or greater than $5 million. For additional details, see Figures 29 and 30 (at end of note). Also note that the spin-off of
StumbleUpon from E-bay on a $29 million valuation occurred in May. E-bay had bought StumbleUpon for $75 million.
 Page 4

Financing & M/A Summary - Last Three Months

250.0

200.0

150.0

May-09
(US$m)

Apr-09
Mar-09

100.0

50.0

0.0

Pixazza
Mixercast
Collective Media

Marin Software

Miva

EveryZing

AnySource Media

VoxPop

Myngle
Cyberplex
Buzznet

OpenX

OLX

Socialtext

TubeMogul
GOOM Radio
Vidyo

Greystripe

Viximo

IMShopping

Tribal Nova
I Love Rewards

Medialets

Topsy

Resonate Networks

Bit.ly

Mo'Minis

Brandtology
Kaixin001.com

SendMe Inc.

OMGPOP

DoubleTwist

Tynt
GoViral
LendingClub

Peer39
Auditude

Cellufun
Glam Media

Batanga

DocuSign

Apture

SoundCloud

Tripbase

Hunch

AdultSpace

Jodange

Foodista
Facebook

Visible Measures

Azuki Systems

Loop'd Network
33Across
Three Melons
The Rubicon Project

SuperSecret
Conductor Inc.

ScanScout

BlogHer Inc.
Gist
Fuhu Inc.

Sports Composite DE

Socialcast

Scan & Target

StumbleUpon

TimeBridge
One Net Entertainment

Simulmedia
Imeem
FreeWheel

Figure 3. Capital Market Activity, Last Three Months

Source. Company reports

Social Network remains the most active sector: Activity over the last three months was busiest in the Social Network
sector, with eight companies raising over $249.3 million (Figure 4). The Ad Network sector has the next highest totals,
with 12 companies raising $99.2 million. W e would note that the Facebook transaction at $200 million has skewed the
results significantly in favour of Social Networks. Nevertheless, the following sectors continue to generate the most capital
activity over the last few months: Ad Network, Media, Gaming, Video, and Social Networks.
 Page 5

Capital Market Activity by Sector - Last Three Months

300.0

250.0

200.0
(US$m)

150.0

249.3

100.0

50.0 99.2
63.4
50.6 49.5
30.2 21.3 14.4 12.0 12.0 10.4 8.9 7.5 7.0 6.8 5.9 5.5
0.0 5.0 4.7 4.1 3.1 2.0 2.0 2.0 1.3 1.3 0.6
Comment/Reputation

Social Commerce
Gaming

Visual Commerce

Travel

Wiki
Media

Mobile

Enterprise

Collaboration

Publishing

Microblog

Online Learning
Mobile Ad
Widget
Search

Lending

Infrastructure

Blog
Social Networks

SAS
Video

Virtual World

Aggregation

Crowdsourced
Ad Network

Analytics

Content
# companies

8 12 8 9 5 2 3 3 1 1 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Figure 4. Capital Market Activity, by Sector, Last Three Months

Source. Company reports

Average round size decreases: On a trailing 12-month basis, total financing dollars fell as of May 2009, with average
round sizes decreasing slightly (Figure 5).
 Page 6

LTM Financing

4,000.0 18.0

16.0
3,500.0

14.0
3,000.0

12.0
2,500.0

10.0
(US$m)

(US$m)
2,000.0
`
8.0

1,500.0
6.0

1,000.0
4.0

500.0
2.0

0.0 0.0
May-06

May-07

May-08

May-09
Nov-05

Mar-06

Nov-06

Mar-07

Nov-07

Mar-08

Nov-08

Mar-09
Jul-05

Sep-05

Jan-06

Jul-06

Sep-06

Jan-07

Jul-07

Sep-07

Jan-08

Jul-08

Sep-08

Jan-09
Total Average

Figure 5. Financings, Last 12 Months

Source. Company reports

Cumulative total nears $6.8 billion: Overall, on a cumulative basis, W eb 2.0 financings have totalled nearly $6.8 billion,
with the majority of the financing coming in late 2007 and the first three quarters of 2008 (Figure 6). Financing for the first
quarter of 2009 passed that raised in the fourth quarter of 2008 – reversing the downtrend since the second quarter last
year. However, for the period ended Q1/CY09, total capital raised was below the Q1/CY08 level (at $748.2 million). The
total capital raise in Q2-to-date was $477.1 million, buoyed by the $200 million Facebook transaction, and is well below
Q2/CY08 totals ($1.3 billion). It does not seem likely the Q2/CY09 will be better on a Y/Y basis.
 Page 7

Web 2.0 Financing (cumulative)

1,600.0 8,000.0

1,400.0 1,344.6 7,000.0

1,200.0 6,000.0

977.6
1,000.0 5,000.0
857.6
(US$m)

(US$m)
800.0 4,000.0

579.9 573.8
600.0 3,000.0
477.1

378.6
400.0 354.1 2,000.0

178.7174.8162.4
200.0 1,000.0
126.4145.6111.5
88.3
47.5 33.5 61.5
38.8 24.7 22.2 43.3
0.0 0.0
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2
2004 2005 2006 2007 2008 2009

Figure 6. Financing, Cumulative

Source. Company reports

U.S. remains dominant: U.S. companies continue to dominate capital market activity – with 70.0% of financings/M&A
involving U.S. companies (based on dollars) (Figure 7). Based on number of transactions, the U.S. leads with 73.6% of
deals, while Canada and UK each took 4.8% share of the total number of financings (Figure 8).

Fi nancin g/M &A by Country - LTM ($) Financing/M&A by Country - LTM (#)
China UK Canada
14.6% Israel
4.8% 4.8% 3.1%
Russia France
3.4% 3.1%
UK
2.3% Fr ance
1.9%

Canada ROW
1.7% 10.6%

Israe l
1 .6%

ROW
4.5 %

USA USA
70.0%
73.6%

Figures 7 & 8. Financing/M&A, by Country (LTM, $, #)

Source. Company reports
 Page 8

Larger volume of early-stage funding (by count): Almost half of financings in the last 12 months are for early-stage
companies (Angel/Seed or Series A) (Figure 9). Series B rounds are 29.3% of the total, with later-stage (Series D, E and
PIPE) deals accounting for just 7.5%.

Financing by Type - LTM

Series C
14.7%

Series B
29.3%

Series D
4.5%

Series E
1.1%

Angel/Seed
11.3%

Debt financing
Series A 3.0%
34.2% PIPE
1.9%

Figure 9 Financing, by Type (LTM, #)

Source. Company reports

Equity financings smaller over last 12 months: In the last 12 months, the average size of Series A, C, and D rounds
has all been lower than the overall average (Figure 10).
 Page 9

Average financing round size

40.0

36.0

35.0

32.0

30.0

26.3
25.1
25.0

21.6
(US$m)

20.0
18.3

15.0

11.4 11.4
10.8 10.8

10.0
7.9
6.5 6.9
5.4
5.0
3.3
2.6

0.0
Angel/Seed Debt financing PIPE Series A Series B Series C Series D Series E

LTM Average Size Overall Average

Figure 10. Average Size per Round

Source. Company reports
 Page 10

C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Price Performance: Our W eb 2.0 index (market-cap weighted) underperformed the NASDAQ composite index from mid-
2008 until recently when it has moved sharply higher than the NASDAQ index (Figure 11).

Web 2.0 Index Price Performance

103.63

93.63

83.63

73.63

63.63

53.63

43.63

Index: Web 2.0 X (Market Cap Weights) ^COMP - Share Pricing

Figure 11. Web 2.0 Price Performance

Source. Capital IQ

GameOn Co. Ltd. leads; eolith Co. Ltd. falls: Most of the companies in our universe had positive stock price
performances over the past week (for stocks with prices greater than $1) (Figure 12), with 29 companies showing positive
returns on the week. GameOn Co. Ltd (3812-TSE) led the group with a 28.2% return, while eolith Co. Ltd. (A041060-
KOSE) had the worst return, dropping 13.7% in the week.
 Page 11

1 Week P rice P erformance

G ameOn Co Ltd. 28.2%
Northgate Technologies Limited 27.2%
Changy ou.com Limited 23.3%
S ohu.com Inc. 22.1%
A ctoz S of t Co., Ltd. 20.9%
A Q Interactiv e, Inc. 19.4%
CDC Corp. 18.9%
S K Communications Co., Ltd. 17.6%
Perfect World Co., Ltd. 16.6%
Open Tex t Corp. 13.2%
V alueClick Inc. 12.4%
Gamania Digital Entertainment Co., 11.0%
S handa Interactive Entertainment Ltd. 9.6%
Tencent Holdings Ltd. 9.4%
Neteas e.com Inc. 9.3%
IA C/InterA ctiveCorp. 7.1%
Quepas a Corp. 6.3%
G ree, Inc. 6.2%
United Online Inc. 6.1%
S hutterf ly , Inc. 5.9%
Modern Times G roup Mtg A B 5.4%
G igaMedia Ltd. 4.0%
Openw ave S y s tems Inc. 3.6%
XING A G 3.3%
The9 Limited 3.3%
TheS treet.com, Inc. 3.2%
Ngi G roup Inc. 2.1%
LookS mart, Ltd. 1.6%
DA DA S pA 0.3%
Lingo Media Corporation 0.0%
Chines e Gamer International -0.4%
NEOWIZ Games Corporation -0.5%
NetDragon WebS of t, Inc. -0.6%
Webz en Inc. -0.7%
Mix i, Inc. -2.6%
Y nk K orea Inc. -2.7%
Giant Interactive G roup, Inc. -4.1%
HanbitS of t, Inc. -4.2%
Y edangOnline Corp. -5.6%
Frogs ter Interactiv e Pictures A G -6.3%
K ings of t Co. Ltd. -6.6%
G ravity Co., Ltd -6.8%
PhotoChannel Netw orks Inc. -9.9%
Cy berplex Inc. -10.3%
Tree.Com, Inc. -12.0%
B ey ond Commerc e, Inc. -12.2%
Eolith Co. Ltd. -13.7%
-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

Figure 12. 1-Week Price Performance

Source. Capital IQ
 Page 12

INDUSTRY NEWS (PARTNERSHIPS, FINANCIAL RESULTS, NEW PRODUCTS)

K ey Developments
C ompany Headline Notes
G eoS entric Oyj (HL S E : G E O1V ) G eoS entric Oyj R eports U naudited G roup E a rnings G eoS entric Oyj reported unaudited group ea rnings results for the firs t qua rter ended M arch 31, 2009. F or the qua rter, the company reported
R es ults for the F irst Quarter E nded M arch 31, 2009 loss of E UR 3, 794,000, comprehensi ve income of E UR 3, 790,000 , loss before tax es of E UR 3 ,920, 000 and opera ting los s of E U R 3,827, 000
on net s ales of E U R 939, 000 compared to los s of E U R 2,590, 000, comprehens iv e inc ome of E U R 2,59 0,000, los s before taxes of E UR
2,717, 000 and opera ting los s of E U R 2,710, 000 on net s ales of E U R 1,085, 000 for the s ame period a y ea r a go. C ash fl ow us ed in
opera tions , net of E U R 2, 816,000 compared to ca s h flow us ed in opera tions , net of E UR 1, 185,000 for the s ame period a y ea r a go.

K ing s oft Co . Ltd. (S E HK: 3888)
K ings oft C o. Ltd. announces a n E quity B uybac k
K ingsoft C o. Ltd. (S E HK : 3888) was gra nted s hareholders a pproval to repurc ha se shares in the Annual G enera l Meeting held on May 25,
2009. Under the progra m, the compa ny intends to repurc ha s e up to 108,345, 183 shares , repres enting 10% of the iss ued sha re ca pital of the
company. The Direc tors believe tha t it is in the interes ts of the C ompany a nd the S hareholders to hav e a general authority from the
S hareholders to ena ble the Direc tors to repurchas e S hares on the S toc k E xc ha nge. S uc h repurcha s es may, depending on mark et conditions
a nd funding a rrangements at the time, lea d to a n enha nc ement of the net as sets of the C ompany and/or its ea rnings per S ha re and will only
be made when the Directors beli eve tha t s uc h purchases will benefit the C ompany a nd the S hareholders. T he program is valid until the
earliest of the conclus ion of the ne xt annual general meeting of the C ompany or the ex piration of the period within which the C ompany i s
required by the C ompa nies La w or the Articles to hold its next annual genera l meeting unles s the R epurchas e M a ndate is renewed by
ordinary resolution pas s ed at tha t meeting or the R epurc ha se M anda te being revoked or va ried by an ordina ry res oluti on of the S ha reho lders in genera

G ian t Interactive G ro up, Inc . Upda te to G iant Intera ctive G roup Inc ’s E quity B uy back As of Marc h 31, 2009, G iant I ntera cti ve G roup I nc had re purc ha s ed a n aggrega te of 16, 517,985 AD S 's for a total considera tion of $106.9
(NYS E : G A) on M arch 31, 2009 million. Till Dec ember 31, 2008 G ia nt I nterac ti ve G roup, Inc . has repurc ha sed 14, 947,200 sha res for a total cost of $97.7 mill ion.

