SOFTWARE & SERVICES 07 APRIL 2009

DAVID SHORE, CFA, MBA 416.860.6784

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

A QUIET WEEK FOR FINANCING BUT CORPORATE ACTIVITY HEATS UP

SECON D Q UA RT ER FINAN CING BEG IN S SLOWLY
The first week of the second quarter was relatively quiet with only two companies raising a total of $7.5 million.
Socialtext and TubeMogul raised $4.5 million and $3 million, respectively. Socialtext – a social networking and
collaboration company has raised a total of $18 million since April 2003; while TubeMogul (from the analytics sector)
to date has raised $4.5 million.

On the other hand, there were several significant corporate developments announced in the last week. Changyou.com
completed its IPO, raising $120 million. This was the first Chinese IPO completed in quite a few months. Additionally,
Kaboose announced that it would be selling its US assets to Disney and its UK assets to Barclays Private Equity.

C ompany Headline
B arcla ys Priva te E quity L td.; K aboos e Inc. (T S X: K AB ); B a rc lays P rivate E quity L td. agreed to ac quire the UK operation s of
K aboos e Inc. , UK O perations K a boos e Inc . (T S X: K AB ) for £ 54 million.

Dis ney O nline; K a boos e Inc . (T S X : K AB ); K a boos e Inc ., Dis ne y O nline a greed to ac qu ire the I nterne t as s ets from K aboos e In c.
Internet As s ets (T S X: K A B ) f or $18 .4 million.

C hangyou.com L imited (Nas daqG S : C Y OU ) C han gyou. c om Limite d has c omplete d an IP O in the amount of $ 120. 00
million.

This report has been created by Anal ysts that are employed by Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
www.researchcapital.com
Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550
 Page 2

THE WEB 2.0 UNIVERSE

Ninety-two public Web 2.0 companies identified: Our Web 2.0 universe contains 92 companies, with a combined market
cap of $38 billion (Figure 1). The average market cap for the group is ~$415 million (but a median of only $42 million),
with average trailing revenue of $145 million (median $53 million). The companies are also generally profitable, with a
median EBITDA margin of 16.8%. On a valuation basis, the overall average is 3.6x trailing revenue (median 1.2x) and 9.1x
trailing EBITDA (median 8.0x). Twelve of the companies have more than 500 employees.
C omparable C ompany Analys is > Web 2.0
Trading C urrent US D Market US D L TM Total US D L TM Total E B ITDA TE V/L TM TE V/L TM
C ompany Name L TM as of Tic ker E xc hange C urrency HQ P rice C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Accelerize New Media, Inc. 9/30/2008 AC L Z OT C B B US D United S ta tes 0.32 8. 6 3.2 (4.7) NM 4.0x - 20
Actoz S oft C o., Ltd. 9/30/2008 A052790 K OS E KRW S outh K orea 12, 500 84.5 56. 1 10.2 18.3% 1.0x 5. 6x NA
AQ Intera ctive, Inc. 12/31/2008 3838 TS E JPY J a pa n 45,900.00 24.8 59. 9 4.8 8.0% - - NA
As s ociated Media Holdings Inc. 6/30/2007 AS MH OT C P K US D United S ta tes 0 0. 1 0.1 (2.3) NM 8.0x - 3
B igs tring C orp. 9/30/2008 BS GC OT C B B US D United S ta tes 0.02 0. 8 0.1 (2.1) NM 29.8x - 8
B eta wa ve C orpora tion 12/31/2008 B W AV OT C B B US D United S ta tes 0 3. 8 7.7 (11.8) NM - - NA
B eyond C ommerce, Inc. 9/30/2008 B Y OC OT C B B US D United S ta tes 1.29 53.3 1.1 (7.7) NM - - 25
B right T hings plc 9/30/2008 AIM:B G T AIM GBP United K ingdom 0 3. 0 0.2 (1.7) NM 12.0x - 9
B roa dW ebAs ia Inc. 9/30/2008 BWBA OT C P K US D United S ta tes 0.45 38.2 0.0 (4.6) NM - - 46
C DC C orp. 9/30/2008 C HIN.A Na s da qG S US D Hong K ong 1 123.0 428.1 18.8 4.4% 0.4x 9. 6x 3,125
C hina G a tewa y C orpora tion 9/30/2008 CGWY OT C B B US D United S ta tes 0.00 0. 0 6.7 (6.6) -98.9% 0.0x - 37
C hines e G amer Internationa l 9/30/2008 G T S M: 3083 GTS M TWD T aiwan 173 442.7 38. 7 18.3 47.1% 9.9x 21.1x NA
C ornerW orld C orporation 1/31/2009 CWR L OT C B B US D United S ta tes 0.14 6. 6 1.3 NM NM 6.1x - NA
C yberplex Inc. 12/31/2008 T S X: C X TS X C AD C anada 1 38.9 46. 1 3.9 8.4% 0.8x 9. 6x NA
DADA S pA 9/30/2008 C M:DA CM E UR Italy 4.50 97.6 226.8 36.2 16.0% 0.6x 3. 9x 574
DXN Holdings B hd 11/30/2008 DXN K LS E MY R Ma la ys ia 0 20.9 78. 1 10.4 13.3% 0.5x 4. 0x NA
Dibz Internationa l, Inc. NA DIB Z OT C P K US D United S ta tes 0.00 0. 0 NA NM NM - - NA
DigitalP os t Interactive, Inc. 9/30/2008 DG L P OT C B B US D United S ta tes 0 1. 5 0.4 (3.3) NM 6.0x - 11
DigitalT own, Inc. 11/30/2008 DG T W OT C B B US D United S ta tes 2.50 67.9 NM (2.5) NM - - 3
Dolphin Digital Media, Inc. NA DP DM OT C B B US D United S ta tes 1 32.6 NA NM NM - - 6
E olith C o. Ltd. 12/31/2007 A041060 K OS E KRW S outh K orea 535.00 19.1 19. 1 (0.1) -0.3% 1.0x - NA
E xtens ions , Inc. 9/30/2008 E XT I OT C P K US D United S ta tes 0 14.2 NM NM NM - - 2
F inancial Media G roup, Inc. 11/30/2008 F NG P OT C B B US D United S ta tes 0.01 0. 6 6.8 1.2 18.3% - - 22
F luid Mus ic C anada , Inc. 9/30/2008 T S X: F MN TS X C AD United S tates 1 21.2 4.2 (8.6) NM 1.9x - 29
F rogs ter Intera ctive P ictures AG 6/30/2008 FR G XT R A E UR G ermany 7.01 22.0 5.4 (3.3) -60.6% 4.0x - NA
G a ma nia Digital E ntertainment C o., L td. 12/31/2008 6180 GTS M TWD T aiwa n 33 150.9 113.4 16.4 14.5% 1.2x 8. 0x NA
G a meOn C o L td. 12/31/2008 3812 TS E JPY J a pa n 90,500.00 86.9 74. 1 19.2 25.9% 0.4x 1. 7x NA
G eoS entric O yj 9/30/2008 G E O 1V HL S E E UR F inla nd 0 25.0 5.5 (12.7) NM 3.6x - 92
G iant Interactive G roup, Inc. 12/31/2008 GA NY S E US D C hina 7.26 1,640.8 233.2 144. 4 61.9% - - NA
G iga Media Ltd. 12/31/2008 G IG M Na s da qG S US D T aiwa n 6 302.0 190.4 46.0 24.2% 1.2x 4. 9x NA
G ra vity C o., Ltd 9/30/2008 GR VY Na s da qG M US D S outh K orea 0.85 23.6 37. 5 7.2 19.2% - - 636
G ree, Inc. 6/30/2008 T S E :3632 TS E JPY J a pa n 5, 760 1,275.9 29. 2 10.5 36.0% 41.6x - NA
G ungHo O nline E nterta inment, Inc. 12/31/2008 3765 OS E JPY J a pa n 126,900.00 144.3 111.6 19.9 17.8% 1.1x 6. 2x NA
Ha nbitS oft, Inc. 12/31/2008 A047080 K OS E KRW S outh K orea 3, 265 54.9 53. 3 (15.0) -28.2% 0.7x - NA
IAC /InterActiveC orp. 12/31/2008 IAC I Na s da qG S US D United S ta tes 16.14 2,274.9 1,445.1 64.6 4.5% 0.4x 8. 1x 3,200
IAS E nergy, Inc. 1/31/2009 IAS C .A OT C B B US D C anada 0 4. 9 0.0 (0.8) NM - - NA
Idea E dge, Inc. 12/31/2008 O T C B B :IDAE OT C B B US D United S ta tes 0.34 14.4 0.0 (4.6) NM - - NA
is eemedia Inc. 12/31/2008 IE E T S XV C AD C anada 0 4. 1 1.2 (4.8) NM 2.1x - NA
J umbuck E ntertainment P ty L td. 12/31/2008 AS X: J MB AS X AUD Aus tra lia 0.46 16.2 12. 7 4.7 37.2% 0.9x 2. 5x 72
J umpT V Inc. 6/30/2008 T S X: J T V TS X C AD C anada 1 50.4 11. 5 (1.8) -15.3% 5.4x - NA
K a boos e Inc. 12/31/2008 T S X: K AB TS X C AD C anada 0.58 65.4 66. 0 6.6 9.9% 1.1x 11.1x NA
K ings oft C o. Ltd. 12/31/2008 3888 S E HK HK D C hina 3 455.8 120.0 46.2 38.5% 3.1x 8. 0x NA
L ingo Media C orporation 9/30/2008 T S XV :L M T S XV C AD C anada 0.83 8. 6 3.3 (1.4) -42.5% 2.8x - NA
L iveW orld Inc. 12/31/2008 LV W D OT C P K US D United S ta tes 0 4. 0 11. 8 (0.5) -4.3% 0.3x - NA
L ookS ma rt, Ltd. 12/31/2008 LOOK Na s da qG M US D United S ta tes 1.20 20.5 65. 0 (2.0) -3.1% - - 90
Magnitude Informa tion S ys tems Inc. 9/30/2008 MAG Y OT C B B US D United S ta tes 0 6. 5 0.1 (3.2) NM - - 13
Mixi, Inc. 12/31/2008 2121 TS E JPY J a pa n 389,000.00 592.9 116.5 44.3 38.0% 4.2x 11.1x NA
Modern T imes G roup Mtg AB 12/31/2008 MT G B OM SEK S weden 151 1,236.3 1,636.0 261. 6 16.0% 1.1x 6. 6x NA
Moggle, Inc 12/31/2008 MMO G OT C B B US D United S ta tes 2.30 83.5 NM (1.1) NM - - 3
MO K O .mobi Limited 12/31/2008 MK B AS X AUD Aus tra lia 0 5. 9 1.0 (2.1) NM 4.7x - NA
NE O W IZ G ames C orpora tion 12/31/2007 A095660 K OS E KRW S outh K orea 50,000.00 368.7 138.2 37.1 26.9% 2.6x 9. 7x NA
NetDra gon W ebS oft, Inc. 12/31/2008 777 S E HK HK D C hina 4 293.3 87. 1 39.9 45.7% 1.7x 3. 7x NA
Neteas e. com Inc. 12/31/2008 NT E S Na s da qG S US D C hina 28.60 3,519.3 451.0 293. 2 65.0% - - NA
NeXplore C orporation 9/30/2007 NXP C OT C P K US D United S ta tes 1 41.8 NM (4.9) NM - - 19
Ngi G roup Inc. 12/31/2008 2497 TS E JPY J a pa n 23,200.00 28.5 97. 6 30.1 30.8% - - NA
Northgate T echnologies L imited 12/31/2008 590057 BS E INR India 41 28.6 134.6 23.7 17.6% 0.2x 1. 2x 286
O pen T ext C orp. 12/31/2008 OT E X Na s da qG S US D C anada 33.64 1,745.9 769.3 195. 0 25.3% 2.4x 9. 6x 3,400
O penwa ve S ys tems Inc. 12/31/2008 OP W V Na s da qG S US D United S ta tes 1 103.3 199.6 (10.2) -5.1% 0.1x - 627
P erfect W orld C o., Ltd. 12/31/2008 PWRD Na s da qG S US D C hina 16.15 852.0 210.1 113. 7 54.1% - - NA
P hotoC hannel Networks Inc. 12/31/2008 T S XV :P N T S XV C AD C anada 2 43.2 16. 1 (0.8) -4.9% 2.6x - NA
Q uepa s a C orp. 12/31/2008 QP S A Na s da qC M US D United S ta tes 0.99 12.6 0.1 (11.4) NM - - NA
O AO R B C Informa tion S ys tems 12/31/2007 R BCI R TS US D R us s ia 0 55.5 142.0 18.6 13.1% 0.0x 0. 1x NA
S handa Intera ctive E nterta inment Ltd. 12/31/2008 S NDA Na s da qG S US D C hina 42.71 2,963.3 521.9 239. 8 46.0% 0.0x 0. 1x NA
S hutterfly, Inc. 12/31/2008 S F LY Na s da qG S US D United S ta tes 10 245.2 213.5 28.4 13.3% 0.7x 5. 5x 514
S K C ommunica tions C o., Ltd. 12/31/2007 A066270 K OS E KRW S outh K orea 8,400.00 264.8 159.0 15.0 9.4% 1.7x 17.7x NA
S NAP Interactive, Inc. 9/30/2008 S TVI OT C B B US D United S ta tes 1 8. 1 2.3 0.2 10.1% 3.1x 30.2x 5
S NM G loba l Holdings 9/30/2008 S NMN OT C P K US D United S ta tes 0.00 0. 0 2.0 (0.7) -34.8% 1.1x - 33
S ocial Media V enures , Inc. 12/31/2008 S MV I OT C P K US D United S ta tes 1 0. 0 0.1 (0.1) -60.5% 0.0x - NA
S ohu.com Inc. 12/31/2008 S O HU Na s da qG S US D C hina 46.23 1,762.1 429.1 180. 5 42.1% 3.4x 8. 0x 3,197
S ites earch C orpora tion 1/31/2009 S TPC OT C B B US D United S ta tes 3 28.2 NM (1.1) NM - - 15
S park Networks , Inc. 12/31/2008 LOV AME X US D United S tates 2.25 46.2 57. 3 12.3 21.5% 0.8x 3. 8x 183
S pectrumDNA, Inc. 9/30/2008 S P XA OT C B B US D United S ta tes 0 7. 3 0.1 (2.7) NM - - 7
T encent Holdings L td. 12/31/2008 700 S E HK HK D C hina 60.30 13,995.5 1,046.1 517. 4 49.5% 14.5x 29.2x 6,194
T he P arent C ompa ny 8/2/2008 K IDS .Q OT C P K US D United S ta tes 0 0. 5 112.0 (13.5) -12.0% 0.2x - 347
T he9 L imited 12/31/2008 NC T Y Na s da qG S US D C hina 14.15 379.5 249.8 84.1 33.7% - - NA
T heS treet. com, Inc. 12/31/2008 TS CM Na s da qG M US D United S ta tes 2 60.7 71. 9 7.0 9.7% - - 310
T ota l S port O nline AS 3/31/2006 T OS O OT C NO NO K Norwa y 0.04 0. 2 2.0 (1.0) -50.6% 4.6x - 16
T ree.C om, Inc. 12/31/2008 TR E E Na s da qG M US D United S ta tes 5 51.1 228.6 (23.9) -10.4% 0.2x - 700
Unis erve C ommunications C orp. 11/30/2008 T S XV :US S T S XV C AD C anada 0.04 0. 8 24. 1 0.1 0.4% 0.1x 29.5x NA
United O nline Inc. 12/31/2008 UNT D Na s da qG S US D United S ta tes 5 416.5 669.4 153. 9 23.0% 1.1x 4. 7x 1,469
UO MO Media, Inc 1/31/2009 UO MO OT C B B US D C anada 0.08 6. 9 0.6 (0.5) -78.2% 11.3x - NA
V a lueC lick Inc. 12/31/2008 V C LK Na s da qG S US D United S ta tes 9 798.1 625.8 113. 6 18.2% 1.1x 5. 9x 1,189
V O IS , Inc. 12/31/2008 V O IS OT C B B US D United S ta tes 0.23 1. 9 0.0 (1.3) NM - - 4
W ebzen Inc. 9/30/2008 W ZE N Na s da qG M US D S outh K orea 2 26.7 21. 6 (6.4) -29.5% - - 330
W izza rd S oftware C orporation 9/30/2008 W ZE AME X US D United S ta tes 0.46 21.7 6.2 (6.5) NM 3.5x - 110
W oozyF ly, Inc. 9/30/2008 W ZY F OT C B B US D United S ta tes 0 2. 6 0.0 NM NM - - 14
W orlds .com Inc. 9/30/2008 W DDD OT C B B US D United S ta tes 0.17 8. 9 0.1 NM NM - - 1
W ynds torm C orpora tion NA W Y ND OT C B B US D United S ta tes 0 3. 1 NA NM NM - - NA
X ING AG 12/31/2008 O 1B C XT R A E UR G ermany 29.29 200.7 46. 7 15.0 32.0% 3.1x 9. 6x NA
Y eda ngO nline C orp. 12/31/2007 A052770 K OS E KRW S outh K orea 8, 670 104.0 52. 6 11.8 22.4% 2.0x 8. 8x NA
Y nk K orea Inc. 12/31/2007 A023770 K OS E KRW S outh K orea 4,385.00 8. 2 14. 9 (1.1) -7.6% 0.6x - NA
ZipLocal Inc. 12/31/2008 T S XV :ZIP T S XV C AD C anada 0 1. 0 2.6 (2.8) NM 0.8x - NA
High 13,995.5 1,636.0 517.4 65.0% 41.6x 30.2x 6, 194
L ow 0. 0 0. 0 -23.9 -98.9% 0.0x 0. 1x 1
Average 415.0 144.5 32.1 8.9% 3.6x 9.1x 600
Media n 41.8 52.9 1. 2 16.8% 1.2x 8. 0x 92

