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Flirting with the Jiayuan IPO

We’ve observed the online dating space from the periphery over the past few years. The success of Meetic in Europe (at least, according to its founder and CEO) suggests that the investment returns are quite good. Public market investors have been frustrated to some degree by the fact that there are no “pure plays” to…

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Two Pricings and a Shellacking

The two most attractive deals in marketing, Renren and RPX, priced this week and traded up sharply but not insanely. Just before pricing a sharply negative report came out on Sky-mobi which had more than doubled from their IPO price just 5 months ago. This post deals with these three issues in more detail.  

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Cornerstone OnDemand Overpriced

This is the text portion of our research note on Cornerstone OnDemand (CSOD) which priced today at $13. Nothing wrong with the company but at this price it’s the most expensive SaaS company on the market and we don’t see the justification for that. [Toffee subscribers can download the report in PDF format under the…

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Pandora Pre-IPO Preview

Positives   +      Pandora is a very easy to use service. This is critically important in the consumer technology market and can hardly be emphasized enough. +      Although the “Music Genome” approach that Pandora has pioneered has its critics, it does make it very simple for a new user to declare some of the music…

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LinkedIn Pre-IPO Note

LinkedIn has been rescued by the Twitter/Facebook phenomenon and is now positioned as the ”professional” networking leader.  [This is a brief introduction to our Pre-IPO note linked at the end of this post.] The company was started in the horse-and-buggy days of online networking way back in 2003.  The first value . . . Want…

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Notes on Youku

We made a small survey of some users of Youku to get a sense of how people use it. This is just one of those casual things your research intern does during her trip home to China to spend the holidays with family and friends there. The short document of our findings is available via…

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Skype Pre-IPO Preview

The preliminary prospectus still has quite a few blanks in it, but after a basic review Skype looks like a company that might be better off acquired than public.  Based on our valuation work the market clearing price should be around $4.8B. The Wrapper: Skype is the leading Internet-based communication company with 560 million registered…

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SciQuest Pre-IPO Review

We did some analysis of the upcoming SciQuest IPO. The Wrapper: SaaS solution for purchasing and procurement for higher education (63% of customers), public sector (3% of customers), life sciences (23% of customers) and healthcare organizations (11% of customers.)  $300K average selling price. 165 customers.  $40M revenues, 165 customers, 125,000 users, 78% gross margins, 18%…

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IPO Macaroons this week for Bastille Day

Recent market improvement, particularly in technology, suggests that some of the IPO names we are tracking may indeed get out the door either later this week or next.  A number of strategists and market analysts have noted the relative attractiveness of the technology sector, and the initial earnings reports are reminding investors that technology is…

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