K ing s oft Co . Ltd. (S E HK: 3888)
K ings oft C o. Ltd. , Annual G eneral Meeting, Ma y 25, 2009 K ingsoft C o. Ltd. , Annual G eneral M eeting, Ma y 25, 2009, a t 15:00 C C T -C hina C oa st, U S S R Zone 7. L oc ation: Zhuha i K ings oft S oftwa re C o.
L td. , K ings oft T ower, # 8 Lia ns ha n Alley , J ingshan R oa d, Jida, Z huha i, P R C, 519015, G ua ngdong P rovince, C hina . Agenda: To rec eive and
cons ider the audited cons olida ted financia l s tatements , the report of the di re ctors and the independent auditors ' report for the year ended
December 31, 2008; to dec lare a fina l di vidend; to re-elec t direc tors a nd a uthorize the board of directors to fix the directors ' remunera tion; to
re-appoint auditors a nd to a uthorize the board of directors to fix the a uditors' remunera tion a nd to c onsider; a nd to fit other res olution.

K ing s oft Co . Ltd. (S E HK: 3888); PICC P IC C P roperty and C a sualty T ea ms U p with K ings oft Co. P IC C P roperty and C a sualty C o. L td. ha s tea med up with K ingsoft Co. Ltd. to offer a subs c ri ption-bas ed, interne t security i nsura nc e
P roperty and C as u alty C o. L td. L td. to Offer S ubscription-B as ed, I nternet S ecurity pack a ge. F or J P Y 18 (HK D 20.48) a month, subs cribers are gua ra nteed indemnity of up to JP Y 5, 000 if their personal computers are
(S E HK : 2328) Ins urance P a ckage infected by a virus or a tta cked by a hac k er a fter usin g K ings oft's Internet S ec urity , C omputer I ns urance V ersi on s oftwa re.

T he9 L imited (Nas daqG S :NC TY)
IB 3 Networks , Inc. (OT CB B: IB NW );
iB eam S o lu tions L LC
T he9 to S tart O pen B eta Tes t for Atla ntica on J une 3
iB 3 N etwork s Inc. C ompletes N etwork Des ign a nd
T ra ns fer P rojec t fo r the O hio R es ta urant Ass oc iation
T he9 Limi ted gained a lic ense for the operation of Atla ntica in M ainla nd China and is to kick off its open beta tes t on J une 3, 2009. Atla ntica
is a 3D turn-bas ed ma s sively multipla y er online role-playing game (M MOR P G ) developed by S outh K orea n online game developer N doors .
T he game, which hit the S outh K orea n ma rk et in Ja nuary 2008, ha s lured ov er 100 mil lion pla y ers so fa r. It will be a n importa nt ga me of
T he9 in the firs t half of 2009.
iB 3 N etworks I nc. and its wholly owned subs idiary iB ea m S olutions L LC a nnounc ed that it has recently completed a projec t for the Ohio
R es ta urant A ss ociation (O.R .A. ) worth more than $30, 000. T he Ohio R es taura nt Ass ocia tion hired iB ea m to repla ce their a ging network wi th
a new s tate of the a rt network compris ed of Dell servers, Microsoft W indows S erver platform, E xchange 2007 a s well as a number of other
new fea tures. T he project a ls o involved the migra tion of s ubs tantia l a mounts of data a nd e-ma il from the old network to the new network .

G ian t Interactive G ro up, Inc .
(NYS E : G A)
G ia nt I nterac tiv e G roup, Inc . R eports U na udited
Cons olida ted F ina ncia l R es ults for the F irst Qu arter
E nded M a rch 31, 2009; P ro vides E arnings G uida nce for
the S ec ond Quarter of 2009
G ia nt Interac tiv e G roup, I nc . reported una udited c onsolidated financia l res ults for the first qua rter e nded M arch 31, 2009. F or the first qua rter
2009, the company reported tha t net inc ome was R M B 231. 9 million (US D 33.9 million), a dec reas e of 31. 5% from R MB 338. 7 million a y ea r
a go. Net income dec lined yea r-over-y ea r due to the dis ruptions caus ed by the adjustments to ZT O nline's monetiza tion s tructure during the
third quarter 2008. I ncome from operations for the period was R M B 231. 93 million compa red to R B M 320. 97 million for the s a me period a
yea r ago. Inc ome before inc ome ta x expens es wa s R MB 257. 76 million compa red to R B M 378. 51 million for the s ame period a y ear ago.
Diluted ea rnings per s hare for the period was R M B 0. 99 c ompared to R B M 1. 33 for the same perio d a yea r a go. Net revenue for the firs t
quarter 2009 was R M B 373. 5 million (U S D 54.7 million), representing a 20. 8% decrea s e from R MB 471.6 million in the first qua rter 2008.

B a sed on the current es timates, the company expec ts to genera te total net rev enue for the s econd qua rter 2009 in the ra nge of R MB 343
million to R MB 373 million.

S hutterfly, Inc . (Nas daqG S : S FL Y)
S hutterfly Inc . Na mes N eil Da y a s S enior V ic e P res ident
& C hief T echnology Officer
S hutterfly I nc . a nnounced the appointment of Neil Day as S enior V i ce P resident a nd C hief Technology Offic er. Mr. Da y will be respons ible for
S hutterfly 's technology s tra tegy and ex ecution and will lead the c ompany 's web engineering, products , servic es a nd e-commerc e
engineering, Internet opera tions, q ua lity as sura nc e and progra m management teams . M r. Day will report to S hutterfly 's P resident and C E O,
J effrey H ousen bold. Mr. D a y brings more tha n 25 ye ars of experience in s oftwa re development, sy stems architec ture and technol ogy
opera tions to S hutterfly . Mos t recently , Mr. Day s erved a s S enior V ice P res ident and C TO a t S ears H oldings a nd was res pons ible for
a rchitecture, technology s trategy a nd softwa re development with a n emphasis on e-commerc e a pplic ations.

Open T ext C orp. (Nas daqG S : OT E X)
Ontario G overnment S el ects Open T ext C orp. a s
E xclusiv e S ingle V endor of R ecord for E nterprise
Informa tion Ma na gement
Open T ext C orp. announced tha t the Mini stry of G overnment S ervices , repres enting the G overnment of O nta rio, has established a 10-yea r
contract for E CM s olution s. U nder the terms of the c ontra ct, O pen T ext's solutions will prov ide the founda tion for the government's enterprise
informa ti on ma na gement stra tegy acros s all pro vinc ial government minis tries, a gencies a nd crown corporations . T he s olutions will include
records and document management s oftware, workflow ma na gement, c ollaboration softwa re, W eb content ma na gement a nd document
ima ging s olutions . O pen Text's s olutions will als o help the On tario G overnment incorpora te the latest s ocial media software des igned for
enterpris es. The solutions wil l us e applica tions such a s wik is, blogs, forums and c ommunities to improv e worker productivity and
collaboration, a nd provide innova tive wa y s for government agencies to enga ge constituents a nd interes t groups .

IAC /InterAc tiveC orp. (Nas daqG S : IAC I)
U OMO Media, Inc (OTC BB : U OMO)
IAC /InterActiveC orp. N ames K a ra N ortma n S enior V ic e
P resi dent of P ublis hing a t C ity s earch
UO M O M edia P a rtners W ith D igita l S tra tegy &
Communications T eam
IAC /I nterA ctiveC orp. a nnounc ed that K a ra N ortman ha s been appointed S enior V ice P res ident of P ublis hing at C ity s earch. S he previous ly
served a s V ice P resident of Mergers & Ac quisitions for I AC, overs eeing a number of I AC 's rec ent moves i n the loca l spa ce including the
a cquis ition s of Ins iderP ages a nd Urbans poon, as well as IAC 's inves tment in MerchantC irc le, where she currently holds a board s ea t. In her
new role, Nortman will be respons ible for overs eeing the publisher side of the C ity search busines s, which focus es on developing the
cons umer experienc e acros s C ity sea rch's collection of loca l webs ites , inc luding C ity search. com and its newly launc hed l ookbook blogs :
MopS hots, L uc k yT oes, 3 B uc k B ites, S uga rB omber and V eggieThing, a s well a s New Y ork food blog, T he F eedbag. S he will als o b e
respons ible for building out mobile applica tions and new content for C ity search and its pa rtner s ites including Ins iderP ages .com,
Urbans poon, MerchantC irc le, My S pa ce Loca l a nd more.
UO M O M edia I nc. a nnounced a joint venture with an Atla nta-based digital s trategy a nd c ommuni ca tions tea m to form B a ss line. T his joint
venture mark s the la unch of U OMO Media 's new D igita l Media division, crea ti ng unique opportunities to levera ge and enha nc e the
a pprecia ble a ss ets of UO MO's s uccess ful ta lent ma na gement, publis hing, recorded music divis ions, and film/v ideo s ubsidiary . T he newly
formed company will be dev eloping full-s cale digital s trategies for U O MO clients , interna l and externa l, inclu ding R IA development, cus tom
mobile a pps , search engine optimi zation, and s oc ia l network integratio n. A full online pres ence for U OMO's B a s sline bra nd is in
development.
 Page 13

G ian t Interactive G ro up, Inc .
(NYS E : G A)
L o okS mart, Ltd. (Nas daqG M: LOOK )
L iveWorld Inc . (OT CPK :L VWD )
G ia nt I nterac tiv e G roup I nc. to O pen B eta T es t of the
L argest E xpa ns ion P ac k of Z T O nline in J uly 2009
J onatha n E wert to L ea ve Look S ma rt, L td. as S enior V ice
P resi dent, C orporate Dev elopment, E ffective J une 1,
2009
L iveW orld Inc. Announces V ers ion 2. 1 of Fla gs hip
Community C enter S ocia l N etwork P latform
G ia nt Interac tiv e G roup Inc . will launc h an open beta tes t of the ex pa nsion pac k of ZT O nline in Jul y 2009. S hi s a ys that pla y ers ha ve
become a ccustomed to the new bi lling s ys tem and a dded fun ctions of Z T O nline, G iant I ntera ctive's ga me, in a cc orda nce with the
company's firs t-quarter fisc al report. I n the firs t and second quarters, G iant Intera ctive is dedic ated to the development of new game
products. S hi believ es that further a djus tments of the M MO R P G will help lengthen the ga me's lifecy cl e.
O n M ay 21, 2009, L ook S ma rt, L td. and J ona tha n E wert, S enior V ic e P res ident, C orporate D evelop ment, determined tha t Mr. E wert would
separate from the compa ny effectiv e J une 1, 20 09.
L iveW orld Inc. announced v ersion 2.1 of its Community Center pla tform with doz ens of new fe a tures , user interfa ce upda tes and greater out-
of-the-box flex ibility for clients to change des ign, lay out, fea tures , c ontent i ntegration a nd applica tion extensions . B uilt on years of code
development and the 48th tec hnology releas e of LiveW orld's ac cla imed social network ing pla tform, this new version is immedia tely a va ila ble.
L iveW orld firs t introduced its integrated full soc ial network onl ine c ommunity platform in 2003 with MI N I Cooper a s th e first client. S ince then
dozens of ma jor bra nds have s elected the LiveW orld C ommu nity C enter a s their priva te label s ocial network ing s olution. V ersi on 2. 1 brings
a n array of new a nd powerful fea tures for bra nds and their cus tomers .

Openwave S ys tems Inc . O penwa ve S howcas es L atest S olutions at Arabcom O penwa ve S y stems Inc. announced tha t the compa ny will showca s e its la test mobile internet and mess aging software a pplic ations a nd
(Nas daqG S : OPW V) S ummit 2 009 infras tructure a t Ara bc om S ummit 2009 in B eirut, Leba non. Live produc t demonstra tions for O penwa ve's solutions inc lude, Integra - control
the mobi le internet experience with a single, flexible platform. O penW eb - adapt a nd optimis e broa dband content for the mobile s creen.
Accelerato r - reduce the volume of inte rnet back haul reques ts a nd da ta over the cellular network . P a ss port - offer time-based ac ces s plans
a nd releva nt content a t the po int of interes t. R ic h M a il - transform y our webmail offering into a pers onalis ed, fea ture-ric h hub for all ty pes of
mes s aging a nd content. S mart C all a nd V oic e S MS - giv e s ubs cribers the power to communicate when and how they wa nt.

IB 3 Networks , Inc. (OT CB B: IB NW ); IB 3 N etwork s I nc. a nd iB ea m S olutions LL C S igns T hree IB 3 Network s I nc. and its wholly owned s ubsidiary iB eam S olutions L LC a nnounc ed that it rec ently finalized a three year serv ice c ontra ct with
iB eam S o lu tions L LC Y ear S ervice Agreement with O tB O uts ide the B ox T elec ommunica tions a nd T echnologi es, LL C (O tB ) of Columbus , O hio. iB eam S ol utions will be hos ting a full s erv er rac k at
its da ta center to s upport operations for O utside the B ox T elecommunications a nd T ec hnologies .