Figure 1. Web 2.0 Universe Summary

Source. Capital IQ
 Page 3

CAPITAL MARKETS ACTIVITY (M&A AND FINANCING)

April starts a tad slow : The first week of April saw only 2 financings totalling $7.5 million ($4.5 million raise by Socialtext
and $3 million by TubeMogul). For the month of March, 22 financings were announced (total $130.7 million, average $5.9
million) compared to 25 financings announced in February, totalling $185.5 million, or $7.4 million on average (Figure 2).
The average value for February was above the $6.8 million average for January, with four financings over $15 million in
February (Twitter, Synthasite, Tremor Media, and Offerpal Media) vs. no deals over $15 million in January.

Financing Activity Last Three Months

200.0 8.0

180.0
7.0

160.0

6.0

140.0

5.0
120.0
(US$m)

(US$m)
100.0 4.0

80.0
3.0

60.0

2.0

40.0

1.0
20.0

0.0 0.0
Feb-09 Mar-09 Apr-09

Total Average

Figure 2. Financings, Last Three Months

Source. Company reports

Socialtext largest deal in April: The first week of April saw two only deals and the greater of the two was the $4.5 million
Series D round for SocialText (Figure 3), with TubeMogul closely behind with a $3 million Series A. For additional details,
see Figures 24 and 25 (at end of note).
 Page 4

Financing Summary - Last Three Months

40.0

35.0

30.0

25.0

Apr-09
(US$m)

20.0 Mar-09
Feb-09

15.0

10.0

5.0

0.0
Pixazza
Mixpo
Miva

Tongxue

AnySource Media

MMO Life

Myngle
OMGPOP

FamilyLink.com
Synthasite

Vidyo
Offerpal Media

Tvtrip

Greystripe

Mendeley

Filtrbox
TextDigger
Tremor Media

LendingClub
Outbrain

Auditude
Glam Media

Oodle

Apture
FetchDog
Visible Measures

7 Billion People

Hunch

Bit.ly

AdultSpace

Three Melons
Twitter

Buzznet

Socialtext

Sports

33Across
Emergent Game

Simulmedia

WhistleBox
SendMe Inc.

Tynt

fav.or.it
TubeMogul

Tvinci
SuperSecret

GoViral

OneSpot

Virtual

Outright

Cake Financial
Wamba
Imagini

Figure 3. Capital Market Activity, Last Three Months

Source. Company reports

Video continues to be the most active sector: Activity over the last three months was busiest in the video sector, with 8
companies raising over $63.4 million (Figure 4). Social networking companies have the next highest totals, with 10
companies raising $53 million.

Capital Market Activity by Sector - Last Three Months

70.0

60.0

50.0

40.0
(US$m)

63.4
30.0
53.0

20.0
37.0
31.4
25.6
22.5
10.0 20.0
16.0 15.0
12.0 12.0
9.0
5.5 4.3 4.1 4.0 3.9 3.1 2.0 2.0 1.4 1.3
0.0 0.8
Comment/Reputation
Gaming

Visual Commerce
Microblog

Media

Mobile

Online Learning
Publishing
Wiki

Travel

Financial Services
Lending

Mobile Ad

Search

Infrastructure
Social Networks

Virtual Goods
Video

Aggregation

Virtual World

Crowdsourced
Analytics

Ad Network
Content

# companies

8 10 2 6 3 4 1 3 1 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
 Page 5

CAPITAL MARKETS ACTIVITY (PRICE PERFORMANCE)

Price Performance: Our Web 2.0 index (market-cap weighted) underperformed the NASDAQ composite index from mid
2008 until recently when it has moved higher than the NASDAQ index (Figure 11).

Web 2.0 Index Price Performance

140

120

100

80

60

40

20

0
4/7/2008

4/21/2008

5/5/2008

5/19/2008

6/2/2008

6/16/2008

6/30/2008

7/14/2008

7/28/2008

8/11/2008

8/25/2008

9/8/2008

9/22/2008

10/6/2008

10/20/2008

11/3/2008

11/17/2008

12/1/2008

12/15/2008

12/29/2008

1/12/2009

1/26/2009

2/9/2009

2/23/2009

3/9/2009

3/23/2009

4/6/2009
^COMP - Share Pricing Index: Web 2.0 X (Market Cap)

Figure 5. Web 2.0 Price Performance

Source. Capital IQ

A positive week: Most of the companies in our universe had positive stock price performances over the past week (for
stocks with prices greater than $1) (Figure 6), with 22 companies showing positive returns on the week. Beyond
Commerce Inc. (BYOC-OTCBB) led the group with a 152.9% return over the past week. GigaMedia (GIGM-NasdaqGS) had
the worst return, dropping 5.4% in the week.
 Page 6

1 Week P rice P erformance

B ey ond Commerce, Inc . 152.9%
Openw ave S y s tems Inc . 37.8%
Webz en Inc. 28.6%
Perfect World Co., Ltd. 18.9%
LookS mart, Ltd. 18.8%
V alueClick Inc. 17.2%
United Online Inc . 16.6%
S handa Interactive Entertainment Ltd. 16.0%
S ohu.com Inc. 15.3%
A Q Interactive, Inc . 14.8%
Tree.Com, Inc. 14.5%
The9 Limited 14.4%
Neteas e.com Inc . 13.1%
Modern Times Group Mtg A B 11.6%
Frogs ter Interactiv e Pictures A G 6.4%
Giant Interactive G roup, Inc. 6.3%
IA C/InterA ctiv eCorp. 5.9%
CDC Corp. 5.6%
S hutterfly , Inc. 4.4%
Mix i, Inc . 2.9%
G ree, Inc. 2.9%
XING A G 1.7%
TheS treet.com, Inc . 0.0%
PhotoChannel Netw orks Inc. 0.0%
Open Tex t Corp. -1.4%
S park Netw orks , Inc . -2.2%
G ameOn Co Ltd. -3.3%
Ngi G roup Inc. -4.5%
DA DA S pA -5.2%
GigaMedia Ltd. -5.4%

