SOFTWARE & SERVICES 23 FEBRUARY 2010

David Shore, CFA, MBA 416.860.6784

WEB 2.0 WEEKLY dshore@mackieresearch.com
Damian Wojcichowsky, CFA 416.860.7652

Above Barcelona… It’s a Bird… It’s a Plane… No, It’s Super App!
RIM Co-CEO tells us how BlackBerry applications will be… Super! Mike Lazaridis, co-CEO of Research In Motion,
gave the keynote address to open the Tuesday schedule last week at the Mobile World Conference in Barcelona, in which
he unveiled the concept of “Super Apps.”

Super Apps? Super Apps comprise software that has a natural home in the mobile device – that is, software which allows
users to monitor or “check-in” on information regularly (think, bidding on an item in eBay), is “always on,” is architected
with resource efficiency in mind, integrates with native applications (such as an inbox), has a social element (thus,
harnessing the communication advantage of the mobile device), and is contextual (for example, location-based software).

Key Takeaway: The RIM concept of “Super Apps” highlights the immense shift in software development focus toward
the smartphone, specifically, and the mobile device, in general. Software companies are aiming to fill the gaping vacuum
that has been created by the move to the mobile app (away from desktop software and traditional Internet browser
functionality). The mobile device has come into its own as a processor with unique characteristics that position it as one of
the most relevant development platforms currently.

Key Features of Super Apps (excerpted from Research In Motion)

The Always-on Experience: With BlackBerry smartphones, apps can run in the background and even start up
automatically with no user action required. Once running in the background, an app can do all the heavy lifting it needs
to in order to pull down critical data, respond to events, register custom menu items or content handlers with the native
apps, share data with other third-party apps, generate notifications, update its own home screen icon and much more.

Tight Integration with the Native Apps: Do you spend a lot of time in your inbox, calendar, address book, phone, camera
and browser? Well, a lot of BlackBerry smartphone users do, and this presents a great opportunity for developers! Add
your own menu items to the inbox, calendar or address book and enable users to hop over to your app with one simple
click. Inject custom messages into the inbox with your own unique icon so that users can see your alerts and updates
within their daily inbox message flow—and when they open your message they’re seamlessly brought into your app!

Proactive and Notification-Driven: Apps on BlackBerry smartphones can notify the user in many ways when a certain
event occurs or relevant data arrives to the device. By taking advantage of real-time notifications and proactive alerting,
you can deliver a highly engaging experience that can make your app a Super App.

Highly Contextualized: There are many ways in which apps can use the information around them to deliver content and
services that are relevant within the current context. For example, location-based services for BlackBerry smartphones can
leverage GPS data to understand current location and deliver the most relevant data. By making your apps context-aware,
you can increase the usefulness and relevance of your services and deliver that Super App experience.

Social and Connected: Building in social communication and sharing in a way that’s integrated with the native app
experience can bring about that Super App quality in many consumer-oriented and business applications.

Designed for Efficiency: If your app truly becomes a Super App, you’ll know it because it will start to get used more and
more every day. An increase in users and app usage often translates into an increase in usage of on-device resources,
network bandwidth and battery. To ensure that your Super App doesn’t start to deliver a detrimental experience to your
users or others on the same network, it’s important to ensure that you design with efficiency and scalability in mind.

This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
w w w . m a c k i e re s e a r c h . c o m

Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-6460
 Page 2

The Web 2.0 Universe

Ninety-seven public Web 2.0 companies: Our Web 2.0 universe contains 97 companies, with a combined market cap of
approximately $72 billion (Figure 1). The median market cap for the group is $47 million, with average trailing revenue
of $398 million (median $11.0 million). The companies are also generally profitable with a median EBITDA margin of
11.1%. On a valuation basis, the overall average is 5.2x trailing revenue (median 1.8x) and 10.9x trailing EBITDA
(median 9.0x). Thirteen 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 ric e C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Acceleriz e New Media, Inc. 9/30/2009 AC LZ OT C B B US D U nited S ta tes 0. 57 16. 4 4. 1 (1. 5) -36. 5% 5. 2x - 11
Actoz S oft C o. , L td. 9/30/2009 A052790 K OS E KRW S outh K orea 15600. 00 120. 0 120.7 26. 8 22. 2% 0. 7x 2. 9x NA
AQ Intera ctive, Inc. 12/31/2009 3838 TSE JPY J apa n 112200. 00 67. 0 NM NM NM 0. 7x - NA
As knet AG 9/30/2009 XT R A:A5A XT R A E UR G erma ny 3. 60 24. 7 8,416. 0 (108. 4) -1.3% 0. 2x - NA
As s ocia ted Media Holdings Inc. 6/30/2007 AS MH OT C P K US D U nited S ta tes 0. 01 0. 4 0. 1 (2. 3) NM 13. 3x - 3
B eta wa ve C orpora tion 9/30/2009 B W AV OT C B B US D U nited S ta tes 0. 12 3. 5 8. 4 (14. 3) NM 0. 1x - 48
B eyond C ommerce, Inc. 9/30/2009 B Y O C OT C B B US D U nited S ta tes 0. 03 1. 6 13. 5 (12. 4) -91. 9% 1. 0x - 86
B igs tring C orp. 9/30/2009 B S G C OT C B B US D U nited S ta tes 0. 02 1. 4 0. 1 (1. 0) NM 38. 6x - 4
B right T hings plc 9/30/2009 AIM: B G T AIM GBP U nited K ingdom 0. 02 7. 7 0. 1 (3. 5) NM 36. 3x - 9
B roa dW ebAs ia Inc. 9/30/2008 B W B A OT C P K US D U nited S ta tes 0. 04 3. 4 0. 0 (4. 6) NM - - 46
C DC C orp. 9/30/2009 C HIN.A Na s da qG S US D Hong K ong 2. 31 244. 9 334.2 20. 0 6. 0% 0. 6x 10. 7x 2, 227
C ha ngyou. com L imited 12/31/2009 C Y O U Na s da qG S US D C hina 32. 92 1, 810. 6 267.6 166. 6 62. 2% 5. 9x 9. 5x NA
C hines e G amer Interna tiona l 9/30/2009 G T S M: 3083 GTS M TWD T a iwan 326. 00 854. 7 0. 0 (0. 1) NM 11. 2x 19. 3x NA
C ody V entures C orpora tion 6/30/2007 C V C P OT C P K US D U nited S ta tes 0. 00 0. 1 0. 1 (0. 1) NM 1. 6x - NA
C ornerW orld C orporation 10/31/2009 C W R L OT C B B US D U nited S ta tes 0. 05 4. 8 9. 2 NM NM 1. 5x - 16
C yberplex Inc. 9/30/2009 T S X: C X TSX C AD C ana da 0. 94 62. 1 2,123. 7 1, 232.3 58. 0% 0. 4x 3. 4x NA
DADA S pA 9/30/2009 C M:DA CM E UR Ita ly 5. 02 110. 6 12. 5 NM NM 0. 7x 6. 2x NA
Digita lP os t Intera ctive, Inc. 9/30/2009 DG L P OT C B B US D U nited S ta tes 0. 05 4. 4 1. 2 (0. 9) -73. 8% 5. 5x - 7
Digita lT own, Inc. 11/30/2009 DG T W OT C B B US D U nited S ta tes 1. 25 34. 3 0. 0 (1. 4) NM - - 3
Dolphin Digita l Media , Inc. 9/30/2009 DP DM OT C B B US D U nited S ta tes 0. 34 19. 4 0. 3 (4. 6) NM - - NA
DXN Holdings B hd 11/30/2009 DXN K LS E MY R Mala ys ia 0. 70 46. 8 33. 8 3. 7 11. 1% 0. 8x 4. 1x NA
E n2G o Interna tional, Inc. 11/30/2009 E T G I OT C B B US D U nited S ta tes 0. 40 9. 6 NM (1. 9) NM - - NA
Neurotech P harma ceuticals C o. , Ltd. 9/30/2009 A041060 K OS E KRW S outh K orea 540. 00 36. 4 0. 2 0. 0 18. 7% 6. 0x 12. 7x NA
eW orldC ompa nies , Inc. 6/30/2008 E W R C OT C P K US D U nited S ta tes 0. 00 0. 5 0. 0 NM NM 15. 8x - NA
F luid Mus ic C a nada , Inc. 9/30/2009 T S X: F MN TSX C AD U nited S ta tes 1. 50 90. 7 5. 6 (3. 0) -54. 0% 14. 7x - NA
F rogs ter Intera ctive P ictures AG 6/30/2009 F R G XT R A E UR G erma ny 20. 05 69. 8 7. 6 (4. 1) -54. 0% 7. 7x - NA
G a ma nia Digita l E nterta inment C o. , Ltd. 9/30/2009 6180 GTS M TWD T a iwan 47. 65 227. 9 0. 2 (0. 1) -47. 0% 1. 3x 8. 1x NA
G a meO n C o L td. 12/31/2009 3812 TSE JPY J apa n 63000. 00 66. 9 53. 9 8. 9 16. 5% - - NA
G eoS entric O yj 9/30/2009 G E O1V HL S E E UR F inla nd 0. 04 48. 8 9,333. 7 2, 175.2 23. 3% 12. 0x - 118
G ia nt Intera ctive G roup, Inc. 9/30/2009 G A NY S E US D C hina 7. 45 1, 689. 8 0. 5 (1. 9) NM - - 1, 570
G iga Media L td. 3/31/2009 G IG M Na s da qG S US D T a iwan 2. 94 160. 3 183.6 NM NM 0. 5x - 751
G ra vity C o. , Ltd 9/30/2009 G R V Y Na s da qG M US D S outh K orea 1. 95 54. 2 0. 2 NM NM - - 469
G ree, Inc. 12/31/2009 T S E : 3632 TSE JPY J apa n 4920. 00 2, 442. 7 654.7 231. 8 35. 4% 8. 7x 14. 8x NA
G ungHo Online E ntertainment, Inc. 9/30/2009 3765 OS E JPY J apa n 206000. 00 259. 1 264.3 155. 6 58. 8% 1. 9x 8. 3x NA
HanbitS oft, Inc. 9/30/2009 A047080 K OS E KRW S outh K orea 3900. 00 74. 6 9. 4 2. 1 22. 3% 1. 0x - NA
IAC /InterActiveC orp. 12/31/2009 IAC I Na s da qG S US D U nited S ta tes 21. 88 2, 550. 3 1,375. 8 81. 7 5. 9% 0. 7x 11. 5x NA
InternetArra y, Inc. 12/31/2006 INAR OT C P K US D U nited S ta tes 0. 00 0. 0 5. 9 (4. 0) -68. 6% 1. 1x - NA
Is e B lu E quity C orp. 12/31/2006 IS B L OT C P K US D U nited S ta tes 0. 00 0. 0 0. 0 NM NM 0. 5x - NA
is eemedia Inc. 9/30/2009 IE E T S XV C AD C ana da 0. 18 8. 8 1. 9 (4. 2) NM 4. 9x - NA
J umbuck E nterta inment Limited 6/30/2009 AS X:J MB AS X AU D Aus tralia 0. 29 12. 5 17. 2 7. 4 42. 8% 0. 3x 0. 8x 79
K ent Interna tiona l Holdings Inc. 9/30/2009 K NT H OT C P K US D U nited S ta tes 1. 75 6. 2 0. 0 (0. 4) NM - - NA
K ings oft C o. L td. 9/30/2009 3888 S E HK HK D C hina 6. 10 862. 1 143.4 57. 6 40. 2% 5. 7x 14. 1x 2, 271
L ingo Media C orpora tion 9/30/2009 T S XV :L M T S XV C AD C ana da 1. 10 13. 1 1. 4 (2. 3) NM 9. 4x - NA
L ookS ma rt, L td. 9/30/2009 L OO K Na s da qG M US D U nited S ta tes 0. 95 16. 3 54. 0 (4. 5) -8.4% - - 90
Magnitude Informa tion S ys tems Inc. 9/30/2009 MAG Y OT C B B US D U nited S ta tes 0. 02 6. 6 0. 1 (2. 3) NM - - 14
Mixi, Inc. 12/31/2009 2121 TSE JPY J apa n 519000. 00 880. 8 140.6 42. 6 30. 3% 5. 4x 17. 7x NA
Mobile Da ta C orp. 10/31/2009 MB Y L OT C B B US D U nited S ta tes 0. 10 2. 4 NM NM NM - - NA
Modern T imes G roup Mtg AB 12/31/2009 MT G B OM SEK S weden 394. 10 3, 606. 2 1,968. 1 262. 4 13. 3% 2. 1x 15. 4x NA
MOK O . mobi L imited 6/30/2009 MK B AS X AU D Aus tralia 0. 12 12. 8 0. 7 (2. 5) NM 16. 5x - NA
Multiplied Media C orporation, P rior to R evers e Merger with
9/30/2009
R ewa rd P hone
T S XVInterna
:MMCtiona l Inc.
T S XV C AD C ana da 0. 30 37. 4 0. 2 (4. 8) NM - - NA
Myria d G roup AG 6/30/2009 MY R N SWX C HF S witzerla nd 4. 70 192. 8 63. 0 3. 4 5. 4% 3. 1x - 405
NE OW IZ G a mes C orpora tion 12/31/2008 A095660 K OS E KRW S outh K orea 32600. 00 600. 1 216.0 58. 0 26. 8% 2. 7x 10. 2x NA
NetDragon W ebS oft, Inc. 9/30/2009 777 S E HK HK D C hina 4. 38 298. 2 91. 4 27. 8 30. 4% 1. 6x 5. 3x 2, 426
Neteas e. com Inc. 9/30/2009 NT E S Na s da qG S US D C hina 37. 44 4, 849. 3 482.8 291. 7 60. 4% - - 3, 109
NeuL ion Incorporated 9/30/2009 T S X: NL N TSX C AD C ana da 0. 56 62. 6 24. 9 (16. 1) -64. 5% 1. 8x - 237
NeXplore C orporation 9/30/2009 NXP C OT C P K US D U nited S ta tes 0. 65 36. 3 0. 5 NM NM - - NA
Ngi G roup Inc. 9/30/2009 2497 TSE JPY J apa n 42600. 00 57. 9 80. 2 3. 1 3. 9% 0. 1x 2. 0x NA
Northga te T echnologies L imited 9/30/2009 590057 BSE INR India 19. 55 14. 7 48. 1 (51. 6) NM 0. 3x - NA
OAO R B C Informa tion S ys tems 12/31/2007 R B C I MIC E X R UB R us s ia 36. 21 167. 5 0. 0 (0. 3) NM 1. 1x 8. 1x NA
Oriented Media G roup B erha d 9/30/2009 O ME DIA K LS E MY R Mala ys ia 0. 22 8. 4 NM NM NM 3. 1x - NA
Open T ext C orp. 12/31/2009 O T E X Na s da qG S US D C ana da 48. 15 2, 718. 7 854.6 230. 2 26. 9% 3. 2x 12. 0x 3, 700
Openwave S ys tems Inc. 12/31/2009 O P W V Na s da qG S US D U nited S ta tes 2. 59 217. 0 192.2 8. 6 4. 5% 0. 6x 13. 1x 590
T he P a rent C ompany 8/2/2008 K IDS . Q OT C P K US D U nited S ta tes 0. 01 0. 2 112.0 (13. 5) -12. 0% 0. 2x - 347
P erfect W orld C o. , L td. 9/30/2009 P W R D Na s da qG S US D C hina 38. 44 1, 912. 7 28. 1 1. 3 4. 5% 0. 3x 0. 6x 2, 096
P NI Digita l Media Inc. 12/31/2009 T S XV :P N T S XV C AD C ana da 1. 75 56. 5 1,872. 3 1, 029.9 55. 0% 2. 1x 8. 6x NA
Quepa s a C orp. 9/30/2009 Q P S A OT C B B US D U nited S ta tes 3. 10 39. 5 0. 2 (9. 8) NM - - 74
R ea l V alue E s ta tes , Inc. 11/30/2009 R V LU OT C B B US D Is rael 1. 20 7. 7 NM NM NM - - NA
S aha ra Media Holdings , Inc. 9/30/2009 S HHD OT C B B US D U nited S ta tes 0. 40 12. 4 0. 0 (4. 7) NM - - 15
S ha nda Intera ctive E nterta inment Ltd. 9/30/2009 S NDA Na s da qG S US D C hina 46. 91 3, 154. 9 694.2 317. 1 45. 7% - - 3, 124
S hutterfly, Inc. 12/31/2009 S F L Y Na s da qG S US D U nited S ta tes 19. 59 507. 6 246.4 32. 6 13. 2% 1. 3x 10. 0x 519
S K C ommunica tions C o. , Ltd. 12/31/2008 A066270 K OS E KRW S outh K orea 13600. 00 497. 3 200.8 13. 1 6. 5% 2. 5x 38. 1x NA
S NAP Intera ctive, Inc. 9/30/2009 S T V I OT C B B US D U nited S ta tes 0. 18 5. 9 3. 4 0. 5 15. 6% 1. 3x 8. 1x 11
S ocia l Media V entures Inc. 12/31/2008 S MV I OT C P K US D U nited S ta tes 0. 00 0. 0 0. 1 (0. 1) -60. 6% 4. 6x - NA
S ocia lwis e, Inc. 12/31/2009 S C LW OT C B B US D U nited S ta tes 0. 45 21. 8 0. 0 (4. 7) NM - - NA
S ohu. com Inc. 12/31/2009 S O HU Na s da qG S US D C hina 49. 84 1, 916. 7 515.2 222. 2 43. 1% 2. 8x 6. 4x NA
S pa rk Networks , Inc. 9/30/2009 L OV AME X US D U nited S ta tes 3. 00 61. 7 47. 5 10. 0 21. 0% 1. 2x 5. 8x 183
S pectrumDNA, Inc. 9/30/2009 S P XA OT C B B US D U nited S ta tes 0. 14 6. 8 0. 1 (2. 5) NM 48. 7x - 7
S prylogics Interna tiona l C orp 10/31/2009 T S XV :S P Y T S XV C AD C ana da 0. 02 0. 4 0. 4 (0. 2) -50. 0% 0. 8x - NA
T encent Holdings L td. 9/30/2009 700 S E HK HK D C hina 149. 40 35,113. 6 1,588. 2 811. 2 51. 1% 24. 3x 47. 6x 6, 194
T he9 Limited 3/31/2009 NC T Y Na s da qG S US D C hina 6. 71 168. 5 248.6 65. 6 26. 4% - - 1, 626
T heS treet. com, Inc. 9/30/2009 T S C M Na s da qG M US D U nited S ta tes 3. 01 94. 9 61. 1 1. 7 2. 8% 0. 5x 18. 4x 310
T ree. C om, Inc. 12/31/2009 T R E E Na s da qG M US D U nited S ta tes 8. 41 91. 7 216.8 9. 2 4. 2% 0. 4x 9. 1x NA
U nila va C orpora tion 12/31/2008 U NLA OT C B B US D U nited S ta tes 0. 29 29. 0 5. 3 (1. 0) -18. 1% 5. 5x - 39
U nis erve C ommunications C orp. 11/30/2009 T S XV :U S S T S XV C AD C ana da 0. 10 2. 4 5. 0 (0. 9) -18. 1% 0. 5x 8. 8x NA
U nited O nline, Inc. 12/31/2009 U NT D Na s da qG S US D U nited S ta tes 6. 39 542. 9 990.1 207. 8 21. 0% 0. 8x 3. 6x NA
U OMO Media, Inc 10/31/2009 U OMO OT C B B US D C ana da 0. 04 3. 0 1. 0 (0. 4) -42. 2% 3. 6x - NA
V alueC lick , Inc. 12/31/2009 V C LK Na s da qG S US D U nited S ta tes 9. 29 795. 8 422.7 116. 2 27. 5% 1. 5x 5. 5x NA
V elti P lc 6/30/2009 V E L AIM GBP U nited K ingdom 3. 26 189. 4 79. 1 16. 2 20. 5% 2. 2x 10. 8x 450
V OIS , Inc. 9/30/2009 V O IS OT C B B US D U nited S ta tes 0. 01 9. 0 0. 0 (1. 0) NM - - 2
W ebzen Inc. 12/31/2009 K O S E : A069080 K O S E KRW S outh K orea 12600. 00 130. 3 24. 3 (0. 8) -3.2% 2. 8x - NA
W e-R -Y ou C orp. 9/30/2007 W E R U OT C P K US D U nited S ta tes 0. 01 0. 3 0. 6 (0. 2) -29. 1% 0. 6x - NA
W iz za rd S oftwa re C orpora tion 9/30/2009 W ZE AME X US D U nited S ta tes 0. 34 18. 2 5. 2 (3. 9) -76. 4% 3. 8x - 110
W orlds . com Inc. 9/30/2009 W DDD OT C B B US D U nited S ta tes 0. 09 4. 8 0. 1 (0. 6) NM - - 1
W ynds torm C orpora tion NA W Y ND OT C P K US D U nited S ta tes 0. 05 0. 9 NA NM NM - - NA
XING AG 9/30/2009 O 1B C XT R A E UR G erma ny 27. 85 196. 6 58. 0 15. 6 27. 0% 2. 5x 9. 2x 266
Y D Online C orp. 12/31/2007 A052770 K OS E KRW S outh K orea 6320. 00 82. 8 59. 8 12. 9 21. 6% 1. 5x 7. 0x NA
Y nk K orea Inc. 12/31/2008 A023770 K OS E KRW S outh K orea 2925. 00 13. 6 12. 4 1. 3 10. 5% 1. 0x 9. 7x NA
High 35,113. 6 9, 333. 7 2, 175.2 62. 2% 48. 7x 47. 6x 6, 194
L ow 0. 0 0. 0 -108. 4 -91. 9% 0. 1x 0. 6x 1
Average 766.7 397.6 93.3 3.1% 5.2x 10.9x 795
Media n 46. 8 11. 0 -0. 1 11. 1% 1. 8x 9. 0x 114