T heS treet.c om, Inc . (Nas daqG M: T S CM) T heS treet.com, Inc., Annua l G eneral Meeting, M a y 28,
L ing o Media C orporation (TS XV: L M)
P erfec t World C o. , Ltd.
(Nas daqG S : PW R D)
T heS treet. com, I nc., Annua l G eneral Meeting, Ma y 28, 2009, at 10:00 E as tern Da y light. Loca tion: H ughes Hubba rd & R eed L LP , O ne
2009 B a ttery P a rk P laz a, New Y ork , N Y 10004, U nited S tates . Agenda: T o elect three C la s s I direc tors for three-yea r terms ex piring a t the
company's a nnua l meeting of s tockholders in 2012; to ra tify the appointment of K P MG L LP as the compa ny 's independent registered public
a cc ounting firm for the y ear ending Dec ember 31, 2009; and to c ons ider s uch other matters a s ma y properly c ome before the a nnua l
meeting or a ny adjournment or postponement thereof.
L ingo M edia C orporation Announces E a rnings R esul ts for L ingo M edia C orporation announced ea rnings res ults for the first qua rter ended M arch 31, 2009. F or the qua rter, the c ompany's revenue
the F irst Q ua rter E nded M a rch 31, 2009 from continuing operations wa s CAD 55, 320. L os s from continuing operations for the qua rter wa s C AD 455, 135 or CAD 0. 04 per s ha re
compared to a los s from operation s of C AD 394 ,019 or C AD 0.04 per sha re for the quarter ended Ma rc h 31, 2008. Net los s for the quarter
wa s C AD 104,026 or C AD 0. 01 per s ha re compared to a net los s of C AD 45 3,552 or C AD 0.05 per sha re for the quarter ended Ma rc h 31,
2008.
Upda te to P erfect W orld Co. , Ltd. 's E quity B uyback on O n J une 1, 2009, P erfect W orld Co. , Ltd. announced tha t it ha s entere d into an a greement to repurchas e a tota l of 1, 203,812 s hare s of its
J une 1, 2009 Cla s s A ordinary sha res and 11, 296,188 sha res of its C la s s B ordinary s hares for $52. 4 million from S B Asia Inves tment F und I I, L . P .

Figure 13. Key Developments

Source. Capital IQ

VALUATION
MMOG companies lead market-cap charts: Eleven companies in our W eb 2.0 universe top US$1 billion in market
capitalization (Figure 14). Fifty-nine of the 93 companies have market caps under US$100 million, with 24 under US$10
million. Online gaming companies dominate the top of the list.
 Page 14

Market C ap (US D m)
Tencent Holdings L td.
Neteas e. com Inc.
S handa Interactive Enterta inment L td.
S ohu. com Inc. 2535.0
IA C/InterA ctiv eCorp. 2500.7
Modern Times G roup Mtg A B 2068. 2
Changy ou. com L imited 1967. 4
Open Tex t Corp. 1877. 1
G ia nt Interactiv e G roup, Inc. 1786.7
Gree, Inc. 1300. 4
Perf ec t World Co., L td. 1189. 7
Chines e G amer International 980.3
V alueClick Inc. 980.1
K ings oft Co. L td. 731.25
Mix i, Inc. 728.
NEOWIZ G ames Corpora tion 602. 0
United Online Inc. 581. 7
S K Communic ations Co., L td. 400.2
S hutterf ly , Inc. 380. 9
NetDragon WebS of t, Inc. 369.6
GigaMedia Ltd. 334.4
GungHo Online Entertainment, Inc. 293.8
G amania Digital Entertainment Co., L td. 275. 6
X ING A G 251. 6
The9 L imited 248. 6
OA O R B C Inf orma tion S y s tems 187. 3
A ctoz S of t Co., Ltd. 182. 2
CDC Corp. 180. 4
Openw a ve S y s tems Inc. 154. 5
DA DA S pA 136.7
Y edangOnline Corp. 129.8
G ameOn Co L td. 124. 0
Tree.Com, Inc. 115. 8
My riad G roup A G 114. 5
HanbitS of t, Inc. 94. 0
J umpTV Inc. 83. 7
Moggle, Inc 83. 5
K aboos e Inc. 78. 5
Cy berplex Inc. 77.4
G eoS entric Oy j 63. 7
TheS treet.c om, Inc. 60. 0
DigitalTow n, Inc. 54. 2
Webz en Inc. 53. 4
PhotoChannel Netw orks Inc. 48. 5
S pa rk Netw orks , Inc. 47. 1
A Q Interactive, Inc. 45. 0
B ey ond Commerce, Inc. 44. 8
Ngi G roup Inc. 44. 3
Eolith Co. L td. 42.8
NeXplore Corpora tion 39.0
Fluid Mus ic Ca nada, Inc. 36.2
Northgate Tec hnologies L imited 35.0
G ra vity Co. , Ltd 30.6
S oc ialw is e, Inc. 30. 3
S ites earch Corpora tion 28. 2
Dolphin Digital Media, Inc. 27. 4
Wiz z ard S oftw are Corpora tion 26. 3
DXN Holdings B hd 26. 2
B roadWebA s ia Inc. 25. 3
Frogs ter Interactiv e Pictures A G 24. 8
LookS mart, L td. 22. 2
S pectrumDNA , Inc. 18. 0
J umbuc k Entertainment Pty L td. 18. 0
IA S Energy , Inc. 16. 1
Y nk K orea Inc. 15. 3
Ex tens ions , Inc. 14. 2
UOMO Media, Inc 13. 7
Quepas a Corp. 13. 0
Lingo Media Corpora tion 12. 4
A cc eleriz e New Media, Inc. 9. 7
Wy nds torm Corpora tion 9. 2
S NA P Interactive, Inc. 8. 5
Magnitude Inf orma tion S y s tems Inc. 6. 8
CornerWorld Corpora tion 5. 8
Worlds . com Inc. 5. 2
B right Things plc 4. 8
MOK O.mobi L imited 4. 6
is eemedia Inc. 3. 8
V OIS , Inc. 2. 9
L iveWorld Inc. 2. 6
B eta w ave Corpora tion 2. 3
Unis erve Communica tions Corp. 1. 2
DigitalPos t Interactive, Inc. 1. 1
B igs tring Corp. 1. 0
ZipLoca l Inc. 0. 4
The Pa rent Company 0. 4
Financ ial Media G roup, Inc. 0. 2
Tota l S port Online A S 0. 1
A s s oc iated Media Holdings Inc. 0. 1
China G atew ay Corpora tion 0. 0
S NM G lobal Holdings 0. 0
Dibz International, Inc. 0. 0
S ocial Media V enures , Inc. 0. 0
0 500 1, 000 1, 500 2, 000 2,500 3, 000 3, 500 4,000

Figure 14. Market Cap Ranking

Source. Capital IQ

TEV/Revenue (LTM) averages 4.9x: The overall average TEV/Revenue (LTM) multiple for our group is 4.9x (down from
5.4x last week) (Figure 15). However, this is skewed by Gree (3633-TSE) at 40.1x and Dolphin Digital (OTCBB:DPDM) at
36.7x. The median is only 2.2x. Note that we exclude multiples greater than 50x. Twenty-eight companies have multiples
under 1.5x
 Page 15

T E V/L T M R ev enue (x)

45. 0
40. 1
40. 0
36. 7

35. 0
30. 7
30. 0

25. 0 22. 1

20. 0 17.18.
6 0
16. 0
15. 0
11. 6
9. 9
10. 0 8. 08. 1
7. 0
A vera ge, 4. 9 5. 5
4. 64. 74. 74. 94. 95. 25. 2
5. 0 2. 72. 93. 03. 03. 13. 53. 73. 84. 3
2. 02. 12. 22. 32. 32. 42. 5
90. 91. 01. 11. 11. 11. 41. 41. 41. 51. 51. 51. 6
0. 00. 00. 10. 10. 20. 20. 20. 30. 30. 40. 40. 50. 50. 50. 60. 80. 80. 90.
0. 0

NE OWIZ G ames Corporation

G amania Digital E ntertainment

MOK O.mobi Limited

UOMO Media, Inc

J umbuck E ntertainment Pty Ltd.

C hines e G amer International

Unis erve C ommunications C orp.

G ungHo Online E ntertainment,

OAO R BC Information S ys tems

Northgate T echnologies Limited

DXN Holdings Bhd

Changyou.com Limited
T he Parent Company

T ree.Com, Inc.
CDC C orp.

G ameOn Co Ltd.

S K Communications Co., Ltd.

DigitalPos t Interactive, Inc.

F luid Mus ic C anada, Inc.

Beyond C ommerce, Inc.

Dolphin Digital Media, Inc.

Modern T imes G roup Mtg AB
S NM G lobal Holdings

G eoS entric Oyj

C ornerWorld C orporation

Lingo Media C orporation

United Online Inc.

S NAP Interactive, Inc.

PhotoChannel Networks Inc.

Open T ext Corp.

J umpT V Inc.
China G ateway Corporation

XING AG

F rogs ter Interactive Pictures AG

AQ Interactive, Inc.

IAC/InterActiveCorp.

S park Networks , Inc.

Cyberplex Inc.

G igaMedia Ltd.

is eemedia Inc.

ValueClick Inc.

NetDragon WebS oft, Inc.

E olith C o. Ltd.

S ohu.com Inc.

Mixi, Inc.

As s ociated Media Holdings Inc.

T encent Holdings Ltd.

G ree, Inc.
S handa Interactive

Myriad G roup AG

Bright T hings plc

Perfect World Co., Ltd.
LiveWorld Inc.

Openwave S ys tems Inc.

ZipLocal Inc.

Ynk Korea Inc.

Kaboos e Inc.

HanbitS oft, Inc.

YedangOnline C orp.

Bigs tring C orp.

T otal S port Online AS
DADA S pA

S hutterfly, Inc.

Acceleriz e New Media, Inc.

Kings oft Co. Ltd.

Wiz z ard S oftware Corporation
Actoz S oft C o., Ltd.

Figure 15. TEV/Revenue Ranking

Source. Capital IQ

TEV/Revenue (LTM) by country/exchange: W e have also calculated multiples based on where the companies are listed
or domiciled. Figure 16 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
number of companies (20), trading at an average multiple of 13.9x (down from 18.7x last week). On a geographic basis,
the United States has the most companies (40), trading at an average of 5.2x revenue (slightly down from 5.9x last week)
(Figure 17). Eleven of the companies are Canadian (average 4.8x revenue).

Average TEV/LTM Revenue - By Exchange Average TEV/LTM Revenue - By Country

20.0 17.6 20.0
18.0 17.6
18.0
16.0 16.0
13.9
14.0
11.5 14.0
12.0
12.0
(x)

10.0 9.9 9.9

(x)

8.0 9.0 8.6 10.0 9.7

6.0 8.0 6.4 5.6
4.6 4.0 3.23.1 5.2 4.8 4.6
4.0 3.0 2.9 2.3 6.0
2.0 1.9 1.9 1.6 1.5 4.0
2.0 0.8 0.5 4.0 3.1 2.0 1.9 1.5
0.0 0.5 0.3 0.0 2.0 0.8 0.5
OTCNO

OTCPK
OTCBB

GTSM

NasdaqGM
TSE
HLSE

SEHK

OSE
KOSE

NasdaqGS

RTS
OM
CM
XTRA

TSX
AMEX

KLSE

BSE

0.5 0.3 0.0

AIM

TSXV
SWX

ASX

0.0
Germany
United
Finland

Japan

China

United
Canada

Malaysia

Hong Kong
India

Russia
Italy
South
Taiwan

Australia
Norway

Switzerland

Sweden

# Companies 1 20 5 1 2 3 1 2 5 1 4 2 1 7 2 14 10 1 1 1 5 1 1
# Companies 1 1 6 3 10 40 11 1 2 1 9 2 1 1 1 1 1 1

Figures 16 & 17. TEV/Revenue Ranking (Exchange, Country)

Source. Capital IQ

TEV/EBITDA (LTM) averages 10.0x: The average multiple for the 34 companies with positive EBITDA (and multiples
under 100x) is 10.0x LTM EBITDA (up from 9.3x last week), led by Tencent Holdings Ltd.’s (700-SEHK) 37.5x multiple
(Figure 18). Thirteen of the companies have EBITDA multiples under 7x. The median multiple is 9.4x (vs. 8.8x last week).
 Page 16

T E V/L T M E B IT DA (x)

40. 0 37. 5

35. 0 33. 0

30. 0 28. 5

25. 0

20. 0

13. 8 14. 4
15. 0 12. 9 13. 1 13. 2
11. 8 11. 9
A v erage, 10. 0 10. 8 11. 0 11. 1
9. 3 9. 5 9. 5 9. 8 10. 4
10. 0 7. 5 7. 7 8. 3
6. 3 6. 8
4. 9 4. 9 5. 6
3. 5 3. 9 4. 0
5. 0 2. 4 3. 0
0. 1 0. 3 0. 8
0. 0

NE OWIZ G ames C orporation

J umbuck E ntertainment Pty Ltd.

G amania Digital E ntertainment Co., Ltd.

G ungHo Online E ntertainment, Inc.