-20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0% 180.0%

Figure 6. 1-Week Price Performance

Source. Capital IQ

INDUSTRY NEWS (PARTNERSHIPS, FINANCIAL RESULTS, NEW PRODUCTS)
K ey Developments
C ompany
B arc lays P rivate E quity Ltd. ; K aboos e B a rcl a ys P riva te E quity L td. a greed to a c quire the U K
Inc . (TS X:K AB); K abo os e Inc . , UK
Operations
B etawave Co rporation (OT CB B: B WA V) B eta wa ve C orporation R eports C ons olida ted E a rnings
B eyond Co mmerc e, Inc .
(OT CB B: B YOC)
B roadWebAs ia Inc . (OT CP K : B WB A)
C hang yo u. c om L imited
(N as daqG S : C YOU)
C hina G ateway Corporatio n
(OT CB B: C G W Y)
DigitalF X International, Inc .
(OT CB B: DG F X)
DigitalP os t Interac tive, In c .
(OT CB B: DG L P )
Dis ney Online; K aboos e Inc .
(T S X: K AB); Kaboos e Inc ., Intern et
A s s ets
E A Myth ic; G igaMedia Ltd.
(N as daqG S : G IG M)
E xtens ions , In c . (OT CP K :E XTI)
G igaMedia L td. (N as daqG S : G IG M)
G igaMedia L td. (N as daqG S : G IG M)
G ravity Co ., L td (N as daqG M: G R VY)
G ravity Co ., L td (N as daqG M: G R VY)
Headline
opera tions of K a boose I nc. (T S X : K AB ) for £54 million.
R es ults for the F ull Y ea r E nded D ec ember 31, 2008
B eyond Commerce, Inc . a nnounc ed dela y ed a nnua l 10-K O n 03/31/2009, B eyond Commerce, I nc . a nnounced tha t they will be una ble to file thei r next 10-K by the dea dlin e required by the S E C .
filing
B roa dW ebAs ia I nc. a nnoun ced dela yed a nnua l 10-K filing O n 04/01/2009, B roa dW ebAsia Inc . a nnounc ed that they will be una ble to file their next 10-K by the dea dline required by the S E C .
Cha ngy ou.c om L imited ha s c ompleted a n IP O in the
a mount of $120.00 million.
China G a tewa y Corpora tion will Cha nge its Tic ker to
CG W Y E from C G W Y
Digita lF X Internationa l I nc. L a unches F 5 Ca mpa ign M a il
P roduct
Digita lP os t Intera c tiv e I nc. R eports E a rnings R esults for
the F ourth Q ua rter a nd F ull Y ear E nded Dec ember 31,
2008
Dis ney O nline a greed to a c quire the Internet a s sets from Dis ney O nline a greed to ac quire the Internet a ss ets from K a boose I nc. (T S X : K AB ) for $18.4 million on April 1, 2009. T he a s sets wi ll be
K a boos e I nc. (T S X : K AB ) for $18. 4 million. integra ted into Dis ney O nline’s extens ive line-up of web s ites.
G iga Media a nd E A M ythic to L a unc h T a iwa n Clos ed B eta G iga Media L td. a nd E A My thic a nnounced tha t the clos ed beta for the highly a c cla imed MMO R P G will begin on April 15th, 2009. As pa rt of
for W arha mmer O nline: Age of R ec k oning
E xtensions , I nc. a nnounced dela yed a nnua l 10 -K filing
G iga Media L td. R eports Una udited C ons olida ted
E a rnings R esults for the F ourth Q ua rter a nd Full Y ea r
E nded D ec ember 31, 2008; Announc es I mpa irment
Cha rges
G iga Media L td., Q 4 2008 E a rnings C a lls , M a r-31-2009
G ra vity Co. , L td, Annua l G enera l M eeting, M a r 31, 2009
G ra vity Co. Ltd. Announc es N on-cons olida ted E a rnings
R es ults for the F isc a l Y ea r E nded Dec ember 31, 2008
Page 7
Notes
B a rcla y s P riv a te E quity L td. agreed to a cqu ire the U K opera tions of K a boos e Inc . (TS X: K AB ) for £ 54 million on M a rch 31, 2009.
B eta wa ve Corpora tion reported c ons olida ted ea rnings res ults for the full yea r ended Dec embe r 31, 2008. F or the period, R ev enues were
$7,701, 599 a ga ins t $2, 081,182 a yea r a go. Net los s wa s $16,969, 985 or $0. 66 per ba sic and diluted s ha re a gainst net loss of $16,377, 858
or 0. 68 per ba s ic a nd diluted sha re, a yea r a go. N et ca s h us ed in opera ting a c tivities wa s $7,077, 358 a ga ins t $13, 550,034 a y ea r a go.
Cha ngy ou.c om L imited ha s c ompleted a n I P O in the a mount of $120. 00 million.
O ffer D eta ils :
S ecurity Ty pe: C ommon S toc k (D eposita ry R ec eipts )
O ffered: 7500000
P rice/R a nge: 16.00
E ffectiv e April 06, 2009, C hina G a tewa y C orpora tion will c ha nge its O T CB B stoc k tic k er s ymbol to C G W Y E from CG W Y .
Digita lFX Interna tiona l I nc. a nnounc ed tha t it ha s begun s hipping its C ommF 5 S uite product li ne to its independent dis trib utor network. T he
F5 e-ma rk eting tool will ena ble s ma ll bus iness es to ea s ily c re a te a nd dis tribute ema il marketing c a mpa igns a t a n a fforda ble price. W ith the
declining us a ge of tra ditiona l a dvertis ing c ha nnels s uch a s Y ellow P a ges or news pa pers , busines s es a re c ons ta ntly sea rc hing for solutions
whic h c a n meet the c ha llenges of the internet a ge. F 5 is suc h an a pplic a tion . B usines s es, internet ma rketers , non-profit organiz a tions a nd
a ss ocia tions of a ll k inds would ha ve to us e a va riety of s ervic es and a pplica tions to a c complis h wha t F5 provides in one singl e s olution. A
pa rtial list of F5 func tiona lity inc ludes : Integra ted v ideo a nd a udio c reation, pla ylis ts, pic ture ga lleries , media s tora ge a nd media publis hing;
Full ema il c lient with video, a udio, a nd templa te integra tion for indiv idua l follow up; C ontac t lis t ma nager; L ea d c a pture; Auto-res ponder;
Cus tomize d templa te crea tion; a nd E ma il delive ry re porting a nd a na ly tic s .
Digita lP ost Intera ctive I nc. reported ea rning s results for the fourth qua rter a nd full year ended Dec ember 31, 2008. F or the qua rter, the
compa ny reported net los s wa s $678,600 a dec rea s e of $205, 200 or 23% a s c ompa red to a net loss of $883,800 for the third qua rter of
2008. This wa s a c hieved by reducing opera tiona l ex penses by $323, 900 or 40% from the thi rd qua rter of 2008.
For the full y ea r, the compa ny reported growth in rev enue of $488,900 a 314% inc rease from $118,100 for the s a me period la st yea r. T he
growth is la rgely due to the c ompa ny's s tra tegic ma rketing pa rtners hip with K iddie K andids, which la unc hed in the fourth quarter of 2008.
Ca s h us ed by opera ting a ctivities improved by 12% to $1,515 ,700 for the year ended Dec ember 31, 2008, a s c ompa red to $1,724, 700 c a s h
used during the sa me period la s t yea r. N et los s inc rea sed to $4,017, 200 from a net los s of $2, 544,500 for the s a me period la st yea r.
the clos ed beta la unch, clos ed beta pa ck s will be a va ila ble a t ma jor reta ilers. The L imited E dition c losed beta ga me pa c ks , av a ila ble a t
pa rtic ipa ting 7-E lev en(R ) reta ilers in T a iwa n, ha v e been sold out. Fea turing i nnova tive R v R game pla y a nd P ublic Q ues ts (TM ), pla yers are
immers ed in a world of perpetua l conflic t between the a rmies of O rder and Des truc tio n. Nov ice MM O pla y ers a nd vetera ns a like will
a pprecia te the incredible depth a nd va riety a va ila ble in W AR .
O n 03/31/2009, E xtensions , I nc. a nnounc ed tha t they will be una b le to file their next 10-K by the dea dline required by the S E C .
G iga Media L td. reported una udited cons olida ted earnings res ults for the fourth qua rter a nd full yea r ended D ec ember 31, 2008. F or the
quarter, the c ompany's rev enues increas ed 1% to $44.6 milli on from $44. 2 million in the s a me period of 2007. Y ear-ov er-yea r results
reflec ted c ontinued organic growth i n the c ompany's ga ming s oftwa re bus iness , whic h offset d ecrea s ed fourth-qua rter contributions from the
Asia n online ga mes bus ines s. I nc ome from opera tions decrea s ed 16% y ear-over-year to $7. 9 million from $9.4 mil lion in the fo urth qua rter of
2007. The year-ov er-yea r decrea s e in inc ome from opera tions wa s la rgely due to a decline in the compa ny 's cons olida ted operating ma rgin
to 17.7% in the fourth quarter from 21. 3% a y ea r a go. Non-G AAP inc ome from opera tions wa s $8. 0 million, down 21% yea r-ov er-year. T he
compa ny reported inc ome from co ntinuing opera tions before income ta x es a nd minority interes t of $8. 58 million compa red to $9.72 million
reported a y ea r a go. Inc ome from continuing opera tions wa s $8. 08 million or $0. 13 per diluted s ha re c ompa red to $10. 63 million or $0.18 per
diluted share reported a yea r a go. Net income d ecrea s ed 15% to $9. 1 million or $0. 15 per diluted s ha re from $10. 7 million or $0. 18 per diluted
G iga Media L td. , Q 4 2008 E a rnings C a lls , Mar-31-2009
G ravity Co. , L td, Annua l G enera l Meeting, M a r 31, 2009, a t 10:00 K orea S ta nda rd Time. L oc a tion: Nuritkum S qua re B us ines s Tower 15F ,
1605 S a nga m-D ong, Ma po-G u, S eoul 121-270 K orea , S outh K orea . Agenda : To cons ider a udit results a nd b reports for the y ea r ended
Dec ember 31, 2008; to c ons ider the approv al of B alance S heet, Inc ome S ta tement, a nd S ta tement of Appropria tion of R eta ined E a rnings for
the 2008; to a ppointment of Direc tors ; to c ons ider the a pprov a l of a mendment of Artic le of I ncorpora tion; a nd to c onsider the approva l of the
compens a tion ceiling for the D irectors in 2009.
G ravity Co. L td. a nnounc ed non-c ons olida ted ea rnings res ults for the fis ca l y ea r ended Dec ember 31, 2008. F or the yea r, the c ompany
reported R ev enue wa s K R W 41, 983 million ($33,267, 000), representing a 24. 6% i ncrea s e from K R W 33, 686 million for 2007. R oya lties a nd
licens ing fees rev enues for 2008 were K R W 31,587 million ($25, 029,000), representing a 25.6 % inc rea se from K R W 25, 153 million for 2007.
This inc rea s e wa s primarily a ttributed to: (i) inc rea sed revenues from J apa n a nd (ii) a ppreciation of Ja panes e Y en a ga ins t K orea n W on in
2008. Also , the increa s es in ga me s ervic es revenue from commerc ia l s ervic e of R equiem in the U .S . a nd R uss ia and E mil C hronic le O nline
in T ha ila nd, T a iwa n a nd H ong K ong ha ve c ontributed to the overa ll increas e in rev enues. T he Compa ny recorded a net income of K R W 921
million ($730, 000) for 2008 co mpa red with a net los s of K R W 27, 559 million for 2007.