Figure 1. Web 2.0 Universe Summary

Source. Capital IQ
 Page 3

Capital Markets Activity (M&A and Financing)

Deal activity flattens out this mid-February week: Total transaction value in the Web 2.0 universe for February-to-date
is $168 million (vs. $115 million at time of last publication). The number of financings stands at 21 (vs. 13 last week),
averaging $8.0 million each (vs. $8.6 million last week). In comparison, total capital raised in January was $214.1 million,
averaging $9.3 million over 23 deals. December was $450.4 million, averaging $12.9 million over 35 deals. November was
$204.4 million, averaging $10.8 million (19 deals); and October was $176.1 million, averaging $5.9 million (30 deals).

Financing Activity Last Twelve Months

500.0 16.0

450.0 13.9
14.0
12.9
400.0

12.0

350.0 10.8

9.3 10.0
300.0 9.0

8.0
(US$m)

(US$m)
250.0 8.0
6.9 7.0
6.5
6.2
200.0 5.9
5.6 6.0

4.7
150.0

4.0

100.0

2.0
50.0

0.0 0.0
Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10

*May-09 includes $200m FB investment Total Average

Dec-09 includes $180m Zynga investment

Figure 2. Financings, Last Twelve Months

Source. Company reports
 Page 4

Deal round-up for February: The large deal highlights for the month include:

Aardvark – social search engine – was acquired by Google for $50 million.

Glam Media – online media company – received a capital injection of $50 million.

BlueKai – intent-focused data exchange – raised $21 million in a Series C financing.

Ustream – online video service provider – raised $20 million.

WebVisible – SaaS-based online ad service provider – received $20 million in its third funding round.

TidalTV – online platform for branded video – received $16 million in a Series B funding.

Avvasi – solutions provider in the video processing space – raised $14 million in its second round of funding.

BrightRoll – video ad network – raised $10 million in its third round.

Yodle – online advertising service – raised $10 million in Series D financing.

All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures
23 and 24 (at end of note).

Financing & M/A Summary - Last Three Months

250.0

200.0

150.0

Feb-10
(US$m)

Jan-10
Dec-09

100.0

50.0

0.0
Movik Networks

Mixer Labs

PowerReviews
Flixster
Avvasi

AdMarvel
Mochi Media

LiveMocha

Everyscape

Effective Measure

Cognitive Match

GlobalMotion Media
Moblyng

Stylehive
Vivox
Fynanaz
Pursway

Sway

Decision Maker

Stylefeeder
StudioNow

ThisNext
Cozi
Living Social

XIHA
Zynga

Yelp

Guvera

SMSGupShup
MobGold

Aggregate Knowledge
Gowalla

SonicMule

Eyeka

Twilio

Beezag

Sonico
Aardvark

Spiceworks

Flurry

Gizmoz

5 Minutes
StockTwits

OneForty

Blippy

Graphic.ly

Backupify
Friendster

SocialGO
Ranker
Quantcast

Moonshot

AlikeList

Tonchidot
SCVNGR

Grapeshot

Echo Nest
ReachLocal

Blue Kai

TidalTV

BrightRoll

Gogii

Gaikai

Rocket Fuel

Jelli

Jinni
Jajah

Shanghai Dacheng
Glam Media
Youku
Groupon
Paymo

Lala

Yodle

kaChing
SeekingAlpha
ChaCha

Pageonce
Curse
BuyWithMe

Apisphere
Smaato

JanRain

Whiskey Media
Scrapblog

Center'd
HootSuite

Rekoo

Joonto
AppsFire
AppVee
Zoosk

Visible Technologies

Article One Partners

Cloud Engines
NuConomy
Vook

Appolicious

Serious Business
Ustream
Lithium

Genius.com

Prosper.com
Reframe It
Yammer

Drimmi
WebVisible

6 Waves

WePay
gWallet

TuneWiki

Figure 3. Capital Market Activity, Last Three Months

Source. Company reports
 Page 5

Gaming and Social Networks – a symbiotic relationship: In the past three months, the Social Networks space has
garnered the highest number of financings (13), while the Gaming sector leads in total value of funding. The $400
million acquisition of Playfish skews the Gaming segment to the highest total financing (Figure 4). As many of the start-
ups receiving Gaming sector financing are specifically deployed on Social Network platforms, the two sectors have built
up somewhat of a symbiotic relationship.

Capital Market Activity by Sector - Last Three Months

400.0

350.0

300.0

250.0
(US$m)

200.0

150.0

100.0

50.0

368.5 217.5 183.8 122.4 115.5 73.0 57.8 53.7 50.0 47.3 46.6 41.8 25.0 24.5 18.0 17.7 16.0 15.3 14.6 13.2 12.5 11.9 11.3 5.0
0.0
Mobile Payment
Social Commerce
Gaming

Online Calendar
Mobile

Media

Enterprise

Microblog

Online Learning
Music

Financial Services
SMS/Voice

Search

Mobile Ad

Location-based

Infrastructure
Social Networks

Virtual Goods
Advertising

Video

Crowdsourced

Aggregation

Virtual World
Analytics

Content

SNS

# companies
8 3 10 13 5 8 6 3 1 5 5 5 1 3 4 4 1 3 2 5 1 4 2 1

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

Source. Company reports
 Page 6

Capital Markets Activity (Price Performance)

Web 2.0 index continues to outpace NASDAQ recovery: Our Web 2.0 index (market-cap weighted) has positively
diverged from the broader tech market (represented by the Nasdaq Composite Index) since Q1/09 (Figure 5).