Chines e G amer International

DXN Holdings Bhd

C hangyou.com Limited
OAO R BC Information S ys tems

Modern T imes G roup Mtg AB

G ameOn C o Ltd.

C DC Corp.

S K C ommunications C o., Ltd.

S handa Interactive E ntertainment Ltd.

United Online Inc.

S NAP Interactive, Inc.

Open T ext C orp.

XING AG
AQ Interactive, Inc.

S park Networks , Inc.

G igaMedia Ltd.

NetDragon WebS oft, Inc.

ValueC lick Inc.

C yberplex Inc.

S ohu.com Inc.

Mixi, Inc.

IAC /InterActiveCorp.

T encent Holdings Ltd.

Perfect World Co., Ltd.

Kaboos e Inc.

YedangOnline Corp.
DADA S pA

S hutterfly, Inc.

Kings oft Co. Ltd.

Actoz S oft Co., Ltd.

Figure 18. TEV/EBITDA Ranking

Source. Capital IQ

TEV/EBITDA (LTM) by country/exchange: Figure 19 shows the average TEV/EBITDA multiples by stock exchange. The
OTCBB has the largest number of companies (20), trading at an average multiple of 7.7x. On a geographic basis, the
United States has the most companies (40), trading at an average of 8.4x EBITDA (Figure 20). Eleven of the companies
are Canadian (average 9.5x EBITDA).

Average TEV/LTM EBITDA - By Exchange Average TEV/LTM EBITDA - By Country

25.0 18.0
20.2
16.0 15.4
20.0 14.0 15.3
19.1 12.0
15.0
15.4 10.0 11.9 11.7
(x)

13.1
(x)

11.9 9.5 9.5

10.0 8.0 8.4 8.4
9.5 9.4 7.8 6.3
7.7 6.8 6.0
4.9 4.9
5.0 4.0 3.9 2.4 4.0 3.9
0.3
0.0 0.0 2.0
0.0 2.4 0.3
0.0 0.0
OTCBB
GTSM

NasdaqGM
SEHK

KOSE

OSE

NasdaqGS

TSE

RTS
OM

CM
XTRA

TSX

AMEX

KLSE

SWX
ASX

Germany

China

Canada
United

Japan

Hong Kong

Malaysia

Russia
Italy
South
Korea

States

Australia
Taiwan

Sweden

Switzerland

# Companies 2 3 7 1 2 1 4 14 20 5 1 2 1 2 1 1 5
# Companies 9 3 2 10 1 11 40 6 1 1 1 2 1 1

Figures 19 & 20. TEV/EBITDA Ranking (Exchange, Country)

Source. Capital IQ

P/E (LTM) averages 16.7x: The average multiple for the 30 companies with positive earnings (and multiples under 100x)
is 16.7x LTM EPS (from 15.3x last week), led by Tencent Holdings Ltd.’s (700-SEHK) 47.8x multiple (Figure 21). Ten of
the companies have P/E multiples under 10x. The median is just 13.5x.
 Page 17

P /E L T M (x)

60. 0

50. 0 47. 8

40. 0 37. 2
35. 4 36. 6
34. 1

28. 8 29. 3
30. 0 27. 1
23. 6
21. 3
20. 0 A vera ge, 16. 7 16. 5
14. 2 14. 4 14. 6
12. 8 13. 1 13. 2 13. 5 13. 6
10. 7
7. 6 8. 8
10. 0 5. 9 7. 2
3. 5 4. 3
1. 9 1. 9 2. 7
0. 0 0. 7
0. 0

NEOWIZ Games Corporation

J umbuck Entertainment Pty Ltd.

Gamania Digital E ntertainment Co., Ltd.

Chines e Gamer International

DXN Holdings Bhd

Changyou.com Limited
#NUM!

Modern T imes Group Mtg AB

Giant Interactive Group, Inc.

GameOn Co Ltd.
The9 Limited

Neteas e.com Inc.

Shanda Interactive E ntertainment Ltd.

Ngi Group Inc.

SNAP Interactive, Inc.

Open Text Corp.

XING AG
Cyberplex Inc.

GigaMedia Ltd.

NetDragon WebSoft, Inc.

S ohu.com Inc.

Spark Networks , Inc.

IAC/InterActiveCorp.

Worlds .com Inc.

Mixi, Inc.

Tencent Holdings Ltd.

Perfect World Co., Ltd.

YedangOnline Corp.
DADA SpA

Kings oft Co. Ltd.

Actoz Soft Co., Ltd.

Figure 21. P/E Ranking
Source. Capital IQ

P/E (LTM) by country/exchange: Figure 22 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (20), trading at an average multiple of 23.6x. On a geographic basis, the United States has
the most companies (40), trading at an average of 20.7x earnings (Figure 23). Eleven of the companies are Canadian
(average 19.0x EPS).

Average P/E - By Exchange Average P/E - By Country

35.0 33.0 30.0
25.6
30.0 25.0
25.0 25.4 23.6
25.9 25.4 20.0 21.3
23.6 23.6 20.7
20.0 21.3 19.0
(x)

15.0
(x)

15.0 14.4
10.0 11.6
10.9 8.8 7.6
10.0 7.6 7.2 7.2
5.9 5.9
4.3 5.0 4.3
5.0
1.9
0.0 0.0 0.0 0.0
Germany

Japan

United

Canada

China

Malaysia
Italy
South
Korea
OTCBB
GTSM

States
Taiwan

Australia
SEHK

KOSE

TSE

NasdaqGS

CM

OM

Sweden

Switzerland
XTRA

AMEX

TSX

KLSE

NYSE

SWX
ASX

# Companies 2 3 7 20 2 5 2 14 4 1 2 1 1 1 1 # Companies 3 9 2 6 40 11 10 1 2 1 1 1

Figures 22 & 23. P/E Ranking (Exchange, Country)

Source. Capital IQ
 Page 18

UPCOMING EVENTS
E arnings Calendar
C ompany D ate & T ime Qu arter Conf Call D etails
S handa I nterac tiv e E ntertainment L td. (N asdaqG S :S N DA) T uesday , J une 02, 2009 9:00 P M (E D T) Q 1 2009 1-800-299-0433
L ions G ate E ntertainment Corp. (NY S E : L G F ) T uesday , J une 02, 2009 9:00 AM (E D T) Q 4 2009 800-230-1059
G i gaMedia L td. (N asdaqG S :G I G M) T uesday , J une 09, 2009 8:00 AM (E D T) Q 1 2009 NA

Figure 24. Earnings Calendar

Source. Company reports
 Page 19

C omparable C ompany Analys is > W eb 2 .0

P ric e P erformanc e
C ompa ny Na me C ur rency T ic ker E x change U S D Ma rket C ap ($m) C urrent Pric e 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 We ek