J u mpTV In c . (TS X :J TV)
K abo os e Inc . (T S X:K AB)
K ings oft Co . Ltd. (S E H K:3888)
K ings oft Co . Ltd. (S E H K:3888)
Magnitude Information S ys tems Inc .
(OT CB B:MAG Y)
Magnitude Information S ys tems Inc .
(OT CB B:MAG Y)
N eXplo re Corporation (OT CP K :NXP C )
Open T ext C orp. (N as daqG S :OT E X)
Openwave S ys tems In c .
(N as daqG S :OP W V)
Openwave S ys tems In c .
(N as daqG S :OP W V)
S NAP Interac tive, Inc . (OT CB B:S TVI)
S NAP Interac tive, Inc . (OT CB B:S TVI)
S oh u.c om Inc . (N as daqG S : S OH U)
T heS treet.c om, Inc . (Nas daqG M:T S CM) TheS treet.c om I nc. to C ut a bout 6% of its W orkforc e
T heS treet.c om, Inc . (Nas daqG M:T S CM) TheS treet.c om I nc. Announ ces R esigna tion of S tev en
W izz ard S oftware Co rporation
(A ME X: WZ E )
W ooz yFly, In c . (OTC BB :WZYF )
Figure 7. Key Developments
Source. Capital IQ
J umpT V I nc . R eports E a rnings R esults for the F ourth
Q ua rter a nd Full Y ea r E nde d D ecember 31, 2008
K a boos e Announc es F ina ncia l R es ults for the F ourth
Q ua rter a nd Fis ca l Y ea r E nded D ecember 31, 2008 ;
Announc es Impa irment Cha rges
K ings oft C o. L td. , 2008 E a rnings C a lls, Ap r-01-2009
K ings oft C o. L td. R eports E a rnings R esults for the Y ea r
2008 ; to Dec la re D ividend ; P la ns to L a unch Fiv e N ew
G a mes
Ma gnitude I nforma tion S ys tems I nc. A cc epts the
R es igna tion of Q uentin K elly a s a D irec tor of the B oa rd
Ma gnitude I nforma tion S ys tems I nc. a nnounc ed dela yed
a nnua l 10-K filing
NeX plore Corpora tion Anno unces P ublic B eta L a unc h of
Nex plore Ads V ersion 2.0
O pen T ext J oins C isc o Tec hnology Dev eloper P rog ra m
O penwa v e S y stems Inc . I ntroduc es N ew Acc elera tor
S ervic e to Help O pera tors Improve the Mo bile I nternet
E xperienc e
O penwa v e S howca s es L a test S olutions a t C T IA W ireless O penwa ve S y stems Inc . a nnounc ed tha t the c ompa ny will showca s e its la test mobile internet, mess a ging a nd loc a ti on s oftwa re a pplica tions
2009
S NAP I ntera c tiv e Inc . R eports C onsolida ted E a rnings S NAP I ntera c tiv e I nc . reported cons olida ted ea rning s res ults for the fourth qua rter ended D ecember 31, 2008. R ev enue inc rea s ed from
R es ults for the F ourth Q ua rter E nded Dec ember 31, 2008 $389,181 for th e fourth qua rter 2007 to $1,087, 144 for the fourth qua rter 2008, a 179% inc rea se.
S NAP I ntera c tiv e Inc . R eports R evenue R es ults for the
Fourth Q ua rter E nded D ecember 31, 2008
S ohu.c om I nc . Announces Ma na gement Cha nges
E lk es a s Chief R ev enue O ffic er
W izz a rd S oftwa re C orpora ti on, Q4 2008 E a rnings C a lls,
Apr-01-2009
W oozy Fly , Inc . a nnounc ed dela y ed a nnua l 10-K filing
Page 8
J umpTV I nc. reported ea rnings results for the fourth qua rter a nd ful l y ea r ended Dec ember 31, 2008. F or the qua rter, the compa ny reported
revenue wa s $5. 8 million compa red to $5.3 million in the s a me period in 2007. T he net loss wa s $7. 2 million (including $3. 8 million of non-
ca s h c ha rges ) or $0.13 per s ha re, ba s ic a nd diluted a s c ompa red to $0. 2 million (including $0. 6 million of non-ca s h c ha rges ) or $0.00 per
sha re, ba s ic a nd diluted in the sa me period a yea r a go.
For the full y ea r, the compa ny reported rev enue wa s $13. 4 million compa red to $7.8 mil lion in the prior yea r. T he net los s wa s $11.6 million
(including $5.5 million of non-ca s h c ha rges ) or $0.21 per s ha re, ba s ic a nd diluted a s c ompa red to $4. 5 million (including $2. 6 million of non-
ca s h c ha rges ) or $0.11 per s ha re, ba s ic a nd diluted in the prior y ea r.
K a boose Inc . a nnounc ed fina nc ia l res ults for the fourth qua rter a nd fis ca l yea r ended D ec ember 31, 2008. F or the qua rter, rev enue
increa s ed 80% to $21. 52 million from $11.97 million in th e s a me qua rter la s t yea r. E B IT DA inc rea sed 254% from $1. 46 million in the sa me
qua rter la st yea r to $5.17 million, whic h inc ludes $1. 47 million in foreign exc ha nge ga ins in the fourth qua rte r of 2008, c ompared to a los s of
$0.01 mi llion in the s a me qua rter of 2007. N et los s wa s $65. 09 million, or $0. 46 per sha re, compa red to net income of $1.73 million, or $0.02
per s ha re, in the fourth qua rter of 2007, whic h inc ludes the write-down of goodwill a nd long-liv ed a s sets of $65. 54 million des cribed below
a nd a morti za tion in the fo urth qua rter of 2008 re la ted to previous a cquis itions of $4.05 million, c ompa red to $2. 00 million in the s a me qua rter
of 2007.
For the yea r, rev enue increa s ed 144% to $81. 94 million from $33.63 million in fis c a l 2007. E B IT DA inc rea sed 188% from $4. 21 million la st
yea r to $12.11 million, whic h includes $1. 42 million in foreign exc ha nge ga ins in 2008, c ompa red to a los s of $0. 30 million in 2007 a nd net
loss wa s $74 36 million or $0 53 per s ha re c ompa red to net inc ome of $1 70 million or $0 02 per s ha re in 2007
K ingsoft C o. L td. , 2008 E a rnings C a lls , Apr-01-2009
K ingsoft C o. L td. reported ea rnings results for the y ea r 2008. F or the yea r, the compa ny reported tha t the net profit jumped 87% from one
yea r ea rlier to C NY 310 million. The compa ny rea liz ed C NY 820.9 million i n rev enue in 2008, up 47% y ea r on yea r. T he online ga me
busines s, whic h c ontributed C N Y 553. 7 million to the c ompa ny , a c counted for 67% of the compa ny's tota l rev enue. The softwa re busines s
rea lized C N Y 261. 2 million in sa les inc ome, up 67% from a yea r ea rlier.
The compa ny wi ll is sue a dividend of a bout HK D 0.15 per s ha re.
The compa ny pla ns to l a unch fiv e new ga mes .
O n M a rch 24, 2009, M a gnitude Informa tion S ys tems I nc . a cc epted the res igna tion of Q uentin K elly a s a director of the B oa rd of D irectors .
Mr. K elly res igned beca us e of persona l rea sons , effec tiv e immedia tely.
O n 03/30/2009, Ma gnitude I nforma tion S y stems Inc . a nnounc ed tha t they will be una ble to file their next 10-K by the dea dline required by the
S E C.
NeX plore Corpora tion a nnounc ed the public beta la unc h of N eX plore Ads vers ion 2. 0, a full lifec yc le sea rc h a dv erti sing pla tform tha t ena bles
ma rk eters to ea sily crea te a nd ma na ge pa id sea rc h a d c a mpa i gns tha t c a n include a blen d of text a ds , bra nded ima ges , v ideo c ommerc ia ls
a nd other ric h-media a d forma ts fea turing built-in, rea l-time c ons umer-intera ction ca pa bilities , including vide o c ha t, c a ll sc heduling, ema il,
insta nt mess a ging a nd more. NeX plore Ads s ea ml ess ly integra tes with NeX plore S ea rch, a vi sua lly enga ging W eb 2. 0 sea rc h engine
optimized for multi-media displa y a nd ea s y soc ia l sha ring. N eX plore S ea rc h ha s been in public beta s inc e J a nua ry 2008. I n J a nua ry 2009
NeX plore S ea rch ha d more the 5.5 million unique monthly v is itors .
O pen T ext C orp. ha s joined the C is c o T echnology D eveloper P rogra m a s pa rt of the progra m's IP C ommunica tions s oluti on c a tegory . In
a ddition, O pen T ext F a x S erver ha s suc c ess fully completed interopera bility tes ting with C isc o Unified C ommunic a tions Ma na ger 7.0 a nd
Cis co Unity C onnection 7. 0. T he C isc o Tec hnology Dev eloper P rogra m unites Cis co with third-pa rty developers of ha rdwa re a nd so ftwa re to
deliver tes ted interopera ble s olutio ns to joint c ustomers. M embers of the progra m s ha re C isc o's s trong commitment to c us tomer s erv ice a nd
sa tisfa c tion a nd a re required to undergo interopera bility tes ting ba s ed on criteria set forth by C isc o. W ith C i sc o T echnol ogy Dev eloper
P rogra m member offerings s uc h a s O pen Tex t Fa x S erv er, v ersions 9. 3 a nd 9. 4, cus tomers c a n more quic kly deploy a broa d ra nge of C isc o
Compa tible bus iness a pp lica tions tha t ca n enha nc e the c a pa bilities, performa nce, a nd ma na gement of their C is c o network .
O penwa ve S y stems Inc . a nnounc ed O penwa ve(R ) Ac cel era tor, the la tes t serv ice ena bler for Openwa v e(R ) Integra , a next genera tion mobile
internet s ervic e ma na gement pla tform. O penwa ve Acc elera tor, whic h c ompliments ex isting optimiza tion func tions within c ore I ntegra ,
increa s es da ta tra nsfer ra tes ov er wireless da ta networks while dec rea s ing ba ndwidth cons umption. T he result is a n optimiz ed network :
fa s ter brows ing s peeds for the subs criber a t a lower tota l c os t for the opera tor. Acc elera tor is pa rt of O penwa v e's Mobile Internet va lue-
a dded S erv ices tha t a re a va ila ble for the I ntegra Mobi le I nternet S erv ic e P la tform. I ntegra 's plug-in fra mework mea ns tha t a ll da ta tra ffic
routed through Integra ca n benefit from A cc elera tor. O pe nwa ve Ac celera tor reduc es s ervic e la tenc y a nd the v olume of da ta going ov er the
a ir to the mobile devic e by a pplying enha nced c ontent c ompress ion tec hniques (ima ge a nd ja va s cript in pa rticula r) a nd content c a ching to
speed up a c c ess a nd c ontent deliv ery without a ffec ting the v isua l qua lity . T hese multiple a cc elera tion techniques employ ed by O penwa ve
Acc elera to r optimiz e the number of tra nsa c tions neces sa ry to deliver content a nd the volume of da ta per tra ns a ction with the res ult tha t the re
a nd infra struc ture a t C T IA W ireles s 2009 in L a s V ega s , N eva da , April 1-3, 2009. O penwa ve is helping opera tors deliv er a n internet
experienc e to their mobile subs c ribers tha t a re ta nta mount to the P C experienc e. Openwa v e c omplete mobi le internet, mes sa ging a nd
loca tion s olutions a re helpi ng opera tors with ev erything from prov iding a better understa nding of their subs c riber's beha viors , whic h c a n
tra ns la te into more c us tomer v a lue through the delivery of more releva nt serv ices a nd inc rea sed serv ice us a ge-to providing new wa y s for a n
opera tor to ma ximize ba ndwidth c ons umption a nd lower tota l cos t of ownership for their mobile internet infra struc ture.
R ev enue inc rea sed from $424,564 for the full yea r ended D ecember 31, 2007 to $3, 011, 627 for the full yea r ended D ecember 31, 2008, a
609% inc rea s e. T he increa s e in rev enue wa s prima rily due to the growth of our a pplica tions a nd the inc rea sed usa ge in 2008 c ompa red to
the sa me time period in 2007. Net Inc ome inc rea sed to $796, 960 for the yea r from a los s of $914, 997 for the y ea r 2007, a n inc rea se of
$1,711, 957. E B I T D A for the yea r wa s $946, 510. O n a n E B I T DA ba sis , the c ompa ny ea rned $0. 09 per s ha re for the fis ca l yea r ended
Dec ember 31, 2008. I nco me from opera tions for the yea r wa s $933, 879 c ompa red to loss from opera tions of $916, 313 in 2007. I ncome
before provis ion for income ta xes for the yea r wa s $937, 060 compa red to loss before provis ion for income ta xes of $913,622 for the s a me
period a yea r a go. Net Inc ome per diluted s ha re for the y ea r wa s $0. 07 c ompa red to $0. 09 per diluted s ha re for the sa me perio d a yea r a go.
S NAP I ntera c tiv e I nc . reported revenue results for the fourth qua rter ended Dec ember 31, 200 8. F or the fou rth qua rter revenue wa s
$1,087, 144, a s c ompa red to $871, 324 in third qua rter of 2008 a 25% inc rea s e.
S ohu.c om I nc. a nnounced tha t C ha rles Z ha ng, W a ng T a o, H e J ie, Chen D ewen a nd H ong X ia ojia n a re a ppointed a s boa rd c ha irma n, chief
exec utiv e offic er, c hief fin a ncia l offic er, chief opera ting officer, a s well a s c hief tec hnology offic er.
TheS treet. c om Inc . a nnounc ed it will cut a bout 6% of its work force.
E ffectiv e M a rch 30, 2009, S teven E lkes a nd T heS treet. com I nc . ended M r. E lk e's enga gement a s C hief R evenue O ffic er of the compa ny.
W izza rd S oftwa re C orpora tion, Q 4 2008 E a rnings C a l ls, Apr-01-2009
O n 04/01/2009, Wo ozyF ly, Inc . a nnounc ed tha t they will be una ble to file their nex t 10-K by the dea dline required by the S E C .
 Page 9

VALUATION
MMOG companies lead market-cap charts: Nine companies in our Web 2.0 universe top US$1 billion in market
capitalization (Figure 8). Sixty-five of the 90 companies have market caps under US$100 million, with 30 under $10
million. Online gaming companies dominate the top of the list with four of the top five by market cap.

Market C ap (US D m)
Tencent Holdings Ltd.
Neteas e.com Inc. 3519.3
S handa Interactive Entertainment 2963.3
IA C/InterA ctiveCorp. 2274.9
S ohu.com Inc. 1762.1
Open Tex t Corp. 1745. 9
Giant Interactive G roup, Inc. 1640.8
G ree, Inc. 1275.9
Modern Times G roup Mtg A B 1236.3
Perf ect World Co., Ltd. 852. 0
V alueClick Inc. 798. 1
Mix i, Inc. 592. 9
K ings of t Co. Ltd. 455.8
Chines e G amer International 442. 7
United Online Inc. 416.5
The9 Limited 379.5
NEOWIZ G ames Corporation 368.7
G igaMedia Ltd. 302.0
NetDragon WebS of t, Inc. 293. 3
S K Communications Co., Ltd. 264.8
S hutterf ly , Inc. 245. 2
XING A G 200. 7
G amania Digital Entertainment Co. , 150.9
G ungHo Online Entertainment, Inc. 144. 3
CDC Corp. 123.0
Y edangOnline Corp. 104. 0
Openw ave S y s tems Inc. 103. 3
DA DA S pA 97. 6
GameOn Co Ltd. 86.9
A ctoz S oft Co., Ltd. 84.5
Moggle, Inc 83.5
DigitalTow n, Inc. 67. 9
K aboos e Inc. 65. 4
TheS treet. com, Inc. 60. 7
OA O R B C Information S y s tems 55. 5
HanbitS of t, Inc. 54. 9
B ey ond Commerc e, Inc . 53. 3
Tree. Com, Inc. 51. 1
J umpTV Inc. 50. 4
S park Netw orks , Inc. 46.2
PhotoChannel Netw orks Inc. 43.2
NeXplore Corporation 41.8
Cy berplex Inc. 38.9
B roadWebA s ia Inc. 38.2
Dolphin Digital Media, Inc. 32. 6
Northgate Technologies Limited 28. 6
Ngi G roup Inc. 28. 5
S ites earch Corporation 28. 2
Webz en Inc. 26. 7
G eoS entric Oy j 25. 0
A Q Interactive, Inc. 24. 8
G rav ity Co. , Ltd 23. 6
Frogs ter Interactive Pictures A G 22. 0
Wiz z ard S of tw are Corporation 21. 7
Fluid Mus ic Canada, Inc. 21. 2
DXN Holdings B hd 20. 9
LookS mart, Ltd. 20. 5
Eolith Co. Ltd. 19. 1
J umbuck Entertainment Pty Ltd. 16.2
IdeaEdge, Inc. 14.4
Ex tens ions , Inc. 14.2
Quepas a Corp. 12.6
Worlds .com Inc. 8.9
Lingo Media Corporation 8.6
A cceleriz e New Media, Inc. 8.6
Y nk K orea Inc. 8.2
S NA P Interactive, Inc. 8.1
S pectrumDNA , Inc. 7.3
UOMO Media, Inc 6.9
CornerWorld Corporation 6.6
Magnitude Information S y s tems 6.5
MOK O.mobi Limited 5.9
IA S Energy , Inc. 4.9
is eemedia Inc. 4.1
LiveWorld Inc. 4.0
B etaw ave Corporation 3.8
Wy nds torm Corporation 3.1
B right Things plc 3.0
Wooz y Fly , Inc. 2.6
V OIS , Inc. 1.9
DigitalPos t Interactive, Inc. 1.5
ZipLoc al Inc. 1.0
Unis erve Communications Corp. 0.8
B igs tring Corp. 0.8
Financial Media G roup, Inc. 0.6
The Parent Company 0.5
Total S port Online A S 0.2
A s s ociated Media Holdings Inc. 0.1
China G atew ay Corporation 0.0
S ocial Media V enures , Inc. 0.0
Dibz International, Inc. 0.0
S NM G lobal Holdings 0.0
0 500 1, 000 1,500 2, 000 2,500 3,000 3, 500 4,000

Figure 8. Market Cap Ranking

Source. Capital IQ
 Page 10

TEV/Revenue (LTM) averages 3.6x: The overall average TEV/Revenue (LTM) multiple for our group is 3.6x – down from
from 4.7x last week (Figure 9). However, this is skewed by Gree (3633-TSE) at 41.6x and Bigstring (BSGC-OTCBB) at
29.8x. The median is only 1.2x. Note that we exclude multiples greater than 50x. Thirty-two companies have multiples
under 1.5x.