Web 2.0 Index Price Performance

300

250

200

150

100

50

0
2/23/2009

3/9/2009

3/23/2009

4/6/2009

4/20/2009

5/4/2009

5/18/2009

6/1/2009

6/15/2009

6/29/2009

7/13/2009

7/27/2009

8/10/2009

8/24/2009

9/7/2009

9/21/2009

10/5/2009

10/19/2009

11/2/2009

11/16/2009

11/30/2009

12/14/2009

12/28/2009

1/11/2010

1/25/2010

2/8/2010

2/22/2010
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing

Figure 5. Web 2.0 Price Performance

Source. Capital IQ
 Page 7

Shallow but broad improvement in stock prices: Thirty-two companies in our universe had positive stock price
performances (averaging +5.9%) over the past week (for stocks with prices greater than $1) (Figure 6), while 17
companies showed negative 1-week returns (averaging -3.0%).

1 Week P rice P erformance

V elti Plc 63.0%
L ingo Media Corporation 22.2%
A s knet A G 11.0%
Openw ave S y s tems Inc. 10.7%
Tree.Com, Inc. 7.1%
Modern Times G roup Mtg A B 6.6%
Frogs ter Interactive Pictures A G 6.4%
Ngi G roup Inc. 6.2%
G ree, Inc. 5.8%
Open Tex t Corp. 4.8%
Y D Online Corp. 4.5%
NetDragon WebS oft, Inc. 4.3%
Perf ect World Co., Ltd. 3.6%
S ohu.com Inc. 3.3%
G ravity Co., Ltd 2.6%
Mix i, Inc. 2.6%
NEOWIZ G ames Corporation 2.5%
A ctoz S oft Co., Ltd. 2.3%
CDC Corp. 2.2%
A Q Interactive, Inc. 2.2%
S hutterf ly , Inc. 1.9%
United Online, Inc. 1.9%
PNI Digital Media Inc. 1.7%
The9 Limited 1.7%
Webz en Inc. 1.6%
IA C/InterA ctiveCorp. 1.6%
TheS treet.c om, Inc. 1.3%
G ameOn Co Ltd. 1.1%
V alueClick, Inc. 1.0%
Tencent Holdings Ltd. 0.8%
G iant Interactive G roup, Inc. 0.5%
Neteas e.com Inc. 0.1%
Quepas a Corp. 0.0%
S handa Interactive Entertainment Ltd. -0.3%
Y nk K orea Inc. -0.7%
Chines e G amer International -0.8%
DA DA S pA -1.0%
S park Netw orks , Inc. -1.3%
K ings oft Co. Ltd. -1.5%
S K Communica tions Co., Ltd. -1.8%
HanbitS oft, Inc. -2.0%
My riad G roup A G -2.1%
Changy ou.com Limited -2.2%
X ING A G -2.2%
G igaMedia Ltd. -2.6%
G amania Digital Entertainment Co., Ltd. -2.8%
Fluid Mus ic Canada, Inc. -3.2%
Neurotech Pha rmaceuticals Co., Ltd. -4.4%
Northgate Technologies Limited -8.2%
G ungHo Online Entertainment, Inc. -14.0%
-0.2 -0.1 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7

Figure 6. 1-Week Price Performance

Source. Capital IQ

Public Company Industry News (Partnerships, Financial Results, New Products)
K ey Developments
C ompany
Openwave S ys tems Inc .
(Nas daqG S : OP WV)
AOL , L L C ; Digital S ky Tec hnologies R ambler Media R eportedly E yeing IC Q
L imited; IC Q L td.; Nas pers L td.
(J S E : NP N); R ambler Media L td.;
S eznam.cz, a.s .; Tencent Holdings L td.
(S E HK : 700); Yahoo! Inc.
(Nas daqG S : YHOO); Yandex L L C
Openwave S ys tems Inc .
(Nas daqG S : OP WV)
Openwave S ys tems Inc .
(Nas daqG S : OP WV)
Figure 7a. Key Developments
Source. Capital IQ
Headline
O penwa ve S ys tems Inc. Introduces Media
O ptimiza tion S olution
O penwa ve S ys tems Inc. Introduces Media
O ptimiza tion S olution to Help O pera tors
Intelligently Ma na ge Increa s ing V ideo Dema nd video experience a cros s a ny device. Openwave Media Optimizer is pa rt of O penwa ve's T ra ffic Media tion s olution a nd can
O penwa ve S ys tems Inc. Introduces S mart
P olicy, a C ontext-Aware S ma rt P olicy
Ma na gement S olution
Page 8
Notes
Openwave S ys tems Inc. announced O penwa ve Media O ptimizer, a n intelligent, s cala ble, a nd policy-aware video delivery
s olution. O penwa ve Media O ptimizer ena bles the reduction of data tra ns mis s ion cos ts and works to improve the online
video experience a cros s a ny device. Openwave Media Optimizer is pa rt of O penwa ve's T ra ffic Media tion s olution a nd can
be delivered pre-integrated with Openwave S ma rt P olicy, a ls o a nnounced. K ey benefits of O penwa ve Media O ptimizer
include the following: C ontent-a ware B a ndwidth C ompres s ion us es a video encoding a lgorithm to potentia lly compres s da ta
by 30% , thus potentia lly reducing ba ndwidth cons umption with minima l impa ct to the vis ua l qua lity of the video. Dynamic
C ontent Ins pection ca n eliminate the need to ma nua lly identify video contents us ing a "white lis t. " T his fea ture allows video
content to be a ccurately identified rega rdles s of their s ource a nd pa cka ging. S ma rt C aching works to reduce core network
tra ffic a nd to improve the us er experience through fa s ter video delivery. It a ls o ca n perform offline optimiza tion on popula r
videos , res ulting in multiple vers ions of videos pre-encoded a ccording to device profiles and pre-configured optimiza tion levels . Dyna
S ha ping ena bles the a djus tment of the video bit-rate a ccording to rea l-time network conditions to ens ure
continuous video pla yba ck without a ny s ta lls or jitters . J us t-In-T ime V ideo Delivery works to deliver jus t enough
content for s mooth pla yba ck, preventing wa s ted ba ndwidth when us ers do not wa tch a n entire video. Device-
and Network-Aware O ptimiza tion ta kes into cons idera tion a device's capa bilities a nd encodes media content in a
bit-rate s uited for each device. Optimized C odecs include one that is tuned for s peed for real-time trans coding
and delivery, and another tha t is tuned to produce the bes t video qua lity for cached videos during offline optimization.
P olicy-Aware O ptimiza tion works to ens ure tha t us ers receive the quality of s ervice they expect or pa id for with a
configurable optimiza tion level that is ba s ed on attributes s uch a s s ubs criber profile, device cha ra cteris tics , data
pla n, a nd time of da y.
R a mbler Media Ltd. is looking to a cquire IC Q Limited from America Online Inc. (AO L ), K ommers ant reported on F ebrua ry
15 citing a s ource clos e to the ta lks . R a mbler Media ha s s ent a reques t to AO L a bout the pos s ibility of a cquiring IC Q , the
s ources told the da ily. R a mbler Media’s s pokes ma n, K ons tantin V oronts ov did not deny the informa tion, but provided no
comments , K ommers ant a dded. T he other compa nies interes ted in a cquiring IC Q includes , Digita l S ky T echnologies
Limited, Y a ndex L LC , T encent Holdings Limited, Na s pers L imited, S ezna m. cz, a . s . , a nd Y a hoo! Inc. , K ommers a nt added.
AO L may clos e a dea l to s ell IC Q within two months , a s ource familiar with the s ituation told K ommers ant.
Openwave S ys tems Inc. announced O penwa ve(R ) Media O ptimizer, an intelligent, s ca la ble, a nd policy-awa re video delivery
s olution. O penwa ve Media O ptimizer ena bles the reduction of data tra ns mis s ion cos ts and works to improve the online
be delivered pre-integrated with Openwave(R ) S ma rt P olicy. Da ta demand, s pecifically driven by video, is on a pa th to
quickly outs trip network ca pa city. S ys tems 1, video traffic is projected to be roughly two thirds of the world's mobile da ta by
2014. W ith the a dvent of ga me-cha nging devices s uch as the iP hone and potentia lly the iP a d, the growing popula rity of
video on s ma rtphones and other non-phone devices is putting a tremendous s train on operator networks . An immediate
way for opera tors to mana ge s kyrocketing ba ndwidth cons umption is by deploying in-network s oftwa re optimization
s olutions like Media O ptimizer to control data tra ns mis s ion cos ts a nd dyna mica lly optimize video for a n optima l viewing
experience. V ideo tra ffic is ris ing and opera tors a re looking for ways to reduce cos ts while monetizing the opportunities as we
Openwave S ys tems Inc. announced O penwa ve S ma rt P olicy, a context-awa re s mart policy ma na gement s olution that is
des igned to help operators better monitor a nd ma nage their network utiliza tion at a us er, device a nd a pplica tion level, a nd
addres s es the ris ing tide of mobile broa dba nd da ta cons umption. O penwa ve S ma rt P olicy s olution opera tes on the network
da ta path a nd is des igned to s erve a s a control point for tota l tra ffic media tion ca pable of a pplying dyna mic a pplica tion level
policy rules through a rich s et of da ta s ources including exis ting policy a nd tra ffic mana gement s ys tems within the opera tor
networks . O penwa ve S ma rt P olicy a dds a pplication s pecific policy dimens ions , complimenting overa ll network policy, to
mobile broadband traffic. T hrough dynamic feedba ck and greater vis ibility into the tra ffic flow, S ma rt P olicy enables crea tive
s ervice pla n options . P olicies ba s ed on fa ctors s uch a s the acces s network us ed, the us er s ocia l group, the volume
cons umption per s ervice and/or time of da y/week and the bandwidth us a ge level in different a rea s of the network, a llows the
opera tor to ha ve better control of the us er experience a nd cos t of the s ervice delivery. Openwave S ma rt P olicy S olution will be a va ila
of the firs t quarter of 2010.