Acce le riz e N ew Me dia, Inc. US D A CL Z OT C B B 9 .7 0.3 5 -32. 7% -20. 5% 12 .9% -1 2.5 % -53 .3% -53. 3%
Actoz S of t C o., L td. KR W A 052 790 KO SE 18 2.2 2 6,30 0.0 0 20.9 % 8 5.9 % 16 4.3% 14 4.7% 2 18. 4% 0.0 %
AQ Inte ractive , Inc. JPY 3 838 TSE 4 5.0 8 0,00 0.0 0 19.4 % 7 0.4 % 15 8.9% 15 3.2% -53 .8% -59. 8%
As s ocia ted Media H oldings Inc. US D A S MH OT C P K 0 .1 0.0 0 0.0 % 7.1% -7 0.0% -5 0.0 % NM -97. 0%
B igstring Corp. US D B S GC OT C B B 1 .0 0.0 2 -17. 4% -5.0 % 12 .4% -5.0% -85 .4% -90. 5%
B e tawave Corpora tion US D B W AV OT C B B 2 .3 0.0 8 -11. 1% -27. 3% -4 2.9% -6 0.0 % -73 .3% -81. 0%
B e yond Commerce, Inc. US D B Y OC OT C B B 4 4.8 1.0 1 -12. 2% -29. 4% 62 .9% -1 2.2 % -63 .3% -69. 4%
B right T hings plc GBP A IM:B G T AI M 4 .8 0.0 2 0.0 % -33. 3% 0 .0% 74 .4% -34 .8% -44. 4%
B roa dW ebAs ia Inc. US D B W BA OT C P K 2 5.3 0.3 0 -33. 8% -33. 8% -7 0.5% -7 7.9 % -86 .8% -89. 7%
C DC C orp. US D C H IN .A N as da qG S 18 0.4 1.7 0 18.9 % 4 1.7 % 12 6.7% 10 2.4% -45 .7% -51. 3%
C ha ngyou. com Limite d US D C Y OU N as da qG S 1,9 67. 4 3 5.7 7 23.3 % 1 1.3 % NM NM NM -5.1 %
C hina G ate wa y C orpora tion US D CGWY OT C P K 0 .0 0.0 0 1 00. 0% 1 00.0 % 0 .0% -8 6.7 % -96 .7% -95. 6%
C hine s e G amer International TWD G TS M:3 083 GT S M 98 0.3 37 6.5 0 -0.4 % 6 7.7 % 18 3.1% 35 0.4% 2 28. 8% -3.0 %
C ornerW orld C orporation US D CWR L OT C B B 5 .8 0.0 9 0.0 % -10. 0% -4 0.0% -8 0.0 % -83 .3% -88. 6%
C yberplex Inc. C AD T S X:CX TSX 7 7.4 1.5 7 -10. 3% 5.4% 34 8.6% 42 3.3% 96.3 % -6.5 %
D ADA S pA E UR C M :DA CM 13 6.7 5.9 5 0.3 % -10. 7% 23 .7% -1 3.7 % -54 .3% -60. 8%
D XN Holdings B hd MY R DXN KL SE 2 6.2 0.4 0 -3.7 % 2 3.4 % 27 .4% 12 .9% -10 .2% -16. 8%
D ibz Inte rnational, Inc. US D DIB Z OT C P K 0 .0 0.0 0 -90. 0% -90. 0% -9 0.0% -9 8.0 % -98 .0% -98. 0%
D igitalP ost Inte ra ctive , Inc. US D DG L P OT C B B 1 .1 0.0 2 -18. 9% -11. 8% 15 0.0% -2 5.0 % -91 .4% -93. 2%
D igitalT own, Inc. US D DG T W OT C B B 5 4.2 2.0 0 53.8 % -14. 9% -2 7.3% 0 .0% -42 .0% -67. 2%
D olphin Digital Me dia, Inc. US D DP DM OT C B B 2 7.4 0.5 3 -22. 1% -10. 2% 17 .8% -3 3.8 % NM -53. 1%
E olith C o. L td. KR W A 041 060 KO SE 4 2.8 72 5.0 0 -13. 7% -18. 1% 39 .4% 34 .3% -22 .5% -37. 5%
E xte ns ions , Inc. US D E XT I OT C P K 1 4.2 0.1 5 -25. 0% -25. 0% 18 5.7% 50 .0% 0.0 % -85. 1%
F inancia l Media G roup, Inc. US D F NGP OT C B B 0 .2 0.0 0 -6.3 % -33. 3% -9 0.0% -9 7.7 % -99 .5% -99. 7%
F luid M us ic Ca nada, Inc. C AD T S X:F MN TSX 3 6.2 0.7 5 0.0 % 8 2.9 % 50 .0% 97 .4% NM -63. 2%
F rogs te r Interactive P icture s AG E UR FR G XT R A 2 4.8 7.4 5 -6.3 % -17. 7% 10 2.4% 86 .7% 57.5 % -24. 7%
G a ma nia Digital E ntertainment C o., L td. TWD 6 180 GT S M 27 5.6 5 8.6 0 11.0 % 6 9.6 % 14 4.7% 34 5.6% 67.4 % -6.5 %
G a me On C o L td. JPY 3 812 TSE 12 4.0 12 4,00 0.0 0 28.2 % 2 8.4 % 36 .3% -1 7.3 % -7. 5% -24. 2%
G e oS e ntric O yj E UR G E O1V H LS E 6 3.7 0.0 5 0.0 % 2 5.0 % 66 .7% 25 .0% -16 .7% -28. 6%
G iant Intera ctive G roup, Inc. US D GA NYS E 1,7 86. 7 7.9 2 -4.1 % -5.0 % 23 .9% 32 .0% -40 .5% -46. 1%
G iga Media Ltd. US D G IG M N as da qG S 33 4.4 6.1 9 4.0 % 6.9% 26 .6% 35 .4% -63 .2% -65. 4%
G ravity C o., L td US D G RV Y N as da qG M 3 0.6 1.1 0 -6.8 % 1 2.2 % 61 .8% 77 .4% -17 .3% -44. 7%
G ree, Inc. JPY T S E :36 32 TSE 1,3 00. 4 5,63 0.0 0 6.2 % 2.0% 32 .2% NM NM -10. 6%
G ungH o O nline E ntertainment, Inc. JPY 3 765 OS E 29 3.8 24 8,00 0.0 0 60.0 % 8 1.3 % 11 2.0% 13 6.2% -22 .3% -26. 6%
H anbitS oft, Inc. KR W A 047 080 KO SE 9 4.0 5,29 0.0 0 -4.2 % 1 7.9 % 82 .4% 74 .0% 18.6 % -20. 3%
IAC /InterActiveC orp. US D I ACI N as da qG S 2,5 00. 7 1 6.5 7 7.1 % 3.4% 14 .0% 10 .9% -61 .0% -67. 2%
IAS E nergy, Inc. US D I AS C .A OT C B B 1 6.1 0.2 3 -11. 5% -8.0 % 41 1.1% 66 6.7% 7.0 % -34. 3%
is ee media Inc. C AD IEE T S XV 3 .8 0.0 8 -11. 1% -20. 0% -1 5.8% 33 .3% -61 .0% -77. 1%
J umbuck E ntertainment P ty Ltd. AU D A S X:J M B AS X 1 8.0 0.4 5 9.8 % -3.2 % 0 .0% 2 .3% -28 .6% -31. 3%
J umpT V Inc. C AD T S X:J T V TSX 8 3.7 0.8 0 0.0 % 4 8.1 % 12 2.2% 12 8.6% 1.3 % -37. 5%
K a boos e Inc. C AD T S X:K AB TSX 7 8.5 0.6 1 0.0 % 3.4% 52 .5% 11 7.9% -33 .0% -39. 0%
K ings oft Co. Ltd. HKD 3 888 S E HK 73 1.5 5.2 5 -6.6 % 4 8.7 % 11 9.7% 12 9.3% 43.4 % -12. 1%
Lingo Media Corporation C AD T S XV :LM T S XV 1 2.4 1.0 5 0.0 % 1 9.3 % 16 .7% 4 .0% -44 .1% -46. 7%
Live World Inc. US D L VW D OT C P K 2 .6 0.0 9 21.4 % -34. 6% 11 2.5% 18 3.3% -75 .0% -75. 0%
LookS mart, Ltd. US D L OOK N as da qG M 2 2.2 1.3 0 1.6 % 2.4% 19 .3% -1 1.0 % -70 .2% -72. 3%
M agnitude Information S ys tems Inc. US D M AG Y OT C B B 6 .8 0.0 2 50.0 % 5 0.0 % -1 6.7% -1 1.8 % -16 .7% -50. 0%
M ixi, Inc. JPY 2 121 TSE 72 8.2 45 8,00 0.0 0 -2.6 % 1.1% 28 .7% -2 8.8 % -43 .1% -50. 3%
M ode rn Times G roup Mtg AB SE K MT G B OM 2,0 68. 2 23 2.5 0 5.4 % 5.4% 96 .2% 69 .7% -43 .5% -45. 2%
M oggle , Inc US D M MOG OT C B B 8 3.5 2.3 0 15.0 % 1 5.0 % 53 .3% NM NM 0.0 %
M OK O.mobi L imited AU D MKB AS X 4 .6 0.0 7 10.0 % -10. 8% 46 .7% 65 .0% 32.0 % -34. 0%
M yriad G roup AG C HF MYR N SWX 11 4.5 5.7 5 -4.2 % 2 5.0 % 32 .2% -1 8.1 % -42 .5% -43. 9%
N E OW IZ G ames C orpora tion KR W A 095 660 KO SE 60 2.0 7 7,10 0.0 0 -0.5 % 2 8.3 % 14 6.7% 35 7.6% 1 30. 5% -8.1 %
N etDragon W ebS oft, Inc. HKD 7 77 S E HK 36 9.6 5.4 2 -0.6 % 3.6% 91 .5% 58 .5% -46 .8% -53. 3%
N ete as e.com I nc. US D NT E S N as da qG S 4,4 06. 5 3 5.8 1 9.3 % 1 9.5 % 71 .4% 87 .9% 52.7 % 2.4 %
N eXplore Corpora tion US D N XP C OT C P K 3 9.0 0.7 0 0.0 % 5 5.6 % 7 .7% -4 6.2 % NM -51. 7%
N gi G roup Inc. JPY 2 497 TSE 4 4.3 3 4,70 0.0 0 2.1 % -5.7 % 75 .9% -3 0.6 % -74 .5% -77. 0%
N orthgate Te chnologies L imited IN R 5 900 57 BS E 3 5.0 4 7.0 5 27.2 % 1 8.2 % 42 .1% -7.9% -87 .5% -88. 8%
Open T e xt Corp. US D O TE X N as da qG S 1,8 77. 1 3 5.6 7 13.2 % 8.4% 17 .0% 33 .2% 0.7 % -8.7 %
Openwave S ys tems Inc. US D O PW V N as da qG S 15 4.5 1.8 6 3.6 % 5 4.6 % 12 6.2% 27 1.0% 2.5 % -10. 0%
P e rfect W orld C o., Ltd. US D P W RD N as da qG S 1,1 89. 7 2 2.5 5 16.6 % 2 4.5 % 12 8.2% 21 .1% -6. 2% -19. 7%
P hotoChannel N etwork s Inc. C AD T S XV :P N T S XV 4 8.5 1.5 4 -9.9 % 2.7% -4 .3% 30 .5% -62 .4% -62. 7%
Quepa s a C orp. US D Q PSA N as da qC M 1 3.0 1.0 2 6.3 % 2 7.5 % -1 2.8% -5 2.6 % -60 .6% -70. 5%
OA O R B C Information S ys tems US D R BC I R TS 18 7.3 1.3 5 8.0 % 3 7.1 % 35 0.0% 62 .7% -85 .0% -85. 2%
S handa Interactive E ntertainme nt L td. US D S NDA N as da qG S 4,1 78. 9 6 0.2 3 9.6 % 2 0.0 % 93 .4% 14 0.9% 94.4 % 3.8 %
S hutte rf ly, Inc. US D S F LY N as da qG S 38 0.9 1 5.1 3 5.9 % 2 2.6 % 99 .9% 11 5.2% 1.8 % 0.3 %
S K C ommunications Co., Ltd. KR W A 066 270 KO SE 40 0.2 1 2,00 0.0 0 17.6 % 2 3.5 % 10 0.0% 18 4.4% -33 .9% -39. 1%
S N AP Inte ra ctive , Inc. US D S T VI OT C B B 8 .5 0.7 9 29.5 % 9 7.5 % -1 6.8% 6 .9% 14.5 % -26. 9%
S N M G lobal H oldings US D S NM N OT C P K 0 .0 0.0 0 20.0 % -25. 0% 20 0.0% -9 1.4 % -99 .9% -99. 9%
S ocia l Media V e nures , Inc. US D S MVI OT C P K 0 .0 0.0 1 -93. 3% -99. 2% -9 9.2% -9 9.7 % NM -99. 8%
S ocia lwis e, Inc. US D S CL W OT C B B 3 0.3 0.7 0 -5.4 % 9 4.4 % 59 .1% -5 3.3 % -40 .7% -75. 3%
S ohu. com Inc. US D S OH U N as da qG S 2,5 35. 0 6 6.2 5 22.1 % 1 6.7 % 54 .6% 48 .1% -20 .4% -27. 6%
S ite s earch C orporation US D S TPC OT C B B 2 8.2 3.5 0 -30. 0% NM NM NM NM -30. 0%
S park N etworks , Inc. US D L OV AM E X 4 7.1 2.2 9 1.8 % -0.4 % -1 0.2% -2 1.0 % -47 .1% -48. 7%
S pectrumDN A, Inc. US D S P XA OT C B B 1 8.0 0.3 7 -7.5 % 8 5.0 % 28 9.5% 76 .2% NM -38. 3%
T encent Holdings L td. HKD 7 00 S E HK 19, 907 .1 8 5.6 0 9.4 % 2 4.1 % 93 .7% 90 .2% 25.1 % -2.1 %
T he P arent C ompany US D K IDS .Q OT C P K 0 .4 0.0 2 50.0 % 2 0.0 % -6 .3% -9 8.1 % -99 .3% -99. 5%
T he 9 L imited US D NC TY N as da qG S 24 8.6 9.2 7 3.3 % -0.9 % -9 .6% -1 5.0 % -64 .0% -67. 5%
T he S treet.com, Inc. US D T S CM N as da qG M 6 0.0 1.9 6 3.2 % -3.9 % 15 .3% -3 7.4 % -74 .6% -75. 0%
T otal S port Online A S N OK T OS O OT C N O 0 .1 0.0 3 0.0 % 0.0% -2 5.0% -4 0.0 % -70 .0% -70. 0%
T ree.C om, Inc. US D TR EE N as da qG M 11 5.8 1 0.7 3 -12. 0% 1 9.9 % 16 3.6% 48 9.6% NM -17. 9%
U nis erve C ommunications Corp. C AD T S XV :U S S T S XV 1 .2 0.0 6 10.0 % 3 7.5 % 10 .0% 37 .5% -82 .3% -84. 3%
U nited Online Inc. US D UNTD N as da qG S 58 1.7 6.9 6 6.1 % 3 2.3 % 66 .9% 12 .4% -40 .8% -44. 3%
U OMO Media , Inc US D U OMO OT C B B 1 3.7 0.1 6 -51. 5% 6 0.0 % 12 8.6% 14 .3% -74 .8% -84. 9%
V a lueC lick Inc. US D V CL K N as da qG S 98 0.1 1 1.2 7 12.4 % 7.5% 10 0.5% 77 .2% -39 .4% -44. 2%
V O IS , Inc. US D V OIS OT C B B 2 .9 0.3 5 -61. 1% 1 6.7 % -5 3.3% -5 3.3 % NM -93. 8%
W ebze n Inc. US D W ZE N N as da qG M 5 3.4 4.5 0 -0.7 % 6 3.6 % 38 9.1% 49 2.1% 22.3 % -3.8 %
W iz za rd S of twa re Corpora tion US D W ZE AM E X 2 6.3 0.5 5 -3.5 % -3.5 % 7 .8% -4 5.0 % -72 .5% -74. 8%
W orlds .com Inc. US D W DDD OT C B B 5 .2 0.1 0 -33. 3% -41. 2% -1 6.7% -5 4.5 % -71 .4% -75. 0%
W ynds torm C orporation US D W YND OT C B B 9 .2 0.5 1 1 600 .0% 2 00.0 % 32 5.0% 32 5.0% -15 .0% -40. 0%
XIN G AG E UR O 1B C XT R A 25 1.6 3 3.6 5 3.3 % 1 2.2 % 18 .1% 40 .2% -11 .6% -17. 7%
Y e dangOnline Corp. KR W A 052 770 KO SE 12 9.8 1 0,20 0.0 0 -5.6 % 1 5.8 % 50 .4% 72 .9% -16 .7% -18. 7%
Y nk K orea Inc. KR W A 023 770 KO SE 1 5.3 7,70 0.0 0 -2.7 % 2 7.7 % 12 4.5% 55 .1% -46 .0% -48. 3%
ZipLocal Inc. C AD T S XV :ZIP T S XV 0 .4 0.0 1 0.0 % 0.0% 0 .0% -5 0.0 % -96 .4% -96. 9%
H igh 1 600 .0% 2 00.0 % 41 1.1% 66 6.7% 2 28. 8% 3.8 %
Low -93. 3% -99. 2% -9 9.2% -9 9.7 % -99 .9% -99. 9%
A vera ge 577.0 18.1% 16.1% 67.1% 59.9% -27.2% -49.4%
M edian 0.0 % 1 1.7 % 46 .7% 30 .5% -42 .0% -48. 3%