T E V/L T M R evenue (x)

45.0
41.6
40.0

35.0
29.8
30.0

25.0

20.0
14.5
15.0
11. 312.0
9.9
10.0 8. 0
4.64.7 5.46. 06.1
A verage, 3. 6 3.43.53. 64.04. 0 4.2
5.0 2.42.62.62.83. 13.13.1
0. 40.40.40.50.60.60.70. 70.80.80.80.91. 01.01. 11.11.11.11.11. 11.21.21.71.71. 92.0 2. 1
0.00.00.00. 00.10. 10.20.20.20.3
0.0

NE O WIZ G ames C orporation

J umbuc k E ntertainment P ty L td.

G ungHo O nline E ntertainment, Inc .

G amania Digital E ntertainment C o. , L td.

MO K O .mobi L imited

U O MO Media, Inc
C hines e G amer International
Unis erve C ommunications C orp.
O AO R B C Information S y s tems

DXN Holdings B hd
Northgate T ec hnologies L imited

T ree.C om, Inc.

C DC C orp.
G ameO n C o Ltd.

S K C ommunic ations C o., Ltd.

F luid Mus ic C anada, Inc.

DigitalP os t Interac tive, Inc.

T he P arent C ompany

Modern T imes G roup Mtg AB

G eoS entric O y j
S NM G lobal Holdings

L ingo Media C orporation

C ornerWorld C orporation
S handa Interactive E ntertainment Ltd.

U nited O nline Inc.

O pen T ex t C orp.

P hotoC hannel Network s Inc.

S NAP Interac tive, Inc.

J umpT V Inc.
C hina G ateway C orporation

IAC /InterActiveC orp.

C y berplex Inc.
S park Network s , Inc.

E olith C o. Ltd.

V alueC lic k Inc.

G igaMedia Ltd.

NetDragon WebS oft, Inc.

XING AG

S ohu.c om Inc.

Mix i, Inc.
is eemedia Inc.

T enc ent Holdings Ltd.

G ree, Inc.
F rogs ter Interac tive P ictures AG

As s oc iated Media Holdings Inc.

HanbitS oft, Inc.
S oc ial Media V enures , Inc .

O penwave S y s tems Inc .

LiveWorld Inc .

Y nk K orea Inc .

B right T hings plc

Z ipLoc al Inc .

K aboos e Inc .

Y edangO nline C orp.

B igs tring C orp.

T otal S port O nline AS
S hutterfly , Inc .

K ings oft C o. Ltd.

Ac celeriz e New Media, Inc .

DADA S pA

Actoz S oft C o., Ltd.

Wiz z ard S oftware C orporation

Figure 9. TEV/Revenue Ranking

Source. Capital IQ

TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are listed
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
number of companies (22), trading at an average multiple of 8.6x (up slightly from 8.4x last week). On a geographic basis,
the United States has the most companies (41), trading at an average of 3.4x revenue (down from 5.5x last week) (Figure
11). Eleven of the companies are Canadian (average 3.0x revenue).

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

18.0 14.0
15.4 12.0
16.0
14.0 12.0
12.0
12.0 10.0 11.8
10.0 8.6
(x)

8.0 6.4 8.0

(x)

6.0 5.6 4.6

6.0 4.6
4.0 3.6 3.5 2.8 2.3 4.5 4.1
2.2 1.9 1.7
2.0 1.4 1.1 1.1 1.1 0.6 4.0 3.6 3.5 3.4
0.5 0.2 3.0
0.0 2.8
2.0 1.4 1.1 0.6
OTCNO

OTCPK
OTCBB

GTSM

NasdaqGM
TSE

SEHK

HLSE

KOSE
OSE
NasdaqGS
OM
CM
XTRA

TSX
AMEX

KLSE
AIM

TSXV
ASX

0.5 0.4
0.0
Germany
Kingdom
Japan

China

Finland

United

Canada

Malaysia
Hong
Italy
South
Korea

Kong
States
Taiwan

Australia
Norway

Sweden
United

# Companies 5 1 22 3 2 1 1 2 2 4 2 9 5 7 1 13 1 1 1 5

# Companies 1 6 1 9 3 1 2 41 11 2 9 1 1 1 1

Figures 10 & 11. TEV/Revenue Ranking (Exchange, Country)

Source. Capital IQ
 Page 11

TEV/EBITDA (LTM) averages 9.1x: The average multiple for the 30 companies with positive EBITDA (and multiples under
100x) is 9.1x LTM EBITDA (slightly down from 9.2x last week), led by SNAP Interactive’s (STVI-OTCBB) 30.2x multiple
(Figure 12). Sixteen of the companies have EBITDA multiples under 7x. The median multiple is 8.0x (vs. 6.6x last week).

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

35. 0
30. 2
29. 2 29. 5
30. 0

25. 0
21. 1
20. 0 17. 7

15. 0
11. 1 11. 1
A verage, 9.1 9. 6 9. 6 9. 6 9. 6 9. 7
10. 0 8. 0 8. 0 8. 0 8. 1 8. 8
5.9 6.2 6.6
4. 9 5. 5 5. 6
4. 0 4. 7
5. 0 3. 7 3. 8 3. 9
2. 5
1. 2 1. 7
0.1 0.1
0. 0

NE O WIZ G ames C orporation

J umbuc k E ntertainment P ty L td.

G ungHo O nline E ntertainment, Inc.

G amania Digital E ntertainment C o. , L td.

C hines e G amer International

U nis erve C ommunic ations C orp.

O AO R B C Information S y s tems

Northgate T ec hnologies Limited

DXN H oldings B hd
G ameO n C o Ltd.

C DC C orp.

S K C ommunic ations C o. , Ltd.

Modern T imes G roup Mtg AB
S handa Interac tive E ntertainment Ltd.

United O nline Inc.

O pen T ex t C orp.

S NAP Interactive, Inc.

NetDragon WebS oft, Inc .

V alueC lick Inc .

IAC /InterAc tiveC orp.

C y berplex Inc .

T enc ent H oldings Ltd.

S park Network s , Inc.

G igaMedia Ltd.

S ohu.c om Inc.

XING AG

Mix i, Inc.
Y edangO nline C orp.

K aboos e Inc .
S hutterfly , Inc .

K ings oft C o. Ltd.

DADA S pA

Ac toz S oft C o., Ltd.

Figure 12. TEV/EBITDA Ranking

Source. Capital IQ

TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange. The
OTCBB has the largest number of companies (22), trading at an average multiple of 30.2x. On a geographic basis, the
United States has the most companies (41), trading at an average of 9.7x EBITDA (Figure 14). Ten of the companies are
Canadian (average 14.9x EBITDA).

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

35.0 30.2 16.0
14.9
30.0 14.0
25.0 29.5 12.0
11.4
20.0 10.0
(x)

14.6 10.4 9.8

15.0 13.6 9.7 9.6 9.6
(x)

10.410.3 9.6 8.0

10.0 6.6 6.4 6.3 6.6 6.3
6.2 6.0
5.0 4.0 3.9 3.8 2.5
1.2 0.1 4.0 4.0 3.9
0.0
2.0
OTCBB

GTSM

SEHK

KOSE

TSE

NasdaqGS

OSE

RTS
OM

CM
TSX

XTRA

KLSE

AMEX

BSE

1.2
TSXV

ASX

2.5
0.0
Germany
Canada

China

United

Hong

Japan

Malaysia

India
Italy
South
Korea

Kong
States
Taiwan

Australia
Sweden

# Companies 22 5 2 3 7 4 2 1 5 13 1 1 1 2 2 1 1
# Companies 11 3 9 9 41 2 1 1 6 1 1 2 1

Figures 13 & 14. TEV/EBITDA Ranking (Exchange, Country)

Source. Capital IQ

P/E (LTM) averages 16.0x: The average multiple for the 31 companies with positive earnings (and multiples under 100x)
is 16.0x LTM EPS (unchanged from 16x last week), led by TheStreet.com’s (TSCM-NASDAQ) 64.1x multiple (Figure 15).
Sixteen of the companies have P/E multiples under 10x. The median is just 10.4x.
 Page 12

P /E L T M (x)

70.0
64.1

60.0 55.1

50.0
44.3
39.8
40.0 35.7

29.2
30.0 26.2
20.8
19.3 19.7
20.0 A verage, 16.0 15.5 17.0
11.4 11.6 11.9
8.2 8.5 9.1 9.6 9.7 11.1
10.0 7.4
5.7
3.3 3.5 4.0
1.1 1.5 1.6 1.9 2.3 2.5
0.0

NE O WIZ G ames C orporation

J umbuck E ntertainment P ty Ltd.

G amania Digital E ntertainment C o., Ltd.

C hines e G amer International

Northgate T echnologies Limited

DXN H oldings B hd
G iant Interactive G roup, Inc.

G ameO n C o Ltd.
Modern T imes G roup Mtg AB
T he9 Limited

Neteas e.com Inc.

S handa Interactive E ntertainment Ltd.

Ngi G roup Inc.

O pen T ex t C orp.

S NAP Interactive, Inc.

T heS treet.com, Inc.

Worlds .com Inc.

C y berplex Inc.

G igaMedia Ltd.

NetDragon WebS oft, Inc.

S park Network s , Inc.

S ohu.com Inc.

IAC /InterActiveC orp.

Mix i, Inc.

T encent H oldings Ltd.

XING AG
P erfect World C o., Ltd.

Y edangO nline C orp.

K ings oft C o. Ltd.

S hutterfly , Inc.
DADA S pA

Actoz S oft C o., Ltd.

Figure 15. P/E Ranking

Source. Capital IQ

P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (22), trading at an average multiple of 23.8x. On a geographic basis, the United States has
the most companies (41), trading at an average of 32.5x earnings (Figure 17). Eleven of the companies are Canadian
(average 22.0x EPS).