K ey Developments
C ompany
Openwave S ys tems Inc .
(Nas daqG S : OP WV)
Open Text C orp. (Nas daqG S : OTE X)
Multiplied Media C orporation;
Multiplied Media C orporation, P rior to
R evers e Merger with R eward Phone
International Inc . (TS XV: MMC )
DigitalTown, Inc . (OTC B B : DG TW )
B eyond C ommerc e, Inc .
(OTC B B : B YOC )
Openwave S ys tems Inc .
(Nas daqG S : OP WV)
ValueC lick, Inc . (Nas daqG S : VC L K )
Figure 7b. Key Developments
Source. Capital IQ
Headline
O penwa ve S ys tems Inc. L aunches New
C ontextua lly Aware Data Media tion
O pen T ext Mulls S pending $500 Million O n
Acquis itions
R eward P hone Interna tional Inc. completed the R ewa rd P hone Interna tiona l Inc. entered into a non-binding letter of intent to a cquire Multiplied Media C orporation (T S XV :
a cquis ition of Multiplied Media C orpora tion
(T S XV : MMC ) in a revers e merger trans a ction. s hares . Ma rvin Igelma n, C hief E xecutive O fficer of UnoMobi, Inc. , a nd a n additiona l nominee of UnoMobi will be a ppointed
Digita lT own Announces P a rtners hip with F 5-
S IM for C us tom S ports T ra ining a nd C oa ches
T ools
B eyond C ommerce, Inc. ha s filed a F ollow-on
E quity O ffering in the a mount of $2. 00 million.
O penwa ve S ys tems Inc. - S ha reholder/Ana lys t T o ta lk a bout their 4G , all-IP vis ion of context-aware media tion and the s trategy in pla ce to help their cus tomers leverage
C all
V alueC lick, Inc. R eports C ons olida ted
Una udited F ina ncia l R es ults for the F ourth
Q ua rter a nd F is ca l Y ear E nded December 31,
2009 ; P rovides E arnings G uida nce for the
F irs t Q uarter of 2010
Page 9
Notes
Openwave S ys tems Inc. announced the launch of O penwa ve Ana lytics , Da ta Mediation E dition (DME ). O penwa ve Ana lytics
DME ena bles opera tors to gain deta iled network a nd us age rela ted ins ights acros s a wide a rra y of operator data s ources .
T he s olution a ls o a llows opera tors to s ea mles s ly ins ert this intelligence into their control points in the network and mobile
ecos ys tem. In a ddition, the s olution is focus ed on providing the ability to build rich profiles and s egments and leverage
ins ights into new revenue s treams for operators . O penwave Ana lytics , DME is a fea ture-rich, predictive s olution fueled by
real-time a na lytics tha t provides ea rly identification of mobile data trends that ena ble opera tors to make timely decis ions to
avoid ba ndwidth problems while targeting bus ines s driving opportunities . Ana lytics , DME media tes among a ll different
ecos ys tem elements , enabling the enha ncement of every mode of IP tra ffic including mobile internet, mes s aging, video a nd
s ocia l networking. T he res ult provides opera tors with a 360-degree view of their network, devices a nd s ervices , a nd enables
opera tors to proactively optimize network res ources , quickly launch s ma rt mobile s ervices , and provide a contextually releva nt us er
experience. T his lates t Ana lytics s olution from O penwa ve includes full ca pabilities for bus ines s ana lys ts working with
mobile data , while ena bling executives with concis e and vis ua lly informa tive da s hboa rds tha t ca n help opera tors to
monitor, ma nage a nd monetize the mobile internet. Monitor Opera tional das hboard that concis ely pres ents key
performa nce indica tors in a manner tha t can be ea s ily utilized by network opera tions s ta ff Marketing da s hboard that
vis ualizes and pres ents key bus ines s performance indicators in a forma t for marketing executives O n-dema nd
reports for s ubs criber s egments , on/off deck portal ana lys is , repeat vis it a na lys is , a nd ma ny more reports .
T he C E O of Open T ext C orp. , J ohn S ha ckleton s aid tha t the company is in ta lks on multiple acquis itions to ga in new
technology, with pla ns to expend as much as $500 million. “Y ou will certa inly s ee s ome s ma ll tuck-unders ha ppen a nd be
announced in the very near future, ” S ha ckleton s a id in a phone interview. “A la rger one -- it’s not in the nea r future, but it’s
certa inly there. It’s certa inly in the works . ” He refus ed to divulge the name of ta rgets or the types of firms being purs ued.
Open T ext ma y us e the a cquis itions to s trengthen its pres ence in new markets , S ha ckleton s a id. He added tha t the s ma ller
dea ls will proba bly be in North America a nd E urope, while a la rger a cquis ition ma y be of a “globa l” compa ny that ha s a
pres ence in s ome emerging ma rkets , like V ignette.
MMC ) in a revers e merger tra ns a ction on J une 1, 2009. Multiplied s ha ll s a tis fy the cons ideration through is s ue of 95 million
to the B oard of Directors and C hief S tra tegic O fficer of Multiplied a nd J eff S aga ns ky, current UnoMobi B oard member will
not be part of ma na gement or a B oa rd member. Multiplied Media a nnounced a private pla cement for gros s proceeds of
C AD 7 million. T he proceeds will be us ed to fund the propos ed tra ns a ction. T he tra ns a ction is s ubject to entering into a
definitive a greement, neces s a ry regula tory a nd other a pprova ls and s atis fa ction of all other cus toma ry clos ing conditions .
On December 8, 2009, T S X V enture E xchange approved the trans a ction. T he trans a ction is expected to complete by the
firs t quarter of 2010.
On F ebruary 5, 2010, Multiplied Media C orporation s igned a definitive a greement with R ewa rd P hone Interna tiona l Inc.
DigitalT own, Inc. a nnounced a web content development pa rtners hip with F 5-S IM (E den P rairie, MN). F 5-S IM (S ports In
Motion) is an innova tive developer of anima tion and s oftware tools providing cutting edge 21s t century s olutions combined
with s ports expertis e filling the needs of pla yers , pa rents , s pecta tors a nd coa ches . F 5-S IM provides tea ms , organizations
and youth lea gues s port-s pecific tools to vis ua lly enga ge players , coa ches a nd fans to better unders tand a nd tea ch the
ga me. T he three yea r agreement calls for F 5-S IM to deliver s oftware on a revenue s ha re ba s is for DigitalT own 27, 000 high
s chool s pirit s ites and will work with DigitalT own on its rela ted 43, 000 town s ite development. E ach s port or activity ha s
nota ble content experts , who provide the leaders hip, content des ign, credentia ls a s well as a cces s to all levels of pla yers ,
coaches and s uppliers of s ports equipment a nd indus try lea ders in creating F 5-S IM products .
B eyond C ommerce, Inc. ha s filed a F ollow-on E quity O ffering in the amount of $2. 00 million.
Offer Deta ils :
S ecurity T ype: C ommon S tock
Offered: 20000000
P rice/R a nge: 0. 10
the va lue of their a s s ets with a comprehens ive view into the devices , content, policies a nd us age a ctivity on their network.
V a lueC lick, Inc. reported cons olidated unaudited financial res ults for the fourth qua rter and fis ca l yea r ended December 31,
2009. R evenue of $110. 4 million for the fourth qua rter of 2009 increa s ed $0. 3 million from $110. 1 million in the fourth
qua rter of 2008. Adjus ted-E B IT DA1 wa s $35. 1 million for the fourth qua rter of 2009 increa s ed $8. 5 million from $26. 5
million in the fourth qua rter of 2008, res ulting in adjus ted-E B IT DA ma rgin expa ns ion to 31. 8% in the fourth qua rter of 2009
from 24. 1% in the yea r-a go period. G AAP net income from continuing operations for the fourth quarter was $17. 4 million, or
$0. 20 per diluted common s ha re. Non-G AAP net income, which excludes dis continued operations , s tock-ba s ed
compens ation a nd amortiza tion of inta ngible a s s ets was $21. 6 million, or $0. 25 per diluted common s hare for the fourth
qua rter. T he C ompa ny genera ted a pproxima tely $33 million in free cas h flow in the fourth quarter, defined as net ca s h from
opera tions les s capita l expenditures . Net income was $15. 49 million or $0. 18 per diluted s ha re a gains t net los s of $251. 767
million or $2. 90 per diluted s ha re a yea r ago. O perating income from continuing opera tions wa s $26. 38 million aga ins t opera ting los s
$252. 46 million a yea r ago. Income before income ta xes from continuing opera tions was $26. 20 million a ga ins t los s
before income ta xes from continuing opera tions of $254. 18 million a yea r ago.
T he compa ny provided guidance for the firs t qua rter of 2010. F or the qua rter, the compa ny expects revenue of
$93-$97 million, Adjus ted-E B IT DA of $24-$26 million, G AAP diluted net income per common s hare of $0. 10-$0. 11
and Non-G AAP diluted net income per common s hare of $0. 15-$0. 16.

K ey Developments
C ompany
W izzard S oftware C orporation
(AME X: WZE )
Unilava C orporation (OTC B B : UNL A)
is eemedia Inc . (TS XV: IE E )
United Online, Inc . (Nas daqG S : UNTD)
Open Text C orp. (Nas daqG S : OTE X);
S AP AG (DB : S AP )
Velti P lc (AIM: VE L )
ID Watchdog, Inc . (TS XV: IDW );
Tree.C om, Inc . (Nas daqG M: TR E E )
G arant Ins urance C ompany; OAO R B C G ara nt Ins ura nce C ompa ny a cquired R B C T V G a rant Ins ura nce C ompa ny acquired R B C T V from O AO R B C Informa tion S ys tems (MIC E X : R B C I) on F ebrua ry 19, 2010.
Information S ys tems (MIC E X: R B C I); from O AO R B C Informa tion S ys tems (MIC E X: T he tra ns a ction was a pproved by the antitrus t authority.
R B C TV
Neteas e.c om Inc. (Nas daqG S : NTE S )
DigitalP os t Interactive, Inc.
(OTC B B : DG L P )
Figure 7c. Key Developments
Source. Capital IQ
Page 10
Headline Notes
W izza rd S oftwa re C orporation to La unch W izzard S oftwa re C orpora tion has entered into a n a greement to la unch the V a tica n O bs ervatory iP hone App a imed a t the
V atica n O bs ervatory iP hone App 1. 5 billion C a tholics worldwide, repres enting 17% of the world's popula tion, a nd a ll others s eeking iP hone a cces s to da ily
ins pira tional a nd devotional mes s a ges from this V a tica n-chartered ins titution. Introduction of the V a tica n Obs erva tory
iP hone App follows on P ope B enedict X V I's recent encoura gement of a ll pa rts of the V a tican to rea ch people worldwide
through new technology. T he V atica n O bs ervatory iP hone App will come loa ded with da ily a nd weekly audio a nd video
ins pira tional a nd devotional content with bonus tra ns cripts , s cripture references a nd ins ightful commentary. C ontent will
als o addres s the nexus of faith a nd knowledge a t the hea rt of the V atica n O bs ervatory's mis s ion, including ima gery from the
V a tican O bs erva tory a nd other principal s ites of the V atica n, delivered on ca mera by prominent devotiona l televis ion
pers ona lity a nd bes t-s elling author F ather Micha el Ma nning, a n ordained and papa lly recognized C a tholic pries t. P roceeds
from the iP hone App will s upport the V a tican O bs erva tory F oundation's huma nita rian work in s cientific education, res ea rch a nd dis co
s eries will feature highlights of the iP hone App content a nd s elect reruns of iP hone App epis odes , a s well a s a
behind-the-s cenes look a t production of the iP hone App's content a nd periodic on-s ite production in R ome.
Unila va C orpora tion Appoints L ino G . Morris to Unilava C orporation a nnounced the forma tion of its Advis ory B oa rd in a n effort to provide the mana gement tea m s tra tegic
its Advis ory B oa rd guidance a s Unila va continues to build innova tive bus ines s s olutions within the communica tions s ector. In addition to
forming the Advis ory B oa rd, the company has named Lino G . Morris a s a member of the Advis ory B oa rd. Morris ha s over
40 yea rs of experience in both telecommunications and technology, having s erved in the private and public s ectors globally.
R ecently, Morris s erved a s Director of E xcha nge S ervices for a large E uropea n group tha t owns one of the larges t a nd
newes t fiber networks in E urope, covering s ome 300 loca tions in 16 countries .
is eemedia Inc. Announces its Newes t Mobile is eemedia Inc. a nnounced at the 2010 Mobile W orld C ongres s , its newes t mobile V AS pla tform, is ees ocia l(T M), ta ilored to
V as P latform, is ees ocia l(T M) mobile opera tors a nd s ocia l networking us ers . is ees ocia l is a s ocia l networking pla tform built on the current is eema il(T M)
"B la ckB erry-like" mobile email pla tform, taking a dvanta ge of a proven rich ca rrier gra de s olution already deployed in the
ma rketplace. is ees ocial fa cilita tes a robus t mobile s ocial community that allows s ubs cribers to connect, intera ct a nd
s ocia lize with ea ch other on their fa vourite s ocial networks , s uch a s F acebook, T witter, O rkut, F riends ter, B ebo, Ha bbo, Hi5,
Linkedin, MyS pa ce, Y a hoo a nd Ning a mong others . is ees ocia l uniquely combines s ocial networking, mobile email s ervices
and rich content delivery to form a flexible a nd highly efficient V AS pla tform. Mobile operators will derive s ignifica nt benefits
including increas ed mes s aging and data us age, s tronger cus tomer loyalty and extended va lue-a dded s ervices for their
s ubs cribers . is ees ocia l is des igned to meet opera tors ' s pecific needs and ca n be s eamles s ly integra ted with their B S S /OS S
to offer flexible billing tha t meets
s ubs criber requirements for different pla ns s uch a s bundled s ubs cription (da ily, weekly, bi-weekly, monthly), a s well as
on-dema nd tra ns a ctiona l cha rging. T he pla tform empowers operators to offer their cus tomers their own branded
community of rich group mes s a ging tha t s eamles s ly integra tes with all the popular s ocial communities .
United Online, Inc. R eports Una udited United O nline, Inc. reported una udited cons olida ted ea rnings res ults for the fourth qua rter a nd year ended December 31,
C ons olida ted E arnings R es ults for the F ourth 2009. F or the qua rter, the compa ny reported net income a pplica ble to common s tockholders of $17. 6 million or $0. 19 per
Q ua rter a nd Y ear E nded December 31, 2009 diluted s ha re on tota l revenues of $249. 5 million a gains t net los s a pplica ble to common s tockholders of $137. 6 million or
$1. 68 los s per diluted s ha re on tota l revenues of $256. 2 million for the s a me period la s t yea r. O perating income wa s $32. 8
million aga ins t opera ting los s of $133. 8 million for the s ame period las t year. Income before income ta xes wa s $27. 7 million
aga ins t los s before income taxes of $143. 5 million for the s ame period las t year. Net income wa s $17. 6 million a ga ins t net
los s of $137. 6 million for the s a me period la s t yea r. Adjus ted net income applicable to common s tockholders was $31. 9
million or $0. 38 per diluted s ha re a ga ins t $28. 6 million or $0. 35 per diluted s ha re for the s a me period la s t yea r. Net ca s h
provided by operating a ctivities was $59. 2 million a gains t $63. 5 million for the s a me period la s t yea r. P urchas es of property
and equipment were $9. 0 million a ga ins t
$8. 4 million for the s a me period la s t yea r.
S AP AG a nd O pen T ext C orp. E xpand G loba l S AP AG and O pen T ext C orp. a nnounced the third ma jor expa ns ion of a n already s ucces s ful s tra tegic relations hip to
R es eller Agreement to Include Digita l As s et include O pen T ext Digital As s et Ma nagement (DAM), a key component of the O pen T ext E C M S uite a nd a pa rt of ma rketing
Ma na gement res ource ma na gement (MR M) a nd intellectual property ma nagement (IP M) capa bilities of the S AP ® ; C us tomer R elations hip
Mana gement (S AP C R M) a pplication. T hrough a new globa l a greement, S AP will res ell the enterpris e DAM s olution from
Open T ext under the na me the S AP ® ; Digital As s et Mana gement a pplica tion by O pen T ext. S AP has had grea t s ucces s
res elling O pen T ext Document Acces s , O pen T ext Archiving a nd O pen T ext Invoice Mana gement s olutions , a nd the
compa nies a nnounced in O ctober a n expa ns ion of the agreement tha t enables S AP to res ell O pen T ext E xtended E C M.
S AP to res ell one of the DAM s olutions a s a pa rt of a n overa ll MR M a nd IP M s olution with emphas is on enterpris e
ma rketing depa rtments acros s every indus try, a s well a s media indus try publis hing hous es , enterta inment firms a nd
broa dca s ters .
V elti P lc P res ents a t Mobile W orld C ongres s V elti P lc P res ents at Mobile W orld C ongres s 2010, F eb-18-2010 through F eb-18-2010. V enue: F ira de B a rcelona -Montjüic,
2010, F eb-18-2010 through F eb-18-2010 Av. R eina Ma ria C ris tina , s /n, 08004 B a rcelona , S pain. S peakers : S tephen Ups tone, V ice P res ident of S a les .
ID W atchdog, Inc. Announces P a rtners hip with ID W a tchdog, Inc. announced that it ha d entered into a ma rketing rela tions hip with L endingT ree, LL C . T hrough this
ID W atchdog, Inc rela tions hip, L ending T ree will offer ID W a tchdog's idC HE C K product through its internet properties . A link will prominently
be dis pla yed on www. lendingtree. com allowing L endingT ree cus tomers ea s y a cces s to ID W a tchdog's offer.
R B C I).
G a rant Ins ura nce C ompa ny completed the acquis ition of R B C T V from O AO R B C Informa tion S ys tems (MIC E X: R B C I) on
F ebruary 19, 2010.
Netea s e. C om Inc. to La unch W orld of W a rcra ft Netea s e. com Inc. announced that it will roll out the W ra th of the Lich K ing, the s econd expa ns ion pack for W orld of
E xpa ns ion P a ck E a rly W a rcra ft, a s s oon as pos s ible a fter ha ving ga ined operating a pprova l for the firs t W oW expans ion pa ck during the country's
S pring F es tiva l. W oW is a n interna tiona lly a cclaimed mas s ive multiplayer online role-pla ying ga me which boa s ts nea rly five
million ga mers in C hina . It wa s crea ted by the B lizza rd E nterta inment.
Digita lP os t Interactive, Inc. Announces La unch DigitalP os t Intera ctive, Inc. a nnounced the la unch of www. F a milyP hotoZoo. com through a partners hip with Lucidiom Inc.
of www. F amilyP hotoZoo. C om T hrough a W ith the a ddition of DigitalP os t to the Lucidiom P hoto F ina le platform, us ers ca n eas ily create their own F a mily P hoto Zoo
P artners hip with L ucidiom Inc webs ite from photos s tored on P hoto F ina le. W ith a few clicks , the us er can have a robus t s ocia l networking s ite des igned
to be s ha red by fa mily members . T he F a mily P hoto Zoo s ite is complete with a mes s a ge board, fa mily tree, news letter and
video uploa ds . T he us er may pa s s word-protect her s ite a s well.
 Page 11