Figure 25. Price Performance

Source. Capital IQ
 Page 20

C omparable C ompany A nalys is > W eb 2.0

V aluatio n Multiples
P rimary US D Market TE V/LT M TE V/ N TM TE V/LT M TE V/NTM
C om pany Nam e S ec to r Co untry E xc hange Tic ker Cap ($m) R evenue R evenue E BITDA E BITDA P /LT M E P S P /NT M E P S P /TangBV
Acce le rize N ew Me dia, Inc. D irect Marketing U nite d S tates OT C B B AC LZ 9. 7 3.5 x - - - - - -
Actoz S of t C o., L td. G aming S outh K ore a K OS E A 052 790 1 82. 2 1.6 x - 7.5 x - 27 .1x - 3 .1x
AQ Inte ractive , Inc. G aming J a pan TSE 3 838 45. 0 0.2 x - 3.0 x - - - 0 .7x
As s ocia ted Media Holdings Inc. Mobile U nite d S tates OT C P K AS MH 0. 1 8.1 x - - - - - -
B igstring Corp. Ins ta nt Mes s aging U nite d S tates OT C B B BS G C 1. 0 30.7 x - - - - - -
B e tawave Corpora tion Me dia U nite d S tates OT C B B B WA V 2. 3 - - - - - - 0 .3x
B e yond Commerce, Inc. S ocia l Ne tworking U nite d S tates OT C B B BYO C 44. 8 7.0 x - - - - - -
B right T hings plc S ocia l Ne tworking U nite d K ingdom AIM AIM:B G T 4. 8 17.6 x - - - - - -
B roa dW ebAs ia Inc. S ocia l Ne tworking U nite d S tates OT C P K B WB A 25. 3 - - - - - - -
C D C C orp. G aming H ong K ong N as da qG S C HIN .A 1 80. 4 0.5 x 0.5x 6.3 x 6.8x - 1 2.3 x -
C ha ngyou. com Limite d G aming C hina N as da qG S CY OU 1,9 67. 4 8.0 x 6.0x 13.2 x - 13 .5x - 1 2.2x
C hina G ate wa y C orpora tion Mobile U nite d S tates OT C P K CG W Y 0. 0 0.0 x - - - - - -
C hine s e G amer International G aming T a iwan GTS M G T S M:308 3 9 80. 3 16.0 x - 28.5 x - 37 .2x - 1 4.0x
C ornerW orld C orporation C ontent U nite d S tates OT C B B CWR L 5. 8 5.5 x - - - - - -
C yberplex Inc. Advertis ing C anada TSX T S X:C X 77. 4 1.0 x 0.7x 9.5 x 6.3x 8. 8x 9.4x 8 .7x
D AD A S pA S ocia l Ne tworking Italy CM CM:DA 1 36. 7 0.8 x - 4.9 x - 7. 6x - -
D XN Holdings B hd S ocia l Ne tworking Malays ia KL SE D XN 26. 2 0.5 x - 3.9 x - 4. 3x - 0 .5x
D ibz Inte rnational, Inc. S NS A pps U nite d S tates OT C P K D IB Z 0. 0 - - - - - - -
D igitalP ost Inte ra ctive , Inc. C ontent U nite d S tates OT C B B DGL P 1. 1 3.8 x - - - - - -
D igitalT own, Inc. S ocia l Ne tworking U nite d S tates OT C B B D G TW 54. 2 - - - - - - -
D olphin D igital Me dia, Inc. S ocia l Ne tworking U nite d S tates OT C B B DP DM 27. 4 36.7 x - - - - - -
E olith C o. L td. G aming S outh K ore a K OS E A 041 060 42. 8 3.0 x - - - - - 4 .0x
E xte ns ions , Inc. C ontent U nite d S tates OT C P K E XT I 14. 2 - - - - - - -
F inancia l Media G roup, Inc. D irect Marketing U nite d S tates OT C B B F NGP 0. 2 - - - - - - -
F luid Mus ic Ca nada, Inc. Me dia U nite d S tates TSX T S X:F MN 36. 2 5.2 x 4.3x - - - - 3 .5x
F rogs te r Interactive P icture s AG G aming G ermany XT R A F RG 24. 8 4.3 x - - - - - 2 .2x
G a ma nia D igital E ntertainment C o., L td. G aming T a iwan GTS M 6 180 2 75. 6 2.0 x - 11.8 x - 28 .8x - 3 .5x
G a me On C o L td. G aming J a pan TSE 3 812 1 24. 0 0.8 x - 3.5 x - 14 .6x - 1 .7x
G e oS e ntric O yj Mobile F inland H LS E G E O1V 63. 7 9.9 x - - - - - 1 0.7x
G iant Intera ctive G roup, Inc. G aming C hina NYS E GA 1,7 86. 7 - - - - 1. 9x 1 3.1 x 0 .3x
G iga Media Ltd. G aming T a iwan N as da qG S G IG M 3 34. 4 1.4 x 1.4x 5.6 x 6.2x 10 .7x 1 0.9 x 3 .0x
G ravity C o., L td G aming S outh K ore a N as da qG M GR VY 30. 6 - - - - - - -
G ree, Inc. S ocia l Ne tworking J a pan TSE T S E :3 632 1,3 00. 4 40.1 x - - - - - 1 6.3x
G ungH o O nline E ntertainment, Inc. Me dia J a pan OS E 3 765 2 93. 8 2.3 x - 13.1 x - - - -
H anbitS of t, Inc. G aming S outh K ore a K OS E A 047 080 94. 0 1.4 x - - - - - 2 .8x
IAC /InterActiveC orp. Me dia U nite d S tates N as da qG S IAC I 2,5 00. 7 0.4 x 0.5x 14.4 x 4.0x 21 .3x 3 3.4 x 1 .1x
IAS E nergy, Inc. V ide o C anada OT C B B IA S C .A 16. 1 - - - - - - -
is ee media Inc. C ontent C anada T S XV IE E 3. 8 1.4 x - - - - - 1 .9x
J umbuck E ntertainment P ty Ltd. S ocia l Ne tworking A us tralia AS X AS X:J MB 18. 0 0.9 x - 2.4 x - 7. 2x - 1 .8x
J umpT V Inc. V ide o C anada TSX T S X:J T V 83. 7 4.7 x - - - - - 4 .1x
K a boos e Inc. C ontent C anada TSX TS X:K AB 78. 5 1.1 x 1.1x 9.3 x 5.7x - - -
K ings oft Co. Ltd. G aming C hina S E HK 3 888 7 31. 5 5.2 x - 12.9 x - 16 .5x - 4 .0x
Lingo Media Corporation Le arning C anada T S XV TS XV :LM 12. 4 11.6 x - - - - - 9 .3x
Live World Inc. S ocia l Ne tworking U nite d S tates OT C P K LV W D 2. 6 0.1 x - - - - - 1 .1x
LookS mart, Ltd. D irect Marketing U nite d S tates N as da qG M L OOK 22. 2 - - - - - - 0 .8x
Magnitude Information S ys tems Inc. S ocia l Ne tworking U nite d S tates OT C B B MAG Y 6. 8 - - - - - - -
Mixi, Inc. S ocia l Ne tworking J a pan TSE 2 121 7 28. 2 4.9 x - 13.8 x - 36 .6x - 5 .4x
Mode rn Times G roup Mtg AB Me dia S we den OM MT G B 2,0 68. 2 1.5 x 1.4x 9.5 x 1 1.4 x 5. 9x 1 3.4 x -
Moggle , Inc G aming U nite d S tates OT C B B MMO G 83. 5 - - - - - - -
MOK O.mobi L imited S ocia l Ne tworking A us tralia AS X MK B 4. 6 3.0 x - - - - - 3 .4x
Myriad G roup AG Mobile S witz erland SWX MY R N 1 14. 5 3.1 x - - - - - 5 .1x
N E OW IZ G ames C orpora tion G aming S outh K ore a K OS E A 095 660 6 02. 0 2.9 x - 11.0 x - 35 .4x - 1 7.9x
N etD ragon W ebS oft, Inc. G aming C hina S E HK 777 3 69. 6 2.7 x - 6.8 x - 13 .2x - 2 .0x
N ete as e.com I nc. G aming C hina N as da qG S NT E S 4,4 06. 5 - - - - 2. 7x 1 6.2 x 0 .8x
N eXplore Corpora tion C ontent U nite d S tates OT C P K N XP C 39. 0 - - - - - - -
N gi G roup Inc. Me dia J a pan TSE 2 497 44. 3 - - - - 12 .8x - 0 .7x
N orthgate Te chnologies L imited D irect Marketing India BS E 59 005 7 35. 0 0.3 x - - - - - -
Open T e xt Corp. C ollaboration C anada N as da qG S O TE X 1,8 77. 1 2.5 x 2.3x 9.8 x 8.5x 29 .3x - -
Openwave S ys tems Inc. Mobile U nite d S tates N as da qG S OP W V 1 54. 5 0.3 x 0.3x - 2.9x - 2 9.9 x 2 .2x
P e rf ect W orld C o., Ltd. G aming C hina N as da qG S PW R D 1,1 89. 7 0.1 x 0.4x 0.1 x 0.8x 1. 9x 1 0.2 x 0 .7x
P hotoChannel N etwork s Inc. D igital Imaging C anada T S XV T S XV :P N 48. 5 2.4 x 1.7x - 4.8x - 1 0.4 x 1 9.3x
Quepa s a C orp. S ocia l Ne tworking U nite d S tates N as da qC M QP S A 13. 0 - - - - - - -
OA O R B C Information S ys tems Me dia R us s ia R TS R B CI 1 87. 3 0.0 x - 0.3 x - - - -
S handa Interactive E ntertainme nt L td. G aming C hina N as da qG S S NDA 4,1 78. 9 0.4 x 2.0x 0.8 x 4.5x 3. 5x 1 9.1 x 1 .6x
S hutte rf ly, Inc. D igital Imaging U nite d S tates N as da qG S S FL Y 3 80. 9 1.5 x - 11.1 x 8.5x - - 2 .3x
S K C ommunications Co., Ltd. S e arch S outh K ore a K OS E A 066 270 4 00. 2 2.1 x - 33.0 x - - - -
S N AP Inte ra ctive , Inc. D ating U nite d S tates OT C B B S TVI 8. 5 2.2 x - 7.7 x - 13 .1x - 5 .1x
S N M G lobal H oldings Me dia U nite d S tates OT C P K S N MN 0. 0 1.1 x - - - - - -
S ocia l Media V e nures , Inc. S ocia l Ne tworking U nite d S tates OT C P K S MV I 0. 0 0.0 x - - - - - -
S ocia lwis e, Inc. S ocia l Ne tworking U nite d S tates OT C B B S CL W 30. 3 - - - - - - 3 9.5x
S ohu. com Inc. G aming C hina N as da qG S S OH U 2,5 35. 0 4.7 x 4.1x 10.8 x 9.4x 14 .2x 1 8.3 x 6 .8x
S ite s earch C orporation S ocia l Ne tworking U nite d S tates OT C B B STPC 28. 2 - - - - - - 4 0.1x
S park N etworks , Inc. S ocia l Ne tworking U nite d S tates AME X L OV 47. 1 0.9 x - 4.0 x - 14 .4x - -
S pectrumDN A, Inc. Me dia U nite d S tates OT C B B S P XA 18. 0 - - - - - - 4 7.1x
T encent Holdings L td. P orta l C hina S E HK 700 19,9 07. 1 18.0 x - 37.5 x - 47 .8x - 2 0.0x
T he P arent C ompany Me dia U nite d S tates OT C P K K ID S .Q 0. 4 0.2 x - - - - - -
T he 9 L imited G aming C hina N as da qG S NC T Y 2 48. 6 - - - - 0. 7x 1 0.1 x 0 .1x
T he S treet.com, Inc. Me dia U nite d S tates N as da qG M TSCM 60. 0 - - - - - - 0 .8x
T otal S port Online A S Me dia N orway OT C NO T OS O 0. 1 4.6 x - - - - - -
T ree.C om, Inc. P orta l U nite d S tates N as da qG M TR E E 1 15. 8 0.5 x 0.4x - 5.6x - - 1 .5x
U nis erve C ommunications Corp. S ocia l Ne tworking C anada T S XV T S XV :U S S 1. 2 0.2 x - - - - - -
U nited Online Inc. Me dia U nite d S tates N as da qG S U N TD 5 81. 7 1.1 x 0.9x 4.9 x 3.5x - 9.7x -
U OMO Media , Inc Me dia C anada OT C B B U OMO 13. 7 22.1 x - - - - - -
V a lueC lick Inc. Me dia U nite d S tates N as da qG S VC LK 9 80. 1 1.5 x 1.6x 8.3 x 6.4x - 1 7.9 x 8 .0x
V O IS , Inc. S ocia l Ne tworking U nite d S tates OT C B B VOIS 2. 9 - - - - - - 1 0.1x
W ebze n Inc. G aming S outh K ore a N as da qG M W ZE N 53. 4 - - - - - - 0 .0x
W iz za rd S of twa re Corpora tion P odcas ting U nite d S tates AME X W ZE 26. 3 4.9 x - - - - - -
W orlds .com Inc. C ontent U nite d S tates OT C B B W DD D 5. 2 - - - - 34 .1x - -
W ynds torm C orporation C ontent U nite d S tates OT C B B W YND 9. 2 - - - - - - -
XIN G AG S ocia l Ne tworking G ermany XT R A O 1B C 2 51. 6 3.7 x - 11.9 x - 23 .6x - 7 .9x
Y e dangOnline Corp. G aming S outh K ore a K OS E A 052 770 1 29. 8 2.3 x - 10.4 x - 13 .6x - 6 .3x
Y nk K orea Inc. G aming S outh K ore a K OS E A 023 770 15. 3 0.9 x - - - - - 1 .7x
ZipLocal Inc. D irectory C anada T S XV T S XV :ZIP 0. 4 0.6 x - - - - - -
H igh 19,9 07. 1 40.1 x 6.0x 37.5 x 1 1.4 x 47 .8x 3 3.4 x 4 7.1x
Low 0. 0 0.0 x 0.3x 0.1 x 0.8x 0. 7x 9.4x 0 .0x
A vera ge 577. 0 4.9x 1.7x 10.0x 6.0x 16.7x 15.6x 7.1x
Median 44. 8 2.2 x 1.4x 9.4 x 6.0x 13 .5x 1 3.1 x 3 .2x

Figure 26. Valuation Comparison

Source. Capital IQ
 Page 21

C omparable C ompany A nalys is > W eb 2.0

Su mmary b y C ountry

C om pany Nam e U S D Market Cap ($m) Avg US D Mar ket C ap ($m) U S D LT M T otal R ev ($m) U S D LT M Total E B IT DA ($m) E B IT DA %