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

70.0 64.1 35.0 32.5
60.0 30.0
50.0
25.0
40.0
22.0
(x)

23.8 22.8 20.0 20.8 18.4

30.0 20.8
(x)

20.4
15.6 15.6 15.6 15.6
20.0 15.0
15.1 11.1
8.2 7.4 5.7
10.0 4.0 10.0 9.1 7.4
3.5 5.7
0.0 4.0
5.0 3.5
OTCBB
NasdaqGM

GTSM

SEHK

TSE

KOSE

NasdaqGS

CM

OM
XTRA

AMEX

TSX

KLSE
ASX

0.0
Germany
United

Canada

Japan

China

Malaysia
Italy
South
Korea
States

Taiwan

Australia

Sweden

# Companies 5 22 2 2 3 5 7 13 2 4 2 1 1 1
# Companies 41 11 2 3 6 9 9 2 1 1 1

Figures 16 & 17. P/E Ranking (Exchange, Country)

Source. Capital IQ
 Page 13

UPCOMING EVENTS
Upc o min g E vents
Event Date L ocatio n Webs ite
M esh 2009 April 7-8 T oronto www.mes hconference. c om

Figure 18. Upcoming Events

Source. Company reports

E arnings Calendar
C ompany D ate & T ime Qu arter C onf C all D etails
T ree. C om, Inc . (N a sda qG M :T R E E ) F rida y, M a y 01, 2009 11:00 AM (E DT ) Q 1 2009 877-407-0782

Figure 19. Earnings Calendar

Source. Company reports
 Page 14

C omparable C ompany Analys is > Web 2.0

P ric e P erformance
C ompany Name C urrenc y Ticker E xc hange US D Market C ap ($m) C urrent P rice 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 Week

Accelerize New Media , Inc. US D AC LZ OT C B B 8. 6 0.32 28.0% 3.2% -8. 6% -31. 9% -55. 6% -59.0%
Actoz S oft C o., L td. KR W A052790 K OS E 84.5 12,500.00 12.1% 25.6% 18.5% 46.5% 52. 4% -11.3%
AQ Interactive, Inc. JPY 3838 TS E 24.8 45,900.00 14.8% 43.9% 52.5% 42.5% -76. 2% -80.5%
As s ociated Media Holdings Inc. US D AS MH OT C P K 0. 1 0.00 0. 0% -72.0% -53.3% -93. 6% 27. 3% -97.2%
B igs tring C orp. US D BS GC OT C B B 0. 8 0.02 0. 0% 22.0% -11.8% -57. 1% -91. 4% -93.2%
B eta wa ve C orpora tion US D B W AV OT C B B 3. 8 0.13 -13. 3% 8.3% -40.9% -48. 0% -51. 9% -69.0%
B eyond C ommerce, Inc. US D B Y OC OT C B B 53.3 1.29 152.9% 158. 0% 12.2% -35. 5% -35. 5% -60.9%
B right T hings plc GBP AIM:B G T AIM 3. 0 0.02 13.6% -2.0% 30.4% 50.0% -40. 0% -64.7%
B roa dW ebAs ia Inc. US D BWBA OT C P K 38.2 0.45 -11. 8% -40.0% -18.2% -69. 8% -85. 0% -84.5%
C DC C orp. US D C HIN.A Nas daqG S 123.0 1.14 5. 6% 50.0% -11.6% -15. 6% -70. 1% -72.9%
C hina G a tewa y C orpora tion US D CGWY OT C B B 0. 0 0.00 100.0% 100. 0% 0.0% -86. 7% -96. 7% -95.6%
C hines e G a mer Interna tiona l TWD G T S M:3083 GTS M 442.7 173.00 -5.5% 30.1% 83.1% 160.2% 58. 7% -9.7%
C ornerW orld C orpora tion US D CWR L OT C B B 6. 6 0.14 -6.7% -65.9% -68.9% -77. 0% -88. 8% -88.8%
C yberplex Inc. C AD T S X:C X TS X 38.9 0.90 2. 3% 157. 1% 136. 8% 87.5% 18. 4% -10.0%
DADA S pA E UR C M:DA CM 97.6 4.50 -5.2% -7.3% -39.1% -40. 6% -65. 7% -72.2%
DXN Holdings B hd MY R DXN K LS E 20.9 0.32 14.3% -3.0% -8. 6% -15. 8% -37. 3% -42.9%
Dibz Interna tional, Inc. US D DIB Z OT C P K 0. 0 0.00 -90. 0% -90.0% -90.0% -98. 0% -98. 0% -98.0%
DigitalP os t Interactive, Inc. US D DG L P OT C B B 1. 5 0.02 100.0% 400. 0% 0.0% -60. 0% -89. 5% -92.9%
DigitalT own, Inc. US D DG T W OT C B B 67.9 2.50 -16. 7% 25.0% -23.1% -41. 2% 13. 6% -59.0%
Dolphin Digita l Media , Inc. US D DP DM OT C B B 32.6 0.67 13.6% 31.4% -16.3% -31. 6% NM -40.7%
E olith C o. L td. KR W A041060 K OS E 19.1 535.00 1. 9% 2.9% -6. 1% -7.0% -50. 9% -57.9%
E xtens ions , Inc. US D E XT I OT C P K 14.2 0.15 -25. 0% -25.0% 185. 7% 50.0% 0.0% -85.1%
F ina ncial Media G roup, Inc. US D F NG P OT C B B 0. 6 0.01 18.8% -62.0% -87.3% -97. 3% -95. 1% -99.0%
F luid Mus ic C ana da, Inc. C AD T S X:F MN TS X 21.2 0.50 25.0% 16.3% 35.1% -16. 7% NM -75.5%
F rogs ter Interactive P ictures AG E UR FR G XT R A 22.0 7.01 6. 4% 90.0% 8.0% 59.3% 57. 2% -8.4%
G a mania Digital E nterta inment C o. , L td. TWD 6180 GTS M 150.9 33.00 0. 5% 37.8% 51.4% 96.4% 9.3% -10.7%
G a meO n C o L td. JPY 3812 TS E 86.9 90,500.00 -3.3% 1.1% -31.4% 41.4% -13. 0% -44.6%
G eoS entric O yj E UR G E O 1V HLS E 25.0 0.03 0. 0% -25.0% -25.0% -25. 0% -57. 1% -57.1%
G iant Intera ctive G roup, Inc. US D GA NY S E 1,640.8 7.26 6. 3% 1.7% 13.6% 27.1% -43. 5% -57.8%
G iga Media Ltd. US D G IG M Nas daqG S 302.0 5.59 -5.4% 15.7% -19.3% -16. 6% -63. 5% -71.9%
G ra vity C o. , Ltd US D GR VY Nas daqG M 23.6 0.85 23.2% 32.8% 44.1% 3. 7% -35. 6% -57.5%
G ree, Inc. JPY T S E :3632 TS E 1,275.9 5,760.00 2. 9% 20.5% 7.3% NM NM -8.6%
G ungHo O nline E nterta inment, Inc. JPY 3765 OS E 144.3 126,900.00 6. 3% 4.4% 28.8% -18. 0% -48. 8% -70.8%
Ha nbitS oft, Inc. KR W A047080 K OS E 54.9 3,265.00 -4.4% 12.6% -5. 9% -3.7% -34. 8% -53.4%
IAC /InterActiveC orp. US D IAC I Nas daqG S 2,274.9 16.14 5. 9% 14.4% -1. 3% 9. 2% -60. 8% -68.0%
IAS E nergy, Inc. US D IAS C . A OT C B B 4. 9 0.07 55.6% 0.0% 250. 0% -50. 0% -69. 6% -80.0%
Idea E dge, Inc. US D O T C B B : IDAE OT C B B 14.4 0.34 -2.9% -15.0% -57.5% -83. 7% -62. 2% -88.0%
is eemedia Inc. C AD IE E T S XV 4. 1 0.10 11.1% 25.0% 33.3% 17.6% -71. 0% -77.3%
J umbuck E nterta inment P ty Ltd. AU D AS X: J MB AS X 16.2 0.46 -8.0% 2.2% 17.9% -8.0% -23. 3% -29.8%
J umpT V Inc. C AD T S X:J T V TS X 50.4 0.55 1. 9% 44.7% 17.0% 10.0% -14. 1% -57.0%
K a boos e Inc. C AD T S X:K AB TS X 65.4 0.58 45.0% 52.6% 45.0% -13. 4% -58. 0% -62.3%
K ings oft C o. L td. HK D 3888 S E HK 455.8 3.29 6. 8% 37.7% 18.3% 57.4% 27. 5% -23.7%
L ingo Media C orporation C AD T S XV :L M T S XV 8. 6 0.83 18.6% -4.6% -17.0% -51. 2% -51. 2% -62.3%
L iveW orld Inc. US D LV W D OT C P K 4. 0 0.13 0. 0% 225. 0% 333. 3% 0. 0% -13. 3% -82.7%
L ookS mart, L td. US D LOOK Nas daqG M 20.5 1.20 18.8% 22.4% -31.8% -38. 5% -65. 7% -75.0%
Ma gnitude Information S ys tems Inc. US D MAG Y OT C B B 6. 5 0.02 0. 0% -16.7% -40.0% -40. 0% -40. 0% -50.0%
Mixi, Inc. JPY 2121 TS E 592.9 389,000.00 2. 9% 17.9% -35.4% -11. 2% -57. 0% -63.6%
Modern T imes G roup Mtg AB SEK MT G B OM 1,236.3 151.00 11.6% 30.2% -12.5% -22. 0% -64. 3% -66.8%
Moggle, Inc US D MMO G OT C B B 83.5 2.30 15.0% 15.0% 53.3% NM NM 0.0%
MO K O .mobi Limited AU D MK B AS X 5. 9 0.10 7. 7% 96.0% 96.0% 78.2% 263.0% -2.0%
NE O W IZ G a mes C orpora tion KR W A095660 K OS E 368.7 50,000.00 13.8% 60.0% 132. 6% 155.1% 46. 0% 0.0%
NetDragon W ebS oft, Inc. HK D 777 S E HK 293.3 4.30 0. 0% 51.9% 44.3% -8.5% -58. 3% -68.4%
Netea s e.com Inc. US D NT E S Nas daqG S 3,519.3 28.60 13.1% 35.9% 42.8% 43.9% 48. 3% -0.5%
NeXplore C orpora tion US D NXP C OT C P K 41.8 0.75 25.0% -21.1% -25.0% 36.4% NM -48.3%
Ngi G roup Inc. JPY 2497 TS E 28.5 23,200.00 -4.5% 30.3% -59.2% -67. 8% -84. 0% -86.1%
Northga te T echnologies L imited INR 590057 BS E 28.6 41.10 25.3% 24.2% -41.4% -71. 0% -89. 9% -91.3%
O pen T ext C orp. US D OT E X Nas daqG S 1,745.9 33.64 -1.4% 12.1% 6.3% 21.0% 0.4% -13.9%
O penwa ve S ys tems Inc. US D OP W V Nas daqG S 103.3 1.24 37.8% 64.2% 58.0% 36.3% -48. 3% -55.7%
P erfect W orld C o., L td. US D PWRD Nas daqG S 852.0 16.15 18.9% 48.7% -13.8% -17. 2% -37. 4% -51.8%
P hotoC ha nnel Networks Inc. C AD T S XV :P N T S XV 43.2 1.60 0. 0% 0.0% 1.3% -20. 0% -55. 9% -61.4%
Q uepas a C orp. US D QP S A Nas daqC M 12.6 0.99 3. 1% 6.5% -56.4% -63. 5% -67. 9% -71.4%
O AO R B C Information S ys tems US D R BCI R TS 55.5 0.40 -9.1% 33.3% -20.0% -90. 6% -95. 7% -95.8%
S handa Interactive E nterta inment L td. US D S NDA Nas daqG S 2,963.3 42.71 16.0% 36.6% 30.1% 66.3% 56. 9% -2.9%
S hutterfly, Inc. US D S F LY Nas daqG S 245.2 9.75 4. 4% 26.3% 23.1% 33.9% -29. 7% -45.7%
S K C ommunications C o., L td. KR W A066270 K OS E 264.8 8,400.00 4. 1% 40.0% 46.9% -21. 5% -49. 4% -57.4%
S NAP Interactive, Inc. US D S TVI OT C B B 8. 1 0.75 -6.3% -21.1% 15.4% 275.0% 15. 4% -30.6%
S NM G loba l Holdings US D S NMN OT C P K 0. 0 0.00 0. 0% 0.0% 150. 0% -99. 8% -100.0% -100. 0%
S ocia l Media V enures , Inc. US D S MV I OT C P K 0. 0 0.52 -56. 7% -13.3% -50.0% -14. 8% NM -89.6%
S ohu. com Inc. US D S O HU Nas daqG S 1,762.1 46.23 15.3% 5.1% -3. 7% -8.2% -6.1% -49.5%
S ites earch C orpora tion US D S TPC OT C B B 28.2 3.50 -30. 0% NM NM NM NM -30.0%
S park Networks , Inc. US D LOV AME X 46.2 2.25 -2.2% -7.8% -13.5% -37. 5% -48. 7% -51.6%
S pectrumDNA, Inc. US D S P XA OT C B B 7. 3 0.15 -21. 1% -25.0% 0.0% -25. 0% NM -75.0%
T encent Holdings L td. HK D 700 S E HK 13, 995.5 60.30 8. 6% 36.4% 16.0% 18.2% 24. 1% -16.3%
T he P a rent C ompany US D K IDS . Q OT C P K 0. 5 0.02 -5.0% 26.7% -62.4% -98. 1% -99. 4% -99.5%
T he9 L imited US D NC T Y Nas daqG S 379.5 14.15 14.4% 49.1% -0. 6% -7.2% -24. 5% -50.4%
T heS treet.com, Inc. US D TSCM Nas daqG M 60.7 1.99 0. 0% 8.2% -43.0% -55. 1% -77. 3% -79.0%
T ota l S port O nline AS NO K T OS O O T C NO 0. 2 0.04 0. 0% 0.0% -20.0% -20. 0% -33. 3% -60.0%
T ree.C om, Inc. US D TREE Nas daqG M 51.1 5.12 14.5% 29.0% 28.0% 152.2% NM -53.9%
U nis erve C ommunica tions C orp. C AD T S XV :U S S T S XV 0. 8 0.04 -20. 0% -20.0% 0.0% -50. 0% -88. 6% -91.1%
U nited O nline Inc. US D U NT D Nas daqG S 416.5 5.07 16.6% 24.9% -15.9% -41. 0% -52. 8% -59.4%
U O MO Media, Inc US D U O MO OT C B B 6. 9 0.08 -38. 5% 14.3% -33.3% -55. 6% -77. 1% -90.0%
V a lueC lick Inc. US D V C LK Nas daqG S 798.1 9.20 17.2% 57.5% 24.0% 22.8% -45. 9% -56.2%
V O IS , Inc. US D V O IS OT C B B 1. 9 0.23 91.7% -69.3% -42.5% -72. 9% NM -95.9%
W ebzen Inc. US D W ZE N Nas daqG M 26.7 2.25 28.6% 81.5% 125. 0% 150.0% -25. 5% -49.4%
W izza rd S oftwa re C orpora tion US D W ZE AME X 21.7 0.46 7. 0% 4.5% -50.0% -50. 5% -79. 1% -80.8%
W oozyF ly, Inc. US D W ZY F OT C B B 2. 6 0.15 0. 0% 0.0% NM NM NM -96.3%
W orlds . com Inc. US D W DDD OT C B B 8. 9 0.17 -5.6% 41.7% -15.0% -43. 3% -51. 4% -62.2%
W ynds torm C orpora tion US D W Y ND OT C B B 3. 1 0.17 41.7% 41.7% 41.7% -32. 0% NM -80.0%
XING AG E UR O 1B C XT R A 200.7 29.29 1. 7% 20.0% 2.8% 17.2% -20. 8% -37.2%
Y eda ngO nline C orp. KR W A052770 K OS E 104.0 8,670.00 -1.3% 27.9% 37.0% 21.4% -22. 2% -30.9%
Y nk K orea Inc. KR W A023770 K OS E 8. 2 4,385.00 7. 3% 27.8% -0. 5% -60. 1% -72. 0% -74.3%
ZipL oca l Inc. C AD T S XV :ZIP T S XV 1. 0 0.02 200.0% -25.0% 50.0% -81. 3% -92. 3% -92.9%
High 200.0% 400. 0% 333. 3% 275.0% 263.0% 0.0%
L ow -90. 0% -90.0% -90.0% -99. 8% -100.0% -100. 0%
Average 415.0 10.6% 24.3% 12.4% -7.2% -37.4% -59.6%
Media n 4. 2% 20.0% 0.0% -16. 9% -50. 2% -61.8%