Valuation
Gaming companies lead market-cap charts: Eleven companies in our Web 2.0 universe top US$1 billion in market
capitalization (Figure 8). Sixty-four of the 97 companies have market caps under US$100 million, with 42 under US$25
million. Online gaming companies dominate the top of the list, led by Tencent Holdings (SEHK:700) with a market cap
of approximately US$35.1 billion.

Market C ap ($US mm)

Tencent Holdings Ltd. 35113.6
Neteas e.com Inc. 4849.3
Modern Times Group Mtg A B 3606.2
S handa Interactive Entertainment Ltd. 3154.9
Open Tex t Corp. 2718.7
IA C/InterA ctiveCorp. 2550.3
Gree, Inc. 2442.7
S ohu.com Inc. 1916.7
Perf ect World Co., Ltd. 1912.7
Changy ou.com Limited 1810.6
Giant Interactive Group, Inc. 1689.8
Mix i, Inc. 880.8
K ings oft Co. Ltd. 862.1
Chines e G amer International 854.7
V alueClick, Inc. 795.8
NEOWIZ G ames Corporation 600.1
United Online, Inc. 542.9
S hutterfly , Inc. 507.6
S K Communications Co., Ltd. 497.3
NetDragon WebS oft, Inc. 298.2
G ungHo Online Entertainment, Inc. 259.1
CDC Corp. 244.9
G amania Digital Entertainment Co., Ltd. 227.9
Openw ave S y s tems Inc. 217.0
XING A G 196.6
My riad G roup A G 192.8
V elti Plc 189.4
The9 Limited 168.5
OA O R B C Inf ormation S y s tems 167.5
GigaMedia Ltd. 160.3
W ebz en Inc. 130.3
A ctoz S oft Co., Ltd. 120.0
DA DA S pA 110.6
TheS treet.com, Inc. 94.9
Tree.Com, Inc. 91.7
Fluid Mus ic Canada, Inc. 90.7
Y D Online Corp. 82.8
HanbitS oft, Inc. 74.6
Frogs ter Interactive Pictures A G 69.8
A Q Interactive, Inc. 67.0
G ameOn Co Ltd. 66.9
NeuLion Incorporated 62.6
Cy berplex Inc. 62.1
S park Netw orks , Inc. 61.7
Ngi Group Inc. 57.9
PNI Digital Media Inc. 56.5
G ravity Co., Ltd 54.2
G eoS entric Oy j 48.8
DXN Holdings B hd 46.8
Multiplied Media Corporation, Prior to R evers e Merger w ith Quepas
R ew ardaPhone
Corp. 39.5
37.4
International Inc. Pharmaceuticals Co., Ltd.
Neurotech 36.4
NeX plore Corporation 36.3
DigitalTow n, Inc. 34.3
Unilava Corporation 29.0
A s knet A G 24.7
S ocialw is e, Inc. 21.8
Dolphin Digital Media, Inc. 19.4
W iz z ard S oftw are Corporation 18.2
A cceleriz e New Media, Inc. 16.4
LookS mart, Ltd. 16.3
Northgate Technologies Limited 14.7
Y nk K orea Inc. 13.6
Lingo Media Corporation 13.1
MOK O.mobi Limited 12.8
J umbuck Entertainment Limited 12.5
S ahara Media Holdings , Inc. 12.4
En2Go International, Inc. 9.6
V OIS , Inc. 9.0
is eemedia Inc. 8.8
Oriented Media Group B erhad 8.4
B right Things plc 7.7
R eal V alue Es tates , Inc. 7.7
S pectrumDNA , Inc. 6.8
Magnitude Information S y s tems Inc. 6.6
K ent International Holdings Inc. 6.2
S NA P Interactive, Inc. 5.9
Worlds .com Inc. 4.8
CornerW orld Corporation 4.8
DigitalPos t Interactive, Inc. 4.4
B etaw ave Corporation 3.5
B roadWebA s ia Inc. 3.4
UOMO Media, Inc 3.0
Mobile Data Corp. 2.4
Unis erve Communications Corp. 2.4
B ey ond Commerce, Inc. 1.6
B igs tring Corp. 1.4
W y nds torm Corporation 0.9
eWorldCompanies , Inc. 0.5
A s s ociated Media Holdings Inc. 0.4
S pry logics International Corp 0.4
We-R -Y ou Corp. 0.3
The Parent Company 0.2
Cody V entures Corporation 0.1
Is e B lu Equity Corp. 0.0
S ocial Media V entures Inc. 0.0
InternetA rray , Inc. 0.0
0 1,000 2,000 3,000 4,000 5,000 6,000

Figure 8. Market Cap Ranking

Source. Capital IQ
 0. 0
2. 0
4. 0
6. 0
8. 0
10. 0
12. 0
14. 0
(x)
Ngi G roup Inc.

# Companies
B etawa ve C orporation

0.0
5.0
10.0
15.0
20.0
25.0
As k net AG

Source. Capital IQ
Source. Capital IQ

2
AIM T he P arent C ompany

0.1 0.1 0.2 0.2

19.2
HLSE Northgate T echnologies Limited

12.0
OTCBB P erfec t World C o., Ltd.

11.1
J umbuck E ntertainment Limited
SEHK

10.5
C y berplex Inc.

Figure 9. TEV/Revenue Ranking

ASX T ree.C om, Inc.
GTSM

8.4 6.3
Unis erv e C ommunic ations C orp.
TSX Is e B lu E quity C orp.
OTCPK G igaMedia Ltd.
T heS treet.c om, Inc.
XTRA

0.3 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.50.6

We-R -Y ou C orp.

1 21 3 2 2 3 11 2 5
TSE

5.7 4.7 3.93.7

O penwa ve S y s tems Inc.
TSXV C DC C orp.
SWX Actoz S oft C o., L td.
AQ Interactive, Inc.

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

KOSE

3.5 3.1 2.6

IAC /InterActiveC orp.
AMEX DADA S pA
OM U nited O nline, Inc.
KLSE DX N H oldings B hd

2.5 2.1 2.0

0.6 0.6 0.7 0.7 0.7 0.7 0.8 0.8 0.8
OSE S pry logics International C orp

1.0
B ey ond C ommerce, Inc.
NasdaqGS

1.9 1.7
1.0

Average TEV/LTM Revenue - By Exchange

Y nk K orea Inc.

6 1 6 2 1 2 1 14 1
MICEX

1.0
HanbitS oft, Inc.
CM O AO R B C Information S y s tems

1.1 0.7
NasdaqGM InternetArray , Inc.
S park Network s , Inc.
BSE

1.1 1.1 1.2 1.3

S NAP Interac tive, Inc.

1 4 1 1
NYSE

0.5 0.3 0.0

S hutterfly , Inc.
G amania Digital E ntertainment C o.,
Y D O nline C orp.
V alueC lick , Inc.
C ornerWorld C orpora tion 1.3 1.3 1.5 1.5 1.5
(x)
NetDragon WebS oft, Inc.
C ody V entures C orpora tion

0.0
5.0
10.0
15.0
20.0
25.0
T E V/L T M R evenue (x)

# Companies
N euL ion Incorpora ted
United
1.6 1.6 1.8 1.9

G ungHo O nline E ntertainment, Inc.

2
19.2
Kingdom Modern T imes G roup Mtg AB

1
Finland P NI Digital Media Inc.

12.0
V elti P lc
2.1 2.1 2.2

2
Australia

8.4
S K C ommunications C o., Ltd.
X ING AG
China

10
NE O WIZ G a mes C orporation
2.5 2.5 2.7

United
exclude multiples greater than 50x. Twenty-four companies have multiples under 1.5x.

S ohu.c om Inc.

41
6.8 6.3
States
2.8 2.8

Webz en Inc.

3
Taiwan My ria d G roup AG
O riented Media G roup B erhad

2
Germany
O pen T ex t C orp.
3.1 3.1 3.2

U O MO Media , Inc

6
Japan

4.3 3.9 3.3

Wiz z a rd S oftware C orporation
3.6 3.8

1
3.1
Switzerland S ocial Media V entures Inc.
4.6

is eemedia Inc.
4.9

Canada

10
Ac celeriz e New Media, Inc.
South
5.2 5.4

Mix i, Inc.

7
Korea Digita lP os t Interac tive, Inc.

1
Sweden Unilava C orpora tion
K ings oft C o. L td.
5.5 5.5 5.7

2
Malaysia

3.0 2.6 2.1 2.0

C hangy ou. com Limited

Average TEV/LTM Revenue - By Country

Neurotech P harmac eutic als C o., Ltd.
5.9 6.0

1
Russia
F rogs ter Interac tive P ictures AG
7.7

1
Italy G ree, Inc.
8.7

1.1 0.7
companies (41), trading at an average of 6.3x revenue (Figure 11). Ten companies are Canadian (average 3.0x revenue).
Lingo Media C orpora tion
9.4

1
Hong Kong C hines e G a mer International
Page 12

11.2

TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are listed
Bigstring Corp. (OTCBB:BSGC) at 38.6x, and Bright Things plc (AIM:BGT) at 36.3x. The median is 1.7x. Note that we
with last week (Figure 9). Three companies trade above 25x revenue – SpectrumDNA, Inc. (OTCBB:SPXA) at 48.7x,
TEV/Revenue (LTM) averages 5.3x: The overall average TEV/Revenue (LTM) multiple for our group is 5.3x – on par

number of companies (21), trading at an average multiple of 11.1x. On a geographic basis, the United States has the most
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest

G eoS entric O y j

1
12.0

India

0.6 0.3
 Page 13

TEV/EBITDA (LTM) averages 10.7x: The average multiple for the 39 companies with positive EBITDA (and multiples
under 100x) is 10.7x LTM EBITDA (vs. 11.5x last week), led by Tencent Holdings Ltd. (SEHK:700) at 47.6x (Figure 12).
Thirteen companies have EBITDA multiples under 7x. The median multiple is 9.1x.

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

50. 0 47. 6

45. 0

40. 0 38.1

35. 0

30. 0

25. 0
19. 3
20. 0 17. 7 18. 4
14. 1 14. 8 15.4
15. 0 12. 7 13. 1
10. 7 10. 8 11. 5 12. 0
9. 1 9. 2 9.5 9. 7 10. 0 10. 2
10. 0 8.1 8. 1 8. 1 8. 3 8.6 8. 8
7. 0
5. 3 5. 5 5.8 6. 2 6. 4
3. 4 3. 6 4. 1
5. 0 2. 0 2. 9
0. 6 0. 8
0. 0

NE O WIZ G ames C orporation

J umbuc k E ntertainment L imited

G amania Digital E ntertainment C o. , Ltd.

G ungH o O nline E ntertainment, Inc .

P NI Digital Media Inc .

C hines e G amer International

U nis erve C ommunic ations C orp.
O AO R B C Information S y s tems
DXN H oldings B hd

C hangy ou. c om L imited

T ree. C om, Inc .

C DC C orp.

Neurotec h P harmac eutic als C o. , L td.

S K C ommunic ations C o. , L td.

Modern T imes G roup Mtg AB
Ngi G roup Inc.

U nited O nline, Inc.

S NAP Interac tive, Inc.

O pen T ex t C orp.

T heS treet. c om, Inc.

C y berplex Inc.

NetDragon WebS oft, Inc.

V alueC lic k , Inc.

S park Network s , Inc.

S ohu. com Inc.

Y D O nline C orp.

IAC /InterAc tiveC orp.

G ree, Inc.