U nited S tates 40 C hina 37, 321.1 China 3,732. 1 U nited S ta tes 3, 795. 5 C hina 1,754. 2 C hina 47. 9%
C anada 11 U nited S tates 5, 339.5 S weden 2,068. 2 C hina 3, 794. 1 S weden 278. 4 Aus tral ia 37. 2%
C hina 10 J a pan 2, 535.7 Ta iwa n 530. 1 S weden 1, 817. 2 U nited S ta tes 244. 8 T aiwa n 32. 3%
S outh K orea 9 C anada 2, 212.7 Japan 422. 6 C a na da 996. 3 C a na da 197. 5 J a pa n 25. 3%
J a pa n 6 S weden 2, 068.2 Ca na da 201. 2 S outh K orea 686. 7 J apan 130. 2 I ta ly 16. 0%
T a iwa n 3 T a iwa n 1, 590.4 R us sia 187. 3 J a pa n 511. 5 T a iwan 99. 4 S weden 15. 3%
A ustra lia 2 S outh K orea 1, 550.3 Hong K ong 180. 4 H ong K ong 389. 9 S outh K orea 86. 3 M a la ys ia 13. 7%
G ermany 2 G erma ny 276.4 S outh K orea 172. 3 T aiwan 375. 8 I taly 38. 4 R uss ia 13. 1%
S witz erla nd 1 R uss ia 187.3 G erma ny 138. 2 I ta ly 240. 4 H ong K ong 30. 8 H ong K ong 7.9%
H ong K ong 1 H ong K ong 180.4 Ita ly 136. 7 R uss ia 154. 7 R uss ia 20. 2 S outh K orea 4.1%
F inla nd 1 I ta ly 136.7 United S tates 133. 5 I ndia 119. 4 G erma ny 13. 3 S witz erla nd 1.9%
I ta ly 1 S witz erla nd 114.5 S witzerland 114. 5 M a la ys ia 79. 7 M alays ia 10. 9 U nited S ta tes -9. 9%
U nited K ingdom 1 F inland 63.7 Finland 63. 7 G ermany 59. 4 Aus tralia 3. 0 G ermany -14.7%
I ndia 1 I ndia 35.0 India 35. 0 S witz erla nd 40. 0 S witz erland 0. 8 C anada -21.1%
S weden 1 M alays ia 26.2 Malay sia 26. 2 Aus tra l ia 15. 6 N orway -1. 1 I ndia -23.5%
R us sia 1 Aus tra lia 22.6 Australia 11. 3 F inla nd 6. 0 U nited K ingdom -1. 9 N orway -50.6%
M a la ys ia 1 U nited K ingdom 4.8 United K ingdom 4. 8 N orwa y 2. 2 F inland -15. 5 F inla nd #DI V /0!
N orway 1 N orway 0.1 Norway 0. 1 U nited K ingdom 0. 3 I ndia -28. 0 U nited K ingdom #DI V /0!

G rand To tal 93 G rand T otal 53,665.6 G rand Total 577.0 G rand T otal 13,084.8 G r and T otal 2,861.7 G rand T otal 6.0%

Figure 27. Comparison by Country

Source. Capital IQ

C omparable C ompany A nalys is > W eb 2.0

Su mmary b y Ex c hange

C om pany Nam e U S D Market Cap ($m) Avg US D Mar ket C ap ($m) U S D LT M T otal R ev ($m) U S D LT M Total E B IT DA ($m) E B IT DA %

OT C B B 20 N asdaqG S 21, 515.8 S E HK 7,002. 8 OM 1, 817. 2 N a sdaqG S 1,718. 4 S EHK 42. 6%

N as da qG S 14 SE HK 21, 008.3 OM 2,068. 2 N a sda qG S 481. 4 S E HK 663. 6 AS X 37. 2%
OT C P K 10 TSE 2, 241.9 NY S E 1,786. 7 S E HK 473. 5 OM 278. 4 GT SM 36. 3%
K OS E 7 OM 2, 068.2 Na s daqG S 1,536. 8 CM 240. 4 TSE 109. 4 N asdaqG S 29. 7%
TSE 5 NYS E 1, 786.7 G TS M 628. 0 NYS E 219. 1 K OS E 79. 1 TSE 26. 8%
N as da qG M 5 K OS E 1, 466.4 TS E 448. 4 R TS 154. 7 GT S M 53. 4 OS E 17. 8%
T S XV 5 GTS M 1, 255.9 OS E 293. 8 BSE 119. 4 CM 38. 4 CM 16. 0%
TSX 4 OT CB B 369.2 K OS E 209. 5 OS E 116. 3 OS E 20. 7 OM 15. 3%
S E HK 3 OS E 293.8 RT S 187. 3 GT S M 92. 7 R TS 20. 2 K LS E 13. 7%
A ME X 2 N asdaqG M 282.0 XT R A 138. 2 K OS E 89. 1 XTR A 13. 3 R TS 13. 1%
XT R A 2 XT R A 276.4 CM 136. 7 N a sda qG M 81. 3 K LS E 10. 9 K OS E 2.8%
ASX 2 TSX 275.8 SWX 114. 5 K LS E 79. 7 AM E X 6. 6 SWX 1.9%
GT SM 2 R TS 187.3 TS X 68. 9 TSE 79. 0 AS X 3. 0 N asdaqG M 1.6%
S WX 1 CM 136.7 HL S E 63. 7 TSX 42. 3 TSX 1. 4 O T CB B -5. 3%
H LS E 1 SWX 114.5 Na s daqG M 56. 4 SWX 40. 0 SWX 0. 8 TSX -13.5%
NYS E 1 OT CP K 81.6 AME X 36. 7 AM E X 29. 9 NYS E 0. 0 XT R A -14.7%
CM 1 AM E X 73.4 BS E 35. 0 XT RA 29. 7 OT CN O -1. 1 BSE -23.5%
B SE 1 T S XV 66.3 KLS E 26. 2 OT CP K 18. 9 AI M -1. 9 T S XV -25.2%
N as da qC M 1 H LS E 63.7 O TC B B 18. 5 T S XV 9. 8 N a sdaqG M -8. 0 AM E X -34.9%
OS E 1 BS E 35.0 TS X V 13. 3 AS X 7. 8 T S XV -8. 7 O T CP K -41.3%
A IM 1 KLS E 26.2 Na s daqC M 13. 0 HLS E 6. 0 N a sdaqC M -10. 8 O T CN O -50.6%
OM 1 AS X 22.6 AS X 11. 3 OT CN O 2. 2 HLS E -15. 5 N asdaqC M #DI V /0!
R TS 1 N asdaqC M 13.0 O TC P K 8. 2 OT CB B 2. 1 BSE -28. 0 H LS E #DI V /0!
K LS E 1 AI M 4.8 AIM 4. 8 AI M 0. 3 OT CP K -32. 7 NYS E #DI V /0!
O T C NO 1 OT CN O 0.1 O TC NO 0. 1 N a sda qC M 0. 1 OT CB B -49. 3 AI M #DI V /0!

G rand To tal 93 G rand T otal 53,665.6 G rand Total 577.0 G rand T otal 152.1 G r and T otal 2,861.7 G rand T otal 6.0%

Figure 28. Comparison by Exchange

Source. Capital IQ
 Page 22

Financ ing - Las t Three Months (US $ m)

Mo nth Compan y N ame C ou ntry A ng el/S eed Debt financ ing PIPE S eries A S eries B S eries C S eries D S eries E G rand T otal
Mar-09 Kaixin 001.c om C hina 20.0 20.0
Vidyo US A 15. 0 15.0
Buzznet US A 12. 5 12.5
LendingClu b US A 12.0 12.0
S endMe Inc . US A 12. 0 12.0
Auditude US A 10.5 10.5
Glam Media US A 10. 0 10.0
Vis ible Meas ures US A 10. 0 10.0
S uperS ec ret US A 10. 0 10.0
GoViral UK 8. 8 8. 8
Greys tripe US A 5.5 5. 5
OMGP OP US A 5. 0 5. 0
Apture US A 4. 1 4. 1
S imu lmedia US A 4. 0 4. 0
Tynt C ana da 3. 9 3. 9
AnyS ourc e Media US A 3. 2 3. 2
Pixazza US A 3. 1 3. 1
Tops y US A 3. 0 3. 0
Hunc h US A 2. 0 2. 0
S ports Compos ite DE US A 2. 0 2. 0
Bit.ly US A 2. 0 2. 0
AdultS pac e US A 1.3 1. 3
Myn gle N etherlands 1. 3 1. 3
33Ac ros s US A 0. 8 0. 8
Three Melons Argentina 0.6 0. 6
Mar-09 T otal 1.3 4. 3 0.6 41. 1 50.3 43. 0 12. 0 10. 0 162.5

A pr-09 Collec tive Media US A 20.0 20.0

GOOM R adio F rance 16. 0 16.0
Marin S oftware US A 13. 0 13.0
The R ubic o n P rojec t US A 8. 0 5. 0 13.0
FreeW heel US A 12. 0 12.0
Cellu fun US A 10.0 10.0
Conduc tor Inc . US A 10.0 10.0
Batanga US A 7.5 7. 5
Viximo US A 5.0 5. 0
DoubleT wis t US A 5. 0 5. 0
IMS h opping US A 4. 7 4. 7
S oc ialtext US A 4.5 4. 5
Mixerc as t US A 4.1 4. 1
S oundCloud G ermany 3. 3 3. 3
TubeMog ul US A 3. 0 3. 0
Tribal Nova C ana da 2. 5 2. 5
Tripbas e US A 2. 0 2. 0
S oc ialc as t US A 1. 4 1. 4
Brandtology S ingapore 1. 4 1. 4
S c an & Target F rance 1.3 1. 3
J odang e US A 1.2 1. 2
Foodis ta US A 0. 6 0. 6
A pr-09 T otal 15. 6 8. 0 45. 3 52.5 16. 1 12. 0 149.5

May-09 Fac ebook US A 200.0 200. 0

One Net E n tertainmen t C hina 10.0 10. 0 20.0
Cyberplex C ana da 12. 9 12.9
Peer39 US A 10. 5 10.5
Open X UK 10. 0 10.0
Imeem US A 8.8 8. 8
E veryZing US A 8.3 8. 3
BlogHer Inc . US A 7.0 7. 0
Gis t US A 6. 8 6. 8
Fuhu Inc . US A 6. 3 6. 3
Azuki S ys tems US A 6. 0 6. 0
I Love R ewards C ana da 5. 9 5. 9
Doc uS ign US A 5.0 5. 0
TimeB ridge US A 5. 0 5. 0
OLX US A 5.0 5. 0
Medialets US A 4.0 4. 0
Res o nate Networks US A 2. 0 2. 0
Mo 'Min is I srael 1. 5 1. 5
VoxP op US A 1. 5 1. 5
Loop'd Network US A 0.8 0. 8
May-09 T otal 13. 6 10.0 22. 9 16. 3 18.7 40. 8 205.0 327.1

Figure 29. Financing, Last Three Months

Source. Company reports
 Page 23

C ompany Des c riptio ns - C urrent Mo nth C apital Market A c tivity

C ompany HQ W ebs ite Des criptio n
A zuki S ys tems U nited S ta tes www. azuk is ys tems .com P eerMeta provides web-e na bled mobile devic es a nd s ervices . The c ompa ny dev elops applic ations around iG oogle, F a c ebook, M yS pac e a nd
Y ahoo. P eerM eta is bas ed in B oston, M a ss a chus etts .
B logHer Inc. U nited S ta tes www. blogher. com B logHer I nc. operates a n online community a nd media network for women. I t offers a s eries of live ev ents a nd conferenc es, as well a s an
a dvertising network of blog a ffilia tes. The company ha s a stra tegic-partnership with iV illa ge. B logHer I nc. wa s founded in 2005 and is bas ed
in R edwood C ity, Ca lifornia.
C yberplex C a nada www. cyberplex. com C y berplex Inc . provid es W eb a dv ertis ing s olutions a nd on-line c ustomer ac quisition strategies for F ortune 1000 compa nies a nd s mall to mid-
siz ed bus ines ses in C anada a nd the Uni ted S ta tes . Its W eb A dvertising divis ion provides performance-ba s ed I nte rnet advertising s olutions to
a cquire leads , drive sign-ups , downloa ds, inquirie s, or a cquire payi ng customers. T he c ompa ny’s T ec hnology S ervic es div ision compris es
ma na gement and technology c onsu ltants to a s sis t clients in the a rea s of a pplica tions lifecy cle; and re-engineering a nd optimization of
tec hnologies , developing a nd delivering a pplica tions us ing the productions a nd tec hnologies, a nd monito ri ng a nd supporting ap plications to
ensure performa nce a nd reliability. C yberplex a ls o prov ides technology s olutions, s uc h a s s ys tem integra tion, enterprise c ontent
ma na gement, data ma nagement a nd reporting, W eb content management, bus iness proces s ma na gement, enterprise s earch, a nd spec ial
enga gement offerings; a nd W eb design s olutions , which include pre-designed, cus tom designed, an d ecommerce s olutions. I t s erves
a dvertisers , publis hers, and agenc ies. The compa ny wa s formerly k nown a s NewP ath Ca pita l C orpora tion a nd cha nged its name to C yberplex
Docu S ign U nited S ta tes www. doc usign. com Doc uS ign, I nc. p rov ides s oftwa re services for electronic s igna ture and electronic c ontra c t executi on (E C E ). It offers P rofess ional E d ition,
which ena bles individua ls and bus iness es to s end their documents for signa ture; C orpora te E dition, a n elec tronic signature a nd c ontrac t
execution s olution tha t a u toma tes the proces s of manua lly s ending, si gning, tra c ki ng, a nd s toring doc uments ; a nd D ocuS i gn C onnect, a
suite of integration services to extend D ocuS ign P la tform ca pa bilities into exis ting s ys tems or new a pplica tions . The compa ny a ls o provides
C onnec t for S ales forc e, which ena bles us ers to s end doc umen ts ; ca pture contra ct and env elope da ta ; view va rious contra ct s tatus a nd data
in the dashboard tab enabling vis ibility into va rious contra ct ac tiv ity a cros s the entire orga niz a tion; a nd extent form data prov ided during the
signing proc ess by a utoma tica lly injecting it into S a les force O bjects eliminating the need to rek ey data . I t s erves indus tries, s uc h as
a griculture, bio-technology , bus iness s ervices , co nstruction, c onsulting, consumer electronics , debt s ettlement, educa tion, engineering,
fina nc ia l services ga ming, gov ernment, hardwa re, healthc are, ins ura nce, lea sing, ma nufa cturing, mining, mortga ge, non-profit pharmac eutica l