Figure 20. Price Performance

Source. Capital IQ
 Page 15

C omparable C ompany Analys is > Web 2.0

Valuation Multiples
P rimary US D Market TE V/L TM TE V/ NTM TE V/L TM TE V/NTM
C ompany Name S ector C ountry E xchange Tic ker C ap ($m) R evenue R evenue E B ITDA E B ITDA P /L TM E P S P /NTM E P S P /TangB V
Accelerize New Media , Inc. Direct Ma rketing United S ta tes OT C B B AC L Z 8. 6 4.0x - - - - - -
Actoz S oft C o., Ltd. G a ming S outh K orea K OS E A052790 84. 5 1.0x - 5.6x - 15. 5x - 1.6x
AQ Interactive, Inc. G a ming J a pa n TSE 3838 24. 8 - - - - - - 0.4x
As s ociated Media Holdings Inc. Mobile United S ta tes OT C P K AS MH 0. 1 8.0x - - - - - -
B igs tring C orp. Ins ta nt Mes s a ging United S ta tes OT C B B BS GC 0. 8 29. 8x - - - - - -
B etawa ve C orpora tion Media United S ta tes OT C B B B W AV 3. 8 - - - - - - 0.4x
B eyond C ommerce, Inc. S ocia l Networking United S ta tes OT C B B B Y OC 53. 3 - - - - - - -
B right T hings plc S ocia l Networking United K ingdom AIM AIM:B G T 3. 0 12. 0x - - - - - -
B roadW ebAs ia Inc. S ocia l Networking United S ta tes OT C P K BWBA 38. 2 - - - - - - -
C DC C orp. G aming Hong K ong Na s daqG S C HIN.A 123. 0 0.4x 0.4x 9.6x 7. 8x - 17.5x -
C hina G a teway C orporation Mobile United S ta tes OT C B B CGWY 0. 0 0.0x - - - - - -
C hines e G a mer Interna tiona l G a ming T aiwan GTS M G T S M:3083 442. 7 9.9x - 21. 1x - 26. 2x - 8.5x
C ornerW orld C orpora tion C ontent United S ta tes OT C B B CWR L 6. 6 6.1x - - - - - -
C yberplex Inc. Advertis ing C a na da TSX T S X:C X 38. 9 0.8x 0.6x 9.6x 6. 4x 8.2x 9. 0x 8.5x
DADA S pA S ocia l Networking Italy CM C M:DA 97. 6 0.6x - 3.9x - 5.7x - -
DXN Holdings B hd S ocia l Networking Ma la ys ia K LS E DXN 20. 9 0.5x - 4.0x - 4.0x - 0.4x
Dibz Internationa l, Inc. S NS Apps United S ta tes OT C P K DIB Z 0. 0 - - - - - - -
Digita lP os t Intera ctive, Inc. C ontent United S ta tes OT C B B DG LP 1. 5 6.0x - - - - - -
Digita lT own, Inc. S ocia l Networking United S ta tes OT C B B DG T W 67. 9 - - - - - - -
Dolphin Digital Media, Inc. S ocia l Networking United S ta tes OT C B B DP DM 32. 6 - - - - - - -
E olith C o. Ltd. G a ming S outh K orea K OS E A041060 19. 1 1.0x - - - - - -
E xtens ions , Inc. C ontent United S ta tes OT C P K E XT I 14. 2 - - - - - - -
F ina ncial Media G roup, Inc. Direct Ma rketing United S ta tes OT C B B F NG P 0. 6 - - - - - - -
F luid Mus ic C a na da, Inc. Media United S ta tes TSX T S X:F MN 21. 2 1.9x 1.3x - - - - 1.7x
F rogs ter Intera ctive P ictures AG G a ming G ermany XT R A FR G 22. 0 4.0x - - - - - 2.0x
G a ma nia Digita l E nterta inment C o., Ltd. G a ming T aiwan GTS M 6180 150. 9 1.2x - 8.0x - 19. 3x - 2.1x
G a meOn C o Ltd. G a ming J a pa n TSE 3812 86. 9 0.4x - 1.7x - 9.1x - 1.2x
G eoS entric Oyj Mobile F inla nd HL S E G E O 1V 25. 0 3.6x - - - - - 5.3x
G ia nt Intera ctive G roup, Inc. G a ming C hina NY S E GA 1, 640. 8 - - - - 1.6x 12.0x 0.3x
G igaMedia L td. G a ming T aiwan Na s daqG S G IG M 302. 0 1.2x 1.2x 4.9x 5. 0x 9.6x 8. 7x 2.7x
G ravity C o. , L td G a ming S outh K orea Na s daqG M GR VY 23. 6 - - - - - - -
G ree, Inc. S ocia l Networking J a pa n TSE T S E :3632 1, 275. 9 41. 6x - - - - - 20. 2x
G ungHo O nline E nterta inment, Inc. Media J a pa n OS E 3765 144. 3 1.1x - 6.2x - - - -
Ha nbitS oft, Inc. G a ming S outh K orea K OS E A047080 54. 9 0.7x - - - - - 1.8x
IAC /InterActiveC orp. Media United S ta tes Na s daqG S IAC I 2, 274. 9 0.4x 0.4x 8.1x 3. 1x 17. 0x 27.7x 1.1x
IAS E nergy, Inc. V ideo C a na da OT C B B IAS C . A 4. 9 - - - - - - -
IdeaE dge, Inc. S ocia l Networking United S ta tes OT C B B O T C B B :IDAE 14. 4 - - - - - - 10. 6x
is eemedia Inc. C ontent C a na da T S XV IE E 4. 1 2. 1x - - - - - 2.4x
J umbuck E nterta inment P ty Ltd. S ocia l Networking Aus tralia AS X AS X:J MB 16. 2 0.9x - 2.5x - 7.4x - 1.9x
J umpT V Inc. V ideo C a na da TSX T S X:J T V 50. 4 5. 4x - - - - - 3.6x
K aboos e Inc. C ontent C a na da TSX T S X: K AB 65. 4 1.1x 1.0x 11. 1x 6. 2x - - -
K ings oft C o. L td. G a ming C hina S E HK 3888 455. 8 3.1x - 8.0x - 11. 9x - 2.7x
L ingo Media C orporation L ea rning C a na da T S XV T S XV :L M 8. 6 2.8x - - - - - -
L iveW orld Inc. S ocia l Networking United S ta tes OT C P K LV W D 4. 0 0.3x - - - - - 1.8x
L ookS mart, Ltd. Direct Ma rketing United S ta tes Na s daqG M LO O K 20. 5 - - - - - - 0.7x
Ma gnitude Information S ys tems Inc. S ocia l Networking United S ta tes OT C B B MAG Y 6. 5 - - - - - - -
Mixi, Inc. S ocia l Networking J a pa n TSE 2121 592. 9 4.2x - 11. 1x - 29. 2x - 4.7x
Modern T imes G roup Mtg AB Media S weden OM MT G B 1, 236. 3 1.1x 1.0x 6.6x 7. 9x 3.5x 7. 9x -
Moggle, Inc G a ming United S ta tes OT C B B MMO G 83. 5 - - - - - - -
MO K O .mobi L imited S ocia l Networking Aus tralia AS X MK B 5. 9 4.7x - - - - - 5.1x
NE O W IZ G ames C orpora tion G a ming S outh K orea K OS E A095660 368. 7 2.6x - 9.7x - 19. 7x - 11. 6x
NetDra gon W ebS oft, Inc. G a ming C hina S E HK 777 293. 3 1.7x - 3.7x - 9.7x - 1.6x
Netea s e.com Inc. G a ming C hina Na s daqG S NT E S 3, 519. 3 - - - - 2.3x 14.8x 0.7x
NeXplore C orpora tion C ontent United S ta tes OT C P K NXP C 41. 8 - - - - - - -
Ngi G roup Inc. Media J a pa n TSE 2497 28. 5 - - - - 8.5x - 0.5x
Northgate T echnologies L imited Direct Ma rketing India BSE 590057 28. 6 0.2x - 1.2x - 1.9x - -
O pen T ext C orp. C olla boration C a na da Na s daqG S OT E X 1, 745. 9 2.4x 2.2x 9.6x 8. 4x 35. 7x 13.8x -
O penwa ve S ys tems Inc. Mobile United S ta tes Na s daqG S OP W V 103. 3 0.1x 0.1x - 1. 7x - 41.3x 1.4x
P erfect W orld C o., L td. G a ming C hina Na s daqG S PWR D 852. 0 - - - - 1.5x 7. 9x 0.5x
P hotoC ha nnel Networks Inc. Digita l Imaging C a na da T S XV T S XV : P N 43. 2 2.6x 1.8x - 5. 5x - 20.7x 9.8x
Q uepa s a C orp. S ocia l Networking United S ta tes Na s daqC M QP S A 12. 6 - - - - - - 9.4x
O AO R B C Information S ys tems Media R us s ia R TS R BCI 55. 5 0.0x - 0.1x - - - -
S ha nda Intera ctive E ntertainment L td. G a ming C hina Na s daqG S S NDA 2, 963. 3 0.0x 0.2x 0.1x 0. 6x 2.5x 14.5x 1.1x
S hutterfly, Inc. Digita l Imaging United S tates Na s daqG S S FLY 245. 2 0.7x 0.8x 5.5x 5. 0x 55. 1x - 1.4x
S K C ommunica tions C o. , L td. S earch S outh K orea K OS E A066270 264. 8 1.7x - 17. 7x - - - -
S NAP Intera ctive, Inc. Dating United S ta tes OT C B B STVI 8. 1 3.1x - 30. 2x - 44. 3x - 5.9x
S NM G loba l Holdings Media United S ta tes OT C P K S NMN 0. 0 1.1x - - - - - -
S ocia l Media V enures , Inc. S ocia l Networking United S ta tes OT C P K S MV I 0. 0 0.0x - - - - - -
S ohu.com Inc. G a ming C hina Na s daqG S S O HU 1, 762. 1 3.4x 2.9x 8.0x 6. 7x 11. 4x 11.3x 5.4x
S ites earch C orporation S ocia l Networking United S ta tes OT C B B S TPC 28. 2 - - - - - - 40. 1x
S pa rk Networks , Inc. S ocia l Networking United S ta tes AME X LO V 46. 2 0.8x - 3.8x - 11. 1x - -
S pectrumDNA, Inc. Media United S ta tes OT C B B S P XA 7. 3 - - - - - - 7.8x
T encent Holdings L td. P ortal C hina S E HK 700 13, 995. 5 14. 5x - 29. 2x - 39. 8x - 16. 3x
T he P a rent C ompany Media United S ta tes OT C P K K IDS . Q 0. 5 0.2x - - - - - -
T he9 Limited G a ming C hina Na s daqG S NC T Y 379. 5 - - - - 1.1x 9. 4x 0.1x
T heS treet.com, Inc. Media United S ta tes Na s daqG M TS CM 60. 7 - - - - 64. 1x - 0.6x
T ota l S port O nline AS Media Norwa y O T C NO T OS O 0. 2 4.6x - - - - - -
T ree. C om, Inc. P ortal United S ta tes Na s daqG M TR E E 51. 1 0.2x 0.2x - - - - 0.7x
U nis erve C ommunica tions C orp. S ocia l Networking C a na da T S XV T S XV : US S 0. 8 0.1x - 29. 5x - - - -
U nited Online Inc. Media United S ta tes Na s daqG S UNT D 416. 5 1.1x 0.7x 4.7x 3. 0x - 7. 0x -
U O MO Media , Inc Media C a na da OT C B B U OMO 6. 9 11. 3x - - - - - -
V alueC lick Inc. Advertis ing United S ta tes Na s daqG S V C LK 798. 1 1.1x 1.2x 5.9x 5. 1x - 15.5x 7.7x
V OIS , Inc. S ocia l Networking United S ta tes OT C B B V O IS 1. 9 - - - - - - 4.3x
W ebzen Inc. G a ming S outh K orea Na s daqG M W ZE N 26. 7 - - - - - - 0.0x
W izza rd S oftwa re C orporation P odcas ting United S ta tes AME X W ZE 21. 7 3.5x - - - - - -
W oozyF ly, Inc. S ocia l Networking United S ta tes OT C B B W ZY F 2. 6 - - - - - - -
W orlds .com Inc. C ontent United S ta tes OT C B B W DDD 8. 9 - - - - 3.3x - -
W ynds torm C orpora tion C ontent United S ta tes OT C B B W Y ND 3. 1 - - - - - - -
XING AG S ocia l Networking G ermany XT R A O 1B C 200. 7 3.1x - 9.6x - 20. 8x - 5.4x
Y edangO nline C orp. G a ming S outh K orea K OS E A052770 104. 0 2.0x - 8.8x - 11. 6x - 5.4x
Y nk K orea Inc. G a ming S outh K orea K OS E A023770 8. 2 0.6x - - - - - -
ZipL ocal Inc. Directory C a na da T S XV T S XV :ZIP 1. 0 0.8x - - - - - -
High 13, 995. 5 41. 6x 2.9x 30. 2x 8. 4x 64. 1x 41.3x 40. 1x
L ow 0. 0 0.0x 0.1x 0.1x 0. 6x 1.1x 7. 0x 0.0x
Average 415.0 3.6x 1.0x 9.1x 5.2x 16.0x 14.9x 4.8x
Media n 28. 5 1.2x 0.9x 8.0x 5. 3x 10. 4x 12.9x 2.1x