Mix i, Inc.

T enc ent H oldings L td.

XING AG
P erfec t World C o. , L td.

Y nk K orea Inc.

O penwave S y s tems Inc.

V elti P lc
S hutterfly , Inc.

K ings oft C o. L td.

DADA S pA
Ac toz S oft C o. , L td.

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 (21), trading at an average multiple of 8.1x. On a geographic basis, the
United States has the most companies (41), trading at an average of 9.5x EBITDA (Figure 14). Ten companies are
Canadian (average 8.2x EBITDA).

Average TEV/LTM EBITDA - By Country

Average TEV/LTM EBITDA - By Exchange
18.0
25.0 22.3
16.0 16.0
20.0 14.0 15.4
12.0 13.9
15.0 16.015.4 13.7
10.0
(x)

13.8 13.7 10.8 10.7 10.7

(x)

10.0 11.5 10.8 8.0 9.5 8.2

8.7 8.3 8.3
8.1 8.1 8.1
6.2 5.8 4.1 6.0
5.0 3.4 6.2
0.8 4.0
0.0 2.0 4.1 0.8
MICEX

OTCBB
NasdaqGM

GTSM
SEHK

KOSE

TSE

OSE

NasdaqGS
OM

CM

AMEX

KLSE

TSX
AIM

TSXV

ASX

0.0
Kingdom
China

Hong

Japan
United

Canada

Russia

Malaysia
Italy
South
Korea

Kong

States
Taiwan

Australia
Sweden

United

# Companies 3 6 1 4 2 5 2 6 1 14 1 21 1 2 2 3 2
# Companies 7 1 10 3 2 1 6 41 10 1 1 2 2

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

Source. Capital IQ
 Page 14

P/E (LTM) averages 23.6x: The average multiple for the 32 companies with positive earnings (and multiples under 100x)
is 23.6x LTM EPS (vs. 22.9x last week), led by Shutterfly, Inc. (NasdaqGS: SFLY) with an 89.7x multiple (Figure 15).
Twelve companies have P/E multiples under 10x. The median is 15.4x.

P /E L T M (x)

100.0
89.7
90.0

80.0
71.3
70.0
60. 8
58.3
60.0
48.3 49.6
50.0
41. 3
40.0
32.4
28.4 30.0
30.0 25. 9
21.9 23.8
18. 9 20.5
20.0 14.5 16.4
11.7 13.2 13. 2
6.3 7.4 8.2 8. 4
10.0 5.4 5. 6
1.8 2.1 2. 4 2.6 3.5
0.0
0.0

NE O WIZ G ames C orporation

J umbuck E nterta inment Limited

G a ma nia Digital E ntertainment C o., Ltd.

G ungH o O nline E nterta inment, Inc.

C hines e G a mer International
DXN H oldings B hd

C ha ngyou. com L imited

G ia nt Intera ctive G roup, Inc .

G a meO n C o Ltd.
G rav ity C o., Ltd

S handa Interac tive E nterta inment Ltd.

Netea s e.com Inc .

U nited O nline, Inc .

S NAP Interac tiv e, Inc .

O pen T ex t C orp.
C y berplex Inc .

G igaMedia Ltd.

Y D O nline C orp.

V alueC lic k , Inc .

S ohu. com Inc .

NetDragon WebS oft, Inc .

S park Network s , Inc .

Mix i, Inc .

G ree, Inc .

T enc ent H oldings Ltd.

XING AG
P erfec t World C o., L td.

H anbitS oft, Inc .

K ings oft C o. L td.

S hutterfly, Inc .
V elti P lc
Actoz S oft C o., L td.

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 (21), trading at an average multiple of 32.4x. On a geographic basis, the United States has
the most companies (41), trading at an average of 32.8x earnings (Figure 17). Ten companies are Canadian (average 14.2x
EPS).

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

45.0
60.0 40.9
49.6 40.0
50.0 35.0
40.0 39.2 38.0 30.0 32.8
32.4 29.4
31.4 25.0 23.3
(x)

30.0
(x)

24.9 21.9
21.9 20.0 18.7
20.0 20.5 19.1
15.0 14.2
10.0 5.6 5.4 3.5
1.8 10.0 5.6
0.0 3.5
0.0 5.0
OTCBB

GTSM

NasdaqGM
OSE

KOSE

TSE

SEHK

NasdaqGS
AMEX

KLSE

TSX

NYSE
AIM

ASX

0.0
Japan

United

Canada

Kingdom

China

Malaysia
South
Korea
States

Taiwan

Australia
United

# Companies 1 6 5 21 3 2 2 2 14 2 3 2 1 4
# Companies 6 41 7 10 2 3 10 2 2

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

Source. Capital IQ
 Page 15

Upcoming Events
E arnings C alendar
C ompany Date Time Quarter C onf C all Details
Netease.com Inc. (NasdaqGS:NTES) 24-Feb-10 8:00 p.m. EDT Q4/09 877-941-2069
Shanda Interactive Entertainment Ltd. (NasdaqGS:SNDA) 28-Feb-10 9:00 p.m. EDT Q4/09 800-299-8538
Perfect World Co., Ltd. (NasdaqGS:PWRD) 1-Mar-10 7:00 a.m. EDT Q4/09 866-519-4004
CDC Corp. (NasdaqGS:CHIN.A) 9-Mar-10 8:30 a.m. EDT Q4/09 888-603-6873

Figure 18. Earnings Calendar

Source. Capital IQ
 Page 16

C omparable C ompany Analys is > Web 2.0

P ric e P erformance
C ompany Name C urrency Ticker E xchange 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 16.4 0.57 1.8% 1. 8% -21.9% 0.0% 83. 9% -28. 8%
Actoz S oft C o., Ltd. KRW A052790 K OS E 120.0 15600.00 2.3% -8. 0% -10.3% -25.7% 48. 6% -56. 7%
AQ Intera ctive, Inc. JPY 3838 TS E 67.0 112200.00 2.2% 40.8% 180.9% 120.0% 246.8% -13. 0%
As knet AG E UR XT R A :A5A XT R A 24.7 3.60 11. 0% 12.5% -6.5% 12.5% 16. 1% -12. 6%
As s ociated Media Holdings Inc. US D AS MH OT C P K 0.4 0.01 0.0% -79.2% -98.7% -28.6% 614.3% -98. 7%
B eta wave C orporation US D B W AV OT C B B 3.5 0.12 20. 0% -25.0% 269.2% 50.0% -20.0% -45. 5%
B eyond C ommerce, Inc. US D B Y OC OT C B B 1.6 0.03 8.0% 28.6% -40.0% -83.1% -95.8% -98. 6%
B igs tring C orp. US D BS GC OT C B B 1.4 0.02 -1.3% -0. 9% -28.4% 24.0% 30. 6% -61. 1%
B right T hings plc GBP AIM:B G T AIM 7.7 0.02 0.8% -4. 6% 34. 8% 6.9% 37. 8% -38. 0%
B roa dW ebAs ia Inc. US D BWBA OT C P K 3.4 0.04 -33.3% -33.3% -55.6% -82.6% -96.0% -96. 0%
C DC C orp. US D C HIN .A Nas daqG S 244.9 2.31 2.2% -8. 3% -9.4% -8. 0% 194.3% -41. 1%
C ha ngyou.com L imited US D C Y OU Nas daqG S 1,810.6 32.92 -2.2% -0. 2% -1.7% -14.1% NM -31. 9%
C hines e G a mer International TWD G T S M:3083 GTS M 854.7 326.00 -0.8% -19.6% -29.5% -18.3% 156.7% -37. 2%
C ody V entures C orporation US D CVCP OT C P K 0.1 0.00 0.0% 0. 0% 900.0% 50.0% 650.0% -72. 7%
C ornerW orld C orporation US D CWR L OT C B B 4.8 0.05 66. 7% 66.7% -16.7% -9. 1% -66.7% -73. 7%
C yberplex Inc. C AD T S X: C X TS X 62.1 0.94 0.0% -11.3% -25.4% -37.7% 108.9% -52. 8%
DADA S pA E UR C M: DA CM 110.6 5.02 -1.0% 0. 4% -26.5% -24.2% -2.0% -38. 7%
DigitalP os t Interactive, Inc. US D DG LP OT C B B 4.4 0.05 10. 9% 24.8% -0.2% -23.2% 731.7% -49. 6%
DigitalT own, Inc. US D DG T W OT C B B 34.3 1.25 331.0% 4. 2% 23. 8% -16.7% -16.7% -64. 3%
Dolphin Digita l Media, Inc. US D DP DM OT C B B 19.4 0.34 -5.6% 36.0% 21. 4% -8. 1% -32.0% -55. 3%
DXN Holdings B hd MY R DXN K LS E 46.8 0.70 9.4% 3. 7% 17. 6% 27.3% 125.8% -6.7%
E n2G o International, Inc. US D E TGI OT C B B 9.6 0.40 -55.6% -55.6% -38.5% 0.0% -77.8% -92. 0%
Neurotech P harmaceuticals C o., Ltd. KRW A041060 K OS E 36.4 540.00 -4.4% -40.3% -1.8% -45.7% -2.7% -53. 4%
eW orldC ompa nies , Inc. US D EWRC OT C P K 0.5 0.00 0.0% -66.7% -66.7% -87.5% 0.0% -97. 4%
F luid Mus ic C ana da, Inc. C AD T S X: F MN TS X 90.7 1.50 -3.2% -3. 2% -21.1% 7.1% 200.0% -30. 2%
F rogs ter Interactive P ictures AG E UR FR G XT R A 69.8 20.05 6.4% 4. 2% 17. 0% 19.4% 389.0% -6.7%
G ama nia Digita l E ntertainment C o., Ltd. TWD 6180 GTS M 227.9 47.65 -2.8% -16.7% 0.3% -2. 8% 113.2% -30. 7%
G ameOn C o L td. JPY 3812 TS E 66.9 63000.00 1.1% -15.4% -2.5% -39.1% -32.3% -52. 6%
G eoS entric Oyj E UR G E O1V HLS E 48.8 0.04 -20.0% 0. 0% 0.0% -20.0% 0.0% -33. 3%
G iant Interactive G roup, Inc. US D GA NY S E 1,689.8 7.45 0.5% 0. 1% 9.2% -2. 7% 16. 4% -22. 1%
G iga Media Ltd. US D G IG M Nas daqG S 160.3 2.94 -2.6% -0. 3% -28.6% -39.3% -49.7% -58. 6%
G ra vity C o., Ltd US D GR VY Nas daqG M 54.2 1.95 2.6% 16.8% 35. 4% -11.4% 182.6% -25. 9%
G ree, Inc. JPY T S E :3632 TS E 2,442.7 4920.00 5.8% -15.8% 5.6% 16.0% 117.2% -18. 5%
G ungHo Online E ntertainment, Inc. JPY 3765 OS E 259.1 206000.00 -14.0% -7. 7% 28. 0% -12.7% 76. 1% -26. 4%
HanbitS oft, Inc. KRW A047080 K OS E 74.6 3900.00 -2.0% -2. 1% 9.7% -3. 9% 20. 2% -41. 3%
IA C /InterActiveC orp. US D IAC I Nas daqG S 2,550.3 21.88 1.6% 6. 8% 9.8% 15.0% 46. 6% -1.8%
InternetArray, Inc. US D INAR OT C P K 0.0 0.00 0.0% 0. 0% -54.5% -85.7% -98.6% -99. 2%
Is e B lu E quity C orp. US D IS B L OT C P K 0.0 0.00 0.0% 0. 0% 0.0% 0.0% 0.0% -90. 0%
is eemedia Inc. C AD IE E T S XV 8.8 0.18 -2.8% -2. 8% -10.3% 250.0% 84. 2% -35. 2%
J umbuck E nterta inment L imited AUD AS X: J MB AS X 12.5 0.29 -8.1% -8. 1% -20.8% -31.3% -36.7% -43. 0%
K ent International Holdings Inc. US D K NT H OT C P K 6.2 1.75 -1.1% -3. 3% -5.4% 0.0% 4.8% -28. 6%
K ings oft C o. Ltd. HK D 3888 S E HK 862.1 6.10 -1.5% -5. 3% -13.2% -31.8% 132.8% -35. 6%
Lingo Media C orporation C AD T S XV : LM T S XV 13.1 1.10 22. 2% -18.5% 12. 2% 22.2% 15. 8% -30. 4%
LookS ma rt, Ltd. US D LOOK Nas daqG M 16.3 0.95 -2.1% -5. 0% -9.5% -24.0% -24.0% -39. 1%
Magnitude Information S ys tems Inc. US D MAG Y OT C B B 6.6 0.02 -25.0% -21.1% -38.5% 87.5% -16.7% -61. 5%
Mixi, Inc. JPY 2121 TS E 880.8 519000.00 2.6% -15.7% -23.5% -20.2% 32. 1% -40. 0%
Mobile Da ta C orp. US D MB Y L OT C B B 2.4 0.10 -9.9% -54.5% 11. 1% 11.1% -77.8% -82. 1%
Modern T imes G roup Mtg AB SEK MT G B OM 3,606.2 394.10 6.6% 14.0% 21. 3% 35.9% 210.3% -2.2%
MOK O.mobi Limited AUD MK B AS X 12.8 0.12 0.0% 0. 0% -7.7% 60.0% 166.7% -40. 0%
Multiplied Media C orporation, P rior to R evers e
Merger with R eward P hone Internationa l Inc. C AD T S XV : MMC T S XV 37.4 0.30 18. 0% 34.1% 55. 3% 73.5% 436.4% -3.3%
Myriad G roup AG C HF MY R N SWX 192.8 4.70 -2.1% -1. 1% -3.9% 6.8% 8.0% -24. 1%
NE OW IZ G ames C orporation KRW A095660 K OS E 600.1 32600.00 2.5% -10.7% -20.4% 1.2% 110.3% -27. 4%
NetDragon W ebS oft, Inc. HK D 777 S E HK 298.2 4.38 4.3% 5. 0% -10.6% -28.5% 59. 3% -38. 7%
Neteas e.com Inc. US D NT E S Nas daqG S 4,849.3 37.44 0.1% 11.8% -0.1% -12.6% 82. 8% -22. 8%
NeuLion Incorporated C AD T S X: NLN TS X 62.6 0.56 -18.8% -17.6% -28.2% -52.9% 47. 4% -56. 9%
NeXplore C orporation US D NXP C OT C P K 36.3 0.65 0.0% 3. 2% -11.0% 8.3% 30. 0% -31. 6%
Ngi G roup Inc. JPY 2497 TS E 57.9 42600.00 6.2% 70.9% 74. 0% 31.9% 99. 1% -2.1%
Northgate T echnologies Limited INR 590057 BSE 14.7 19.55 -8.2% -27.1% -26.8% -50.4% -45.5% -67. 3%
OAO R B C Information S ys tems R UB R BCI MIC E X 167.5 36.21 4.6% 2523.9% 2163.1% 3348. 6% 11970.0% -3.4%
Oriented Media G roup B erhad MY R OME DIA K LS E 8.4 0.22 59. 3% 168.8% 115.0% 168.8% 13. 2% -6.5%
Open T ext C orp. US D OT E X Nas daqG S 2,718.7 48.15 4.8% 19.0% 30. 4% 35.8% 52. 3% -0.6%
Openwave S ys tems Inc. US D OP W V Nas daqG S 217.0 2.59 10. 7% 10.7% 6.6% -10.7% 215.9% -17. 3%
T he P arent C ompany US D K IDS .Q OT C P K 0.2 0.01 0.0% 42.9% 42. 9% -49.2% -60.0% -71. 4%
P erfect W orld C o., L td. US D PWRD Nas daqG S 1,912.7 38.44 3.6% 2. 3% -10.0% -2. 6% 234.3% -23. 9%
P NI Digital Media Inc. C AD T S XV : P N T S XV 56.5 1.75 1.7% 6. 1% 1.2% 2.9% -3.3% -17. 8%
Quepas a C orp. US D QP S A OT C B B 39.5 3.10 0.0% 3. 3% 131.3% 121.4% 142.2% -1.6%
R ea l V alue E s tates , Inc. US D R V LU OT C B B 7.7 1.20 -20.0% -20.0% NM NM NM -20. 0%
S aha ra Media Holdings , Inc. US D S HHD OT C B B 12.4 0.40 60. 0% 60.0% 14. 3% NM -86.7% -87. 7%
S handa Interactive E ntertainment Ltd. US D S NDA Nas daqG S 3,154.9 46.91 -0.3% -5. 1% -3.7% -3. 1% 42. 9% -27. 8%
S hutterfly, Inc. US D S F LY Nas daqG S 507.6 19.59 1.9% 19.5% 33. 0% 30.4% 144.0% -2.0%
S K C ommunications C o., L td. KRW A066270 K OS E 497.3 13600.00 -1.8% -14.2% 74. 4% 41.2% 106.7% -26. 1%
S NAP Intera ctive, Inc. US D S TVI OT C B B 5.9 0.18 80. 0% 74.2% 170.0% 35.0% -43.2% -48. 6%
S ocia l Media V entures Inc. US D S MV I OT C P K 0.0 0.00 68. 2% -31.5% -58.9% -96.6% -99.7% -99. 7%
S ocia lwis e, Inc. US D S C LW OT C B B 21.8 0.45 1.1% -6. 2% -10.0% -24.4% 7.1% -55. 9%
S ohu.com Inc. US D S OHU Nas daqG S 1,916.7 49.84 3.3% -11.0% -5.6% -21.8% 0.9% -31. 1%
S park Networks , Inc. US D LOV AME X 61.7 3.00 -1.3% 0. 3% 21. 2% 31.6% 17. 6% -11. 0%
S pectrumDNA, Inc. US D S P XA OT C B B 6.8 0.14 -6.7% -30.0% 0.0% -37.8% 47. 4% -68. 9%
S prylogics International C orp C AD T S XV : S P Y T S XV 0.4 0.02 -25.0% 50.0% -25.0% 0.0% -62.5% -75. 0%
T encent Holdings Ltd. HK D 700 S E HK 35,113.6 149.40 0.8% -0. 7% 3.0% 26.2% 232.4% -15. 4%
T he9 Limited US D NC T Y Nas daqG S 168.5 6.71 1.7% -10.4% -8.0% -21.5% -42.5% -59. 3%
T heS treet.com, Inc. US D TS CM Nas daqG M 94.9 3.01 1.3% 29.2% 24. 4% 22.9% 52. 8% -11. 7%
T ree.C om, Inc. US D TR E E Nas daqG M 91.7 8.41 7.1% 5. 0% 24. 8% -1. 5% 85. 7% -35. 7%
Unila va C orporation US D UNLA OT C B B 29.0 0.29 52. 6% 100.0% NM NM NM -47. 3%
Unis erve C ommunications C orp. C AD T S XV : US S T S XV 2.4 0.10 -4.8% 0. 0% 100.0% 122.2% 100.0% -28. 6%
United Online, Inc. US D UNT D Nas daqG S 542.9 6.39 1.9% -6. 7% -9.4% -10.6% 37. 1% -32. 5%
UOMO Media, Inc US D UOMO OT C B B 3.0 0.04 -12.5% 0. 0% -48.5% -76.7% -50.0% -96. 7%
V alueC lick, Inc. US D V C LK Nas daqG S 795.8 9.29 1.0% -3. 5% -7.2% -13.7% 48. 2% -33. 4%
V elti P lc GBP VEL AIM 189.4 3.26 63. 0% 63.0% 72. 6% 97.6% 175.1% -0.3%
V OIS , Inc. US D V OIS OT C B B 9.0 0.01 -10.0% -18.2% -25.0% 50.0% 20. 0% -60. 9%
W ebzen Inc. KRW K OS E :A069080 K OS E 130.3 12600.00 1.6% -11.0% 15. 1% -6. 7% 94. 7% -39. 1%
W e-R -Y ou C orp. US D WERU OT C P K 0.3 0.01 -67.5% 225.0% -35.0% -83.3% -87.0% -96. 6%
W izzard S oftware C orporation US D W ZE AME X 18.2 0.34 -5.9% -8. 1% -25.4% -29.2% -43.3% -55. 5%
W orlds .com Inc. US D W DDD OT C B B 4.8 0.09 0.0% 0. 0% -10.0% 0.0% -50.0% -59. 1%
W ynds torm C orporation US D W Y ND OT C P K 0.9 0.05 -50.0% 400.0% -50.0% -50.0% -58.3% -90. 2%
XING AG E UR O1B C XT R A 196.6 27.85 -2.2% -5. 5% -12.9% -1. 8% -7.1% -26. 7%
Y D Online C orp. KRW A052770 K OS E 82.8 6320.00 4.5% -7. 1% 2.6% -28.6% -3.2% -49. 0%
Y nk K orea Inc. KRW A023770 K OS E 13.6 2925.00 -0.7% -5. 9% -25.2% -31.2% -20.0% -66. 4%
High 331.0% 2523.9% 2163.1% 3348. 6% 11970.0% -0.3%
Low -55.6% -79.2% -98.7% -96.6% -99.7% -99. 7%
Average 808.4 7.7% 32.0% 43.8% 43.2% 214.3% -41.2%
Median 0.7% -0. 1% -1.8% -2. 7% 37. 8% -35. 6%