E veryZing U nited S ta tes www. every zing. com E very Zing C orp. is a podc as t sea rc h engine tha t lets the user s ea rch a udio of both a udio and video podca sts. The company wa s founded in
2006 as P odZinger Corp. a nd changed its na me to E veryZ ing C orp. in 2007. E veryZ ing is bas ed in C a mbridg e, Ma s sa chus etts. E veryZ ing
C orp. is a s ubsidia ry of B B NT S olutions , LL C .
F aceboo k U nited S ta tes www. fa cebook .c om F ac ebook , Inc . operates a s a socia l network ing Webs ite. It enables members to look up friend’s W eb pages, a nd s hare photos a nd videos .
The c ompa ny was founded in 2004 a nd is ba s ed in P alo Alto, C alifornia.
F u hu Inc . U nited S ta tes www. fuhu.c om F U HU produc es v irtua l identity c ards a nd rich media web widgets . F U HU ’s miss ion is to give us ers control over their stuff (photos , content,
identity, email a ddres ses ) by ma k ing it u nivers a lly a cc es sible, s ha reable a nd ma na gea ble a nywhere, anytime.

G is t U nited S ta tes www. gis tworld.c om G ist L td. prov ides s upply cha in s olutions for grocery , retail, elec tronics , ga s , and chemica l indus tries . It offers s trategic sup ply chain
trans formation, s upply cha in planning, bus iness modeling, network design, wa rehouse s olutions , and distribution s olutions . T he c ompa ny
a lso provide s inbound a nd outbound mana gement; network opera tions , such a s network design a nd optimiza tion, s oluti on deliv ery, s upply
cha in opera tions, and prima ry distribution; cus tomer fulfilment, which inc ludes phys ic al replenis hment, rev erse logis tic s, and va lue-add
services ; and cha nge management. T he company wa s formerly known a s B OC Dis tribution S ervices Limited and changed its na me to G ist
L td. in J une, 2001. T he compa ny wa s inc orpora ted in 1951 and is hea dqua rtered in B a sings toke, U nited K ingdom. I t has opera tions in
E urope, As ia, Aus tra la s ia, a nd North America . G ist L td. opera tes as a subs idia ry of T he B O C G roup L td.
I Love R ewards U nited S ta tes www. iloverewards. c om I Love R ewards, Inc ., an inc entiv e mark eting compa ny , engages in the design, development, a nd implementa tion of incentive s olutions for
companies and bus iness es in the United S ta tes a nd C a na da. I t offers online rewards a nd employee recognition, s ales incentiv es, c us tomer
loya lty, dea ler inc entiv es, not for profit, a nd cus tom solutions . The c ompany prov ides its solutions through a W eb-ba s ed engine a nd foc uses
on employ ee moti va tion, cus tomer loya lty, and va lued beha viors. I L ove R ewa rds, I nc. was founded in 1995 a nd is bas ed in T oronto, C ana da
with a n additional offic e in N ew Y ork, the United S ta te s.
Imeem C a nada www. imeem. c om Imeem, I nc. opera tes as a n online communi ty for mus icia ns , direc tors , photogra phers, and groups. It ena bles users to c reate a udio, video,
a nd photo pla ylis ts ; s ha re their fa vorites ; disc over new c ontent; tra ck their films; crea te a nd view pla y lists of their fav orite shots; tra ck their
photos ; s ha re a lbums with their fri ends; hold group di sc uss ions ; cha nge their profile info; uploa d new photo albums; pos t new v ideos, or
mu sic ; and write blogs , or comments . The compa ny wa s founded in 2004 is ba s ed in S an F ra ncis co, C a liforn ia.
L o op'd Netw ork U nited S ta tes www. loopd. com L oop’d N etwork is a n online network for a ction s ports. T he site provides a place for a th letes to promote themselves, connect with bra nds , get
exc lusiv e dea ls on produc ts , a nd partic ipate in communities rooted in ac tion s ports . T he s ite is geared for both profess iona l and ama teur
a thletes .
Medialets U nited S ta tes www. media lets . com Media lets is a creative a dv ertis ing network for na tiv e mobile a pplications . L a unched on J uly 11th, 2008, M edia lets works with a gencies,
bra nds and application dev elopers to define a nd deploy a d formats tha t tap into a ll of the ca pabili ties of the iP hone. Medialy tics , Medialets ’
free a nalytic s and reporting solution, is the leading analy tics a nd a d vertising solution for the world’s mos t downloaded iP hone a pplica tions .
Media lets is a privately-held compa ny with offic es in N ew Y ork , NY a nd S a n F rancis c o, C A

Mo 'Min is I s ra el www. momini s. com Mo’M inis platform allows a dva nced a s well as non-s killed developers to ra pidly create origina l qua lity ga mes from sc ra tc h, without the need
of programming, a nd ha ve them s ea mles s ly supported on a wide ra nge of mobile ha ndsets . F urthermore, developers ca n colla bora te, share
game a s sets with Mo’M inis developers ’ c ommunity members and enjoy monetiza tion through Mo’M inis va rious dis tribution cha nnel s.
OL X U nited S ta tes www. olx. c om O L X , Inc. opera tes a c la s sified site. Its s ite a llow us ers to sea rc h for sale produc ts , inc luding anima ls , babies, a rt products, books , ca meras ,
C D s, cell phones, clothes, computers , D V Ds , electronic s, hea lth a nd bea uty products , home produc ts , jewelry, musi ca l instruments , s porting
goods, tic kets , toy s, a nd v ideo games, a s well as c ars, ca r pa rts , boats , motorc ycles , a nd other vehic les. T he compa ny’s site a ls o enables
users to find a cc ounts, a dv erti sing, a rts, clerica l, customer s ervice, educ ation, engineering, hea lthc are, human res ource, Internet, legal,
ma nua l la bor, ma nufa cturing, ma rketing, non-profit, rea l es tate, restaura nt, reta il, s ales , a nd tec hnical jobs ; and s ea rch for v arious serv ic es,
suc h as babys itter, c a sting, ev ent, computer, hea lth, horos copes , moving, repa ir, writing, editing, and transla ting, a s well a s find personals ;
community ac tivities; computer, la ngua ge, music , a nd tutor class es ; a nd a pa rtments , offices, a nd park ing s pots. O L X wa s founded in 2006
a nd is ba sed in N ew Y ork , New Y ork .
On e Net E ntertainmen t C hina www. 798uu.c om B ased in B eijing, One Net E ntertainment is a wholly-owned s ubsidia ry of C hina Techfa ith Wi rel ess C ommunic atio n T echnology L imited
(”Tec hF aith”) (NAS D AQ : C NT F). O ne Net E nterta inment is targeting both the mobile and online P C gaming markets through its webs ites
www.798uu. c om a nd www.798ga me. com, res pectively . O ne Net E nterta inment is leveraging an integra ted model of us ing a combina tion of
self-develop ed a s well a s c o-dev eloped a nd licens ed content, a s suc h s tra tegy is des igned to help i t launch ga mes fas ter a nd more
efficiently . Three ma ss ive multiplay er online role-pla y ing ga mes (MM O R P G s) a re pla nned to la unch in 2009 for online P C us ers on
www.798ga me. com. S ix teen titles are pla nned to la unch in J une for mobi le gamers on the compa ny ’s C hines e mobile ga mes webs ite
www.798uu. c om.
 Page 24

Open X U nited K ingdom www. openx. org O penX Limited, a n open s ource advertising c ommunity, dev elops independent a d serv er and other s ervic es for W eb publishers to ma nage
the online a dvertising. I t als o provides ad network pla tforms for ad network s , a d s a les hous es, and affilia te networks to deli ver advertising
P eer39 U nited S ta tes www. peer39. com aP cros s s ites
eer39's a t the same
pa tented time;
S ema ntic and O penX
Match™ M arket,
a lgorith ms is whic h enables
ba sed publis
on natural hers toproc
la nguage trade
essaing
d spac
a ndema
to ad network
chine s a nd
learning, a genctand
unders ies . content
In a ddition, the
me aning and sentiment, a nd deliver the mos t releva nt a nd effec tiv e brand s a fe a dvertising at the pa ge level. The compa ny was incorpora ted
R es on ate Netwo rks U nited S ta tes www. res onatenetwork s. com in 2006
R es a nd
ona te is based
N etwo rk s isina nNew Y orkadvertising
online , New Y orknetwork
. tha t wa s crea ted to help public a ffa irs , political and corpora te adv ertis ers a nd a gencies
mo re prec isely target and reach web users , bas ed on thei r a ttitudes and iss ue pos itions on a wide range of topic s .
T im eBridge U nited S ta tes www. timebridge. c om Timebridge, I nc. offers person al s cheduling ma na ger that ena bles profess iona ls to s c hedule their time. The compa ny ’s one-s tep sc heduling
a llows s c heduling meetings with la rge groups or individua ls ac ros s time zones , c alenda ring s ys tems , and companies. It allows us ers to
V oxP o p U nited S ta tes www. vox pop.tv schedule meetings
V oxP op Network a nd share operates
C orporation thei r a va ila
a sbility with others
a n online , a snment
entertai well as connec tI direc
c ompany. tly with
t provides a ncalenda rs ,ing
entertain incand
luding O utlook
intera cti ve apla
ndtform
G oogle
for people to
voic e opi nions on pop c ulture topic s , suc h a s celebrities, sports, fa s hion, a nd enterta inment. V ox P op N etwork is hea dquartered in S a n
F ra nc is co, C a lifornia .

Figure 30. Company Descriptions

Source. Company reports, Capital IQ, Crunchbase
 Page 25

RELEVANT DISCLOSURES APPLICABLE TO: NONE

LIST OF DISCLOSURE TERMS:

1. None applicable.

ANALYST CERTIFICATION
Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the
recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii)
no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or
recommendations expressed in this research report.

I n f o r ma t i o n a b o u t Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y s t e m, t h e d i s t r i b u t i o n o f o u r r e s e a r ch t o cl i e n t s a n d t h e p e r ce n t a g e o f r e c o m me n d a t i o n s wh i c h a r e i n e a c h
o f o u r r a t i n g c a t e g o r i e s i s a v a i l a b l e o n o u r we b si t e a t ww w. r e s e a r ch c a p i t a l . c o m.

T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e ve d t o b e r e l i a b l e b u t i t s a c cu r a c y o r co mp l e t e n e ss i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t
d o e s R e s e a r c h Ca p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i l i t y . R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e ct o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m t i me t o
t i me , h a v e p o si t i o n s i n t h e s e cu r i t i e s me n t i o n e d h e r e i n . Co n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e ss e d p e r mi s si o n o f R e se a r ch
C a p i t a l C o r p o r a t i o n . ( U . S . I n s t i t u t i o n a l Cl i e n t s — Re s e a r ch C a p i t a l U . S. A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f R e s e a r c h C a p i t a l Co r p o r a t i o n ) a cc e p t s r e s p o n si b i l i t y f o r
t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e ce i vi n g t h i s r e p o r t s h o u l d e f f e ct t r a n s a ct i o n s i n s e c u r i t i e s d i sc u s se d
i n t h e r e p o r t t h r o u g h R e s e a r ch C a p i t a l U . S . A . I n c. , a B r o k e r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e cu r i t i e s a n d E xc h a n g e C o m mi s si o n ) .

Tor on to 4 16. 8 60. 76 00 M ontr eal 51 4. 39 9. 150 0 V anco u ver 60 4. 66 2. 180 0 C al gar y 40 3. 26 5. 740 0 R egi na 306. 566. 7550

www.researchcapital.com