Figure 21. Valuation Comparison

Source. Capital IQ
 Page 16

C omparable C ompany Analys is > Web 2.0

S ummary by C ountry
C ompany Name US D Market C ap ($m) Avg US D Market C ap ($m) US D L TM Total R ev ($m) US D L TM Total E B ITDA ($m) E B ITDA %

United S tates 41 C hina 25, 861. 5 C hina 2, 873. 5 United S tates 3, 742. 2 C hina 1, 659. 2 S weden 38. 0%
C anada 11 United S tates 4, 511. 0 S weden 1, 236. 3 C hina 3, 348. 3 S weden 261. 6 G erma ny 32. 0%
C hina 9 J apan 2, 153. 3 J apa n 358. 9 S weden 1, 636. 0 United S tates 239. 7 India 30. 8%
S outh K orea 9 C anada 1, 970. 1 T aiwan 298. 5 C anada 940. 9 C ana da 192. 7 F inland 25. 9%
J apan 6 S weden 1, 236. 3 C anada 179. 1 S outh K orea 552. 3 J apan 128. 7 J apan 19. 4%
T aiwan 3 S outh K orea 954. 5 Hong K ong 123. 0 J apan 488. 9 T aiwan 80. 7 C ana da 18. 3%
Aus tralia 2 T aiwan 895. 6 G ermany 111. 4 Hong K ong 428. 1 S outh K orea 58. 7 T aiwan 16. 2%
G ermany 2 G ermany 222. 8 United S ta tes 110. 0 T aiwan 342. 5 Italy 36. 2 Italy 13. 3%
Norway 1 Hong K ong 123. 0 S outh K orea 106. 1 Italy 226. 8 India 23. 7 Norway 9. 7%
Hong K ong 1 Italy 97. 6 Italy 97. 6 R us s ia 142. 0 Hong K ong 18. 8 S outh K orea 8. 4%
F inland 1 R us s ia 55. 5 R us s ia 55. 5 India 134. 6 R us s ia 18. 6 Hong K ong 4. 4%
Italy 1 India 28. 6 India 28. 6 Malays ia 78. 1 G erma ny 11. 7 C hina 2. 6%
United K ingdom 1 F inland 25. 0 F inla nd 25. 0 G ermany 52. 1 Malays ia 10. 4 United S tates -0. 4%
India 1 Aus tra lia 22. 1 Ma lays ia 20. 9 Aus tra lia 13. 7 Aus tralia 2. 6 United K ingdom N/A
S weden 1 Malays ia 20. 9 Aus tralia 11. 0 F inland 5. 5 Norway -1. 0 Aus tralia N/A
R us s ia 1 United K ingdom 3. 0 United K ingdom 3. 0 Norway 2. 0 United K ingdom -1. 7 R us s ia N/A
Malays ia 1 Norway 0. 2 Norwa y 0. 2 United K ingdom 0. 2 F inland -12. 7 Malays ia N/A

G rand Total 92 G rand Total 38,180.8 G rand Total 415.0 G rand Total 12,134.6 G rand Total 2,728.0 G rand Total 8.7%

Figure 22. Comparison by Country

Source. Capital IQ

Comparable Company Analys is > Web 2.0

S ummary by E xc hange
C ompany Na me US D Mar ket C a p ($m) Avg US D Mark et C ap ($m ) US D L T M T otal R ev ($m ) US D L T M Total E B I TDA ($m) E B IT DA %

OTCB B 22 Na sd aqG S 15 ,485 . 1 S E HK 4, 914. 9 OM 1 , 636 .0 Nas da qG S 1,52 1. 6 OM 3 8. 0%

Nas da qG S 13 S E HK 14 ,744 . 6 NY S E 1, 640. 8 Nas daqG S 492 .5 S E HK 60 3. 5 OS E 3 6. 0%
OTCP K 9 TS E 2 ,008 . 9 OM 1, 236. 3 S E HK 417 .8 OM 26 1. 6 XTRA 3 2. 0%
K OS E 7 NY S E 1 ,640 . 8 Nas da qG S 1, 191. 2 NY S E 233 .2 NY S E 14 4. 4 BSE 3 0. 8%
TS E 5 OM 1 ,236 . 3 TS E 401. 8 CM 226 .8 TSE 10 8. 8 T S XV 2 7. 4%
Nas da qG M 5 K OSE 904 . 2 GTSM 296. 8 R TS 142 .0 K OS E 5 7. 9 HL S E 2 5. 9%
T S XV 5 GTS M 593 . 6 OSE 144. 3 BS E 134 .6 CM 3 6. 2 S E HK 1 8. 4%
TS X 4 OTCB B 352 . 0 K OS E 129. 2 OSE 111 .6 GTSM 3 4. 7 TS X 1 4. 0%
S E HK 3 XTR A 222 . 8 XT R A 111. 4 Nas daqG M 84 .9 B SE 2 3. 7 TS E 1 3. 9%
A ME X 2 Na sd aqG M 182 . 6 CM 97. 6 KL S E 78 .1 OSE 1 9. 9 CM 1 3. 3%
XT R A 2 TS X 175 . 9 RTS 55. 5 GTSM 76 .1 R TS 1 8. 6 K OSE 1 2. 8%
ASX 2 OS E 144 . 3 TS X 44. 0 TSE 75 .5 XT R A 1 1. 7 O T C NO 9 .7%
GTSM 2 OTCP K 98 . 7 Nas da qG M 36. 5 KOS E 70 .5 K LS E 1 0. 4 OTCP K 7 .8%
O T C NO 1 CM 97 . 6 A ME X 34. 0 TSX 32 .0 A ME X 5. 8 Na sdaqG S 2 .3%
H LS E 1 A ME X 67 . 9 BSE 28. 6 AM E X 31 .7 ASX 2. 6 OTCB B 1 .8%
NY S E 1 T S XV 57 . 7 HL S E 25. 0 XT R A 26 .0 TSX 0. 1 Na sdaqC M -4 .9%
CM 1 R TS 55 . 5 K LS E 20. 9 OTCPK 21 .0 O T C NO -1. 0 Na sdaqG M -5 .3%
BSE 1 BSE 28 . 6 OTCB B 16. 0 TSXV 9 .4 A IM -1. 7 GTS M -6 .7%
Nas da qC M 1 HL S E 25 . 0 Nas da qC M 12. 6 AS X 6 .9 TSXV -9. 6 NY S E N/A
OSE 1 AS X 22 . 1 T S XV 11. 5 H LS E 5 .5 Nas da qC M -1 1. 4 A ME X N/A
A IM 1 K LS E 20 . 9 AS X 11. 0 O T C NO 2 .0 HLS E -1 2. 7 A IM N/A
OM 1 Na sd aqC M 12 . 6 OTCP K 11. 0 OT CBB 1 .8 Nas da qG M -1 8. 1 AS X N/A
RTS 1 A IM 3 .0 A IM 3. 0 AI M 0 .2 OTCPK -2 6. 5 RTS N/A
K LS E 1 O T C NO 0 .2 O T C NO 0. 2 Nas daqC M 0 .1 OTCBB -5 2. 4 K LS E N/A

G rand Total 92 G r and T ota l 38 ,180.8 G ra nd Total 415. 0 G rand T otal 12,134 .6 G rand T otal 2,728.0 G ra nd T ota l 8 .7%

Figure 23. Comparison by Exchange

Source. Capital IQ
 Page 17

Financing - Last Three Months (US$ m)

Month Company Name Country Angel/Seed Debt financing PIPE Series A Series B Series C Series D Series E Grand Total
Feb-09 Twitter USA 35.0 35.0
Synthasite South A frica 20.0 20.0
Tremor Media USA 18.0 18.0
Offerpal Media USA 15.0 15.0
Imagini UK 13.5 13.5
Emergent Game Technologies USA 12.5 12.5
Outbrain Israel 12.0 12.0
Tvtrip France 9.0 9.0
Tongxue China 6.0 6.0
Oodle USA 5.6 5.6
TextDigger USA 4.3 4.3
OneSpot USA 4.2 4.2
Mixpo Canada 4.0 4.0
FetchDog USA 4.0 4.0
Virtual Fairground Netherlands 4.0 4.0
7 Billion People USA 3.0 3.0
FamilyLink.com USA 2.9 2.9
WhistleBox USA 2.3 2.3
Mendeley UK 2.0 2.0
Outright USA 2.0 2.0
Tvinci Israel 1.6 1.6
Filtrbox USA 1.4 1.4
MMO Life Netherlands 1.3 1.3
Cake Financial USA 1.3 1.3
fav.or.it UK 0.7 0.7
Feb-09 Total 13.3 24.8 76.4 58.6 12.5 185.5

Mar-09 Vidyo USA 15.0 15.0

Buzznet USA 12.5 12.5
LendingClub USA 12.0 12.0
SendMe Inc. USA 12.0 12.0
Auditude USA 10.5 10.5
Glam Media USA 10.0 10.0
Visible Measures USA 10.0 10.0
Greystripe USA 5.5 5.5
OMGP OP USA 5.0 5.0
Apture USA 4.1 4.1
Simulmedia USA 4.0 4.0
Tynt Canada 3.9 3.9
AnySource Media USA 3.2 3.2
Pixazza USA 3.1 3.1
Sports Composite DE USA 2.0 2.0
Hunch USA 2.0 2.0
Bit.ly USA 2.0 2.0
AdultSpace USA 1.3 1.3
Myngle Netherlands 1.3 1.3
33Across USA 0.8 0.8
Three Melons Argentina 0.6 0.6
Mar-09 Total 1.3 1.3 0.6 32.3 30.3 43.0 12.0 10.0 130.7

Apr-09 Socialtext USA 4.5 4.5

TubeMogul USA 3.0 3.0
Apr-09 Total 3.0 4.5 7.5

Figure 24. Financing, Last Three Months

Source. Company reports
 Page 18

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

Company
S oc ialtext Inc orporated
T ubeMogul, Inc .
HQ W ebs ite Des criptio n
U nited S tates www. s ocialtext.c om S oci a ltext Inc orpora ted develops enterpris e s oc ial s oftware. T he compa ny focus es on offering c ollaboration pla tform that allows
organizations to c ollaborate. It offers P eople, whic h enables users to integrate s oc ial network ing with enterprise collaboration; W eblog that
supports c ollabora tive and ongoing conversations among c ollea gues ; W orks pac e, an enterpris e wiki for sea rc hing information and people;
and S ig nals that amplifies, clarifies, and c omplements other c ollaboration ac tivities , as well as provides a medium for informa tion s haring.
The c ompany als o provides D ashboa rd, which a ggregates content from S oc ia ltex t wik i pages , the W eb, and enterprise sy stems; an d
S oci a lCa lc s preadsheets that inc lude information from other spreads heets or works pa ce pages . The compa ny was founded in 2002 and is
ba sed in P a lo Alto, C alifornia.
U nited S tates www. tubemogul. c om TubeM ogul, I nc. operates as an online v ideo a nalytics and dis tribution c ompany worldwide. It foc uses on providing video publis hing tools .
The c ompany provides a single point for deploy ing uploads to the video s haring s ites , and analytics on who, wha t, a nd how videos are being
viewed. It serves content produc ers, media companies , ad age ncies , digita l c onsultants, rec ord labe ls, film s tudios , politicians , c onsumer
products orga niz ations , and corporations. The company wa s founded in 2006 and is based in B erkeley , California.

Figure 25. Company Descriptions

Source. Company reports, Capital IQ, Crunchbase

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