Figure 19. Price Performance

Source. Capital IQ
 Page 17

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/LTM TE V/NTM
C ompany Name S ec tor C ountry E xchange Ticker 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 Mark eting U nited S tates OT C B B AC L Z 16. 4 5. 2x - - - - - -
Actoz S oft C o., L td. G aming S outh K orea K OS E A052790 120. 0 0. 7x - 2.9x - 16. 4x - 1.7x
AQ Interactive, Inc. G aming J apan TS E 3838 67. 0 0. 7x - - - - - 1.2x
As k net AG G aming G ermany XT R A X T R A: A5A 24. 7 0. 2x - - - - - -
As s ociated Media H oldings Inc. G aming U nited S tates OT C P K AS MH 0. 4 13.3x - - - - - -
B etawave C orporation Media U nited S tates OT C B B B W AV 3. 5 0. 1x - - - - - 2.4x
B eyond C ommerce, Inc. S ocial Network ing U nited S tates OT C B B B Y OC 1. 6 1. 0x - - - - - -
B igs tring C orp. Ins tant Mes s aging U nited S tates OT C B B BS GC 1. 4 38.6x - - - - - -
B right T hings plc S ocial Network ing U nited K ingdom AIM AIM: B G T 7. 7 36.3x - - - - - 9.5x
B roadW ebAs ia Inc. S ocial Network ing U nited S tates OT C P K BWBA 3. 4 - - - - - - -
C DC C orp. G aming H ong K ong Nas daqG S C H IN.A 244. 9 0. 6x 0. 6x 10. 7x 5. 2x - 10.6x 10. 4x
C hangyou. com L imited G aming C hina Nas daqG S C Y OU 1, 810. 6 5. 9x 4. 9x 9.5x 7. 5x 11. 7x 10.3x 7.8x
C hines e G amer International G aming T aiwan GTS M G T S M: 3083 854. 7 11.2x - 19. 3x - 25. 9x - 12. 4x
C ody V entures C orporation G aming U nited S tates OT C P K CVCP 0. 1 1. 6x - - - - - -
C ornerW orld C orporation C ontent U nited S tates OT C B B CWRL 4. 8 1. 5x - - - - - -
C yberplex Inc. Advertis ing C anada TS X T S X: C X 62. 1 0. 4x 0. 3x 3.4x 2. 7x 5.4x 5. 6x 2.2x
DADA S pA S ocial Network ing Italy CM C M:DA 110. 6 0. 7x - 6.2x - - - -
DigitalP os t Interactive, Inc. C ontent U nited S tates OT C B B DG L P 4. 4 5. 5x - - - - - -
DigitalT own, Inc. S ocial Network ing U nited S tates OT C B B DG T W 34. 3 - - - - - - -
Dolphin Digital Media, Inc. S ocial Network ing U nited S tates OT C B B DP DM 19. 4 - - - - - - -
DXN Holdings B hd S ocial Network ing Malays ia K LS E DXN 46. 8 0. 8x - 4.1x - 5.6x - 0.9x
E n2G o International, Inc. S ocial Network ing U nited S tates OT C B B E TGI 9. 6 - - - - - - -
Neurotech P harmaceuticals C o. , L td. G aming S outh K orea K OS E A041060 36. 4 6. 0x - 12. 7x - - - 0.8x
eW orldC ompanies , Inc. G aming U nited S tates OT C P K EWR C 0. 5 15.8x - - - - - -
F luid Mus ic C anada, Inc. Media U nited S tates TS X T S X: F MN 90. 7 14.7x 14. 7x - - - - 6.5x
F rogs ter Interactive P ictures AG G aming G ermany XT R A FR G 69. 8 7. 7x - - - - - 9.2x
G amania Digital E ntertainment C o., L td. G aming T aiwan GTS M 6180 227. 9 1. 3x - 8.1x - 23. 8x - 2.9x
G ameO n C o L td. G aming J apan TS E 3812 66. 9 - - - - 7.4x - 0.8x
G eoS entric O yj Mobile F inland HL S E G E O1V 48. 8 12.0x - - - - - -
G iant Interactive G roup, Inc. G aming C hina NY S E GA 1, 689. 8 - - - - 1.8x 15.5x 0.3x
G igaMedia L td. G aming T aiwan Nas daqG S G IG M 160. 3 0. 5x 1. 0x - 20.3x 6.3x - 1.5x
G ravity C o., L td G aming S outh K orea Nas daqG M GR VY 54. 2 - - - - 0.0x - 0.0x
G ree, Inc. S ocial Network ing J apan TS E T S E : 3632 2, 442. 7 8. 7x - 14. 8x - 58. 3x - 15. 4x
G ungH o O nline E ntertainment, Inc. Media J apan OS E 3765 259. 1 1. 9x - 8.3x - 49. 6x - 8.1x
HanbitS oft, Inc. G aming S outh K orea K OS E A047080 74. 6 1. 0x - - - 71. 3x - 2.0x
IAC /InterActiveC orp. Media U nited S tates Nas daqG S IAC I 2, 550. 3 0. 7x 0. 6x 11. 5x 4. 4x - 28.9x 1.4x
InternetArray, Inc. Media U nited S tates OT C P K INAR 0. 0 1. 1x - - - - - -
Is e B lu E quity C orp. Media U nited S tates OT C P K IS B L 0. 0 0. 5x - - - - - -
is eemedia Inc. C ontent C anada T S XV IE E 8. 8 4. 9x - - - - - -
J umbuck E ntertainment L imited S ocial Network ing Aus tralia AS X AS X:J MB 12. 5 0. 3x - 0.8x - 3.5x - 1.5x
K ent International H oldings Inc. S ocial Network ing U nited S tates OT C P K K NT H 6. 2 - - - - - - 0.6x
K ings oft C o. L td. G aming C hina S E HK 3888 862. 1 5. 7x - 14. 1x - 18. 9x - 4.6x
L ingo Media C orporation L earning C anada T S XV T S XV :L M 13. 1 9. 4x - - - - - -
L ookS mart, L td. Direct Mark eting U nited S tates Nas daqG M L O OK 16. 3 - - - - - - 0.7x
Magnitude Information S ys tems Inc. S ocial Network ing U nited S tates OT C B B MAG Y 6. 6 - - - - - - -
Mixi, Inc. S ocial Network ing J apan TS E 2121 880. 8 5. 4x - 17. 7x - 48. 3x - 5.6x
Mobile Data C orp. S ocial Network ing U nited S tates OT C B B MB Y L 2. 4 - - - - - - -
Modern T imes G roup Mtg AB Media S weden OM MT G B 3, 606. 2 2. 1x - 15. 4x - - - -
MO K O. mobi L imited S ocial Network ing Aus tralia AS X MK B 12. 8 16.5x - - - - - 11. 4x

Multiplied Media C orporation, P rior to R evers e

Merger with R eward P hone International Inc. Mobile C anada T S XV T S XV :MMC 37. 4 - 9. 2x - - - - 26. 6x
Myriad G roup AG Mobile S witzerland SWX MY R N 192. 8 3. 1x - - - - - -
NE OW IZ G ames C orporation G aming S outh K orea K OS E A095660 600. 1 2. 7x - 10. 2x - 30. 0x - 15. 2x
NetDragon W ebS oft, Inc. G aming C hina S E HK 777 298. 2 1. 6x - 5.3x - 14. 5x - 1.6x
Neteas e.com Inc. G aming C hina Nas daqG S NT E S 4, 849. 3 - - - - 2.6x 14.3x 0.7x
NeuL ion Incorporated V ideo C anada TS X T S X :NL N 62. 6 1. 8x - - - - - 8.4x
NeXplore C orporation C ontent U nited S tates OT C P K NX P C 36. 3 - - - - - - -
Ngi G roup Inc. Media J apan TS E 2497 57. 9 0. 1x - 2.0x - - - 1.1x
Northgate T echnologies L imited Direct Mark eting India BS E 590057 14. 7 0. 3x - - - - - -
OAO R B C Information S ys tems Media R us s ia MIC E X RBCI 167. 5 1. 1x - 8.1x - - - -
Oriented Media G roup B erhad Media Malays ia K LS E O ME DIA 8. 4 3. 1x - - - - - 3.7x
Open T ext C orp. C ollaboration C anada Nas daqG S OT E X 2, 718. 7 3. 2x 2. 8x 12. 0x 10.0x 41. 3x 15.0x -
Openwave S ys tems Inc. Mobile U nited S tates Nas daqG S OP W V 217. 0 0. 6x 0. 6x 13. 1x 5. 3x - 30.5x 2.9x
T he P arent C ompany Mobile U nited S tates OT C P K K IDS .Q 0. 2 0. 2x 0. 2x - 12.8x - - -
P erfect W orld C o., L td. G aming C hina Nas daqG S PWR D 1, 912. 7 0. 3x 1. 8x 0.6x 3. 4x 2.4x 11.2x 1.0x
P NI Digital Media Inc. Digital Ima ging C anada T S XV T S XV :P N 56. 5 2. 1x - 8.6x - - - 8.7x
Quepas a C orp. S ocial Network ing U nited S tates OT C B B QP S A 39. 5 - - - - - - -
R eal V alue E s tates , Inc. Media Is rael OT C B B R V LU 7. 7 - - - - - - -
S ahara Media H oldings , Inc. Media U nited S tates OT C B B S H HD 12. 4 - - - - - - 15. 2x
S handa Interactive E ntertainment L td. G aming C hina Nas daqG S S NDA 3, 154. 9 - - - - 2.1x 13.1x 0.3x
S hutterfly, Inc. Digital Ima ging U nited S tates Nas daqG S S F LY 507. 6 1. 3x 1. 2x 10. 0x 6. 0x 89. 7x 53.8x 2.5x
S K C ommunications C o. , L td. S earch S outh K orea K OS E A066270 497. 3 2. 5x - 38. 1x - - - -
S NAP Interactive, Inc. Dating U nited S tates OT C B B S TVI 5. 9 1. 3x - 8.1x - 32. 4x - 3.1x
S ocial Media V entures Inc. Dating U nited S tates OT C P K S MV I 0. 0 4. 6x - - - - - -
S ocialwis e, Inc. S ocial Network ing U nited S tates OT C B B S C LW 21. 8 - - - - - - -
S ohu. com Inc. G aming C hina Nas daqG S S OH U 1, 916. 7 2. 8x 2. 4x 6.4x 5. 3x 13. 2x 13.0x 3.5x
S park Networks , Inc. S ocial Network ing U nited S tates AME X LOV 61. 7 1. 2x - 5.8x - 20. 5x - 27. 8x
S pectrumDNA, Inc. Media U nited S tates OT C B B S P XA 6. 8 48.7x - - - - - -
S prylogics International C orp Media C anada T S XV T S XV :S P Y 0. 4 0. 8x - - - - - -
T encent H oldings L td. P ortal C hina S E HK 700 35, 113. 6 24.3x - 47. 6x - 60. 8x - 27. 0x
T he9 L imited G aming C hina Nas daqG S NC T Y 168. 5 - - - - - - 0.1x
T heS treet. com, Inc. Media U nited S tates Nas daqG M TS CM 94. 9 0. 5x 0. 5x 18. 4x - - - 1.2x
T ree.C om, Inc. P ortal U nited S tates Nas daqG M TRE E 91. 7 0. 4x 0. 4x 9.1x 7. 8x - - 1.8x
Unilava C orporation Media U nited S tates OT C B B U NL A 29. 0 5. 5x - - - - - 1.2x
Unis erve C ommunications C orp. S ocial Network ing C anada T S XV T S XV :U S S 2. 4 0. 5x - 8.8x - - - -
United Online, Inc. Media U nited S tates Nas daqG S U NT D 542. 9 0. 8x 0. 8x 3.6x 3. 4x 8.2x 6. 0x -
UO MO Media, Inc Media C anada OT C B B U OMO 3. 0 3. 6x - - - - - -
V alueC lick, Inc. Media U nited S tates Nas daqG S V C LK 795. 8 1. 5x 1. 6x 5.5x 5. 5x 13. 2x 15.3x 3.8x
V elti P lc Media U nited K ingdom AIM VEL 189. 4 2. 2x - 10. 8x - 21. 9x - 6.2x
V O IS , Inc. S ocial Network ing U nited S tates OT C B B V O IS 9. 0 - - - - - - -
W ebzen Inc. G aming S outh K orea K OS E K O S E :A069080 130. 3 2. 8x - - - - - 1.3x
W e-R -Y ou C orp. G aming U nited S tates OT C P K WERU 0. 3 0. 6x - - - - - -
W izzard S oftware C orporation P odcas ting U nited S tates AME X W ZE 18. 2 3. 8x - - - - - -
W orlds .com Inc. C ontent U nited S tates OT C B B W DDD 4. 8 - - - - - - -
W ynds torm C orporation C ontent U nited S tates OT C P K W Y ND 0. 9 - - - - - - -
XING AG S ocial Network ing G ermany XT R A O 1B C 196. 6 2. 5x - 9.2x - 28. 4x - 6.1x
Y D Online C orp. G aming S outh K orea K OS E A052770 82. 8 1. 5x - 7.0x - 8.4x - 2.5x
Y nk K orea Inc. G aming S outh K orea K OS E A023770 13. 6 1. 0x - 9.7x - - - 0.6x
High 35, 113. 6 48.7x 14. 7x 47. 6x 20.3x 89. 7x 53.8x 27. 8x
L ow 0. 0 0. 1x 0. 2x 0.6x 2. 7x 0.0x 5. 6x 0.0x
Average 808.4 5.3x 2.6x 10.9x 7.1x 23.6x 17.4x 5.7x
Median 51. 5 1. 7x 1. 0x 9.0x 5. 4x 15. 4x 13.7x 2.7x

Figure 20. Valuation Comparison

Source. Capital IQ
 Page 18

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 29 C hina 56, 945. 8 C hina 5,694. 6 C hina 4,496. 8 C hina 2, 262. 8 C hina 49. 0%
C hina 10 U nited S ta tes 5, 465. 2 S weden 3,266. 2 United S tates 3,752. 1 United S tates 393. 7 A us tralia 42. 8%
C a na da 9 J a pan 4, 440. 9 J apan 740. 1 S weden 1,942. 0 S weden 274. 4 T aiwan 37. 3%
S outh K orea 9 S weden 3, 266. 2 T aiwan 515. 6 C a na da 992. 4 J a pa n 213. 0 J apan 24. 3%
J a pa n 6 C anada 2, 538. 6 C anada 282. 1 S outh K orea 740. 1 C a na da 199. 5 S outh K orea 20. 1%
T a iwa n 3 S outh K orea 1, 845. 8 Hong K ong 237. 5 J a pa n 680. 8 S outh K orea 133. 5 S weden 14. 1%
G erma ny 3 T a iwa n 1, 546. 9 S witzerla nd 205. 8 T a iwa n 404. 6 T a iwa n 65. 0 Italy 13. 1%
Aus tralia 2 G ermany 318. 0 S outh K orea 205. 1 Hong K ong 334. 2 Ita ly 31. 0 R us s ia 13. 1%
S witzerla nd 1 Hong K ong 237. 5 R us s ia 193. 9 Ita ly 236. 1 R us s ia 20. 4 Hong K ong 6. 0%
India 1 S witzerla nd 205. 8 U nited S ta tes 188. 5 G erma ny 171. 4 Hong K ong 20. 0 S witzerla nd 5. 4%
F inla nd 1 R us s ia 193. 9 Ita ly 136. 8 R us s ia 156. 3 G erma ny 9. 7 G ermany -7. 4%
United K ingdom 1 Ita ly 136. 8 G ermany 106. 0 Ma lays ia 78. 5 Aus tralia 4. 9 C anada -10. 6%
Ita ly 1 F inland 51. 3 F inland 51. 3 S witzerla nd 63. 0 S witzerla nd 3. 4 U nited S ta tes -15. 4%
Hong K ong 1 Malays ia 36. 4 Malays ia 36. 4 India 47. 7 United K ingdom -2. 7 F inland NA
S weden 1 Aus tralia 29. 4 India 20. 2 Aus tralia 17. 8 F inla nd -18. 5 India NA
R us s ia 1 India 20. 2 Aus tralia 14. 7 F inla nd 4. 5 India -51. 2 U nited K ingdom NA
Ma lays ia 1 U nited K ingdom 5. 6 U nited K ingdom 5. 6 United K ingdom 0. 0 Ma lays ia -85. 2 Mala ys ia NA

G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%

Figure 21. Comparison by Country

Source. Capital IQ

C omparable C ompany Analys is > Web 2.0

S ummary by E xc hange
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 %

OT C B B 16 S E HK 40, 705. 3 S E HK 13,568. 4 OM 1,942. 0 Na s daqG S 1, 918. 2 NY S E 68. 2%

Na s daqG S 14 Nas da qG S 22, 230. 0 OM 3,266. 2 S E HK 607. 9 S E HK 897. 1 AS X 42. 8%
K OS E 8 TS E 4, 129. 4 NY S E 1,594. 3 Na s daqG S 508. 5 OM 274. 4 S E HK 40. 6%
T S XV 5 OM 3, 266. 2 Nas da qG S 1,587. 9 CM 236. 1 TS E 187. 1 GTS M 37. 3%
TS E 5 K OS E 1, 799. 1 TSE 825. 9 NY S E 202. 3 NY S E 137. 9 Nas da qG S 30. 7%
Na s daqG M 4 NY S E 1, 594. 3 GTS M 684. 0 RTS 156. 3 K OS E 115. 4 TSE 24. 7%
TS X 3 GTS M 1, 368. 0 OS E 311. 5 OS E 116. 4 GTS M 65. 0 OS E 22. 3%
XT R A 3 XT R A 318. 0 K OS E 224. 9 TS E 112. 9 CM 31. 0 K OS E 18. 2%
OT C P K 3 OS E 311. 5 SWX 205. 8 GTS M 110. 5 OS E 25. 9 OM 14. 1%
S E HK 3 TS X 253. 3 R TS 193. 9 Na s daqG M 97. 3 Na s daqG M 25. 2 CM 13. 1%
AME X 2 Nas da qG M 237. 6 CM 136. 8 K OS E 86. 1 RTS 20. 4 R TS 13. 1%
AS X 2 SWX 205. 8 XT R A 106. 0 K LS E 78. 5 XT R A 9. 7 T S XV 9. 0%
GTS M 2 R TS 193. 9 TSX 84. 4 SWX 63. 0 AME X 6. 0 Nas da qG M 8. 6%
SWX 1 OT C B B 166. 1 Nas da qG M 59. 4 XT R A 57. 1 AS X 4. 9 S WX 5. 4%
HL S E 1 CM 136. 8 HLS E 51. 3 BSE 47. 7 SWX 3. 4 XT R A -7. 4%
CM 1 T S XV 97. 3 AME X 40. 0 TS X 46. 5 AIM -2. 7 A ME X -27. 7%
BS E 1 AME X 79. 9 K LS E 36. 4 AME X 26. 4 TS X -7. 0 TSX -35. 8%
OS E 1 HLS E 51. 3 BS E 20. 2 AS X 8. 9 T S XV -7. 2 OTCB B -48. 2%
NY S E 1 OT C P K 48. 8 T S XV 19. 5 T S XV 8. 6 OT C P K -17. 9 OTCP K NA
AIM 1 K LS E 36. 4 OT C P K 16. 3 HL S E 4. 5 HL S E -18. 5 A IM NA
OM 1 AS X 29. 4 AS X 14. 7 OT C B B 2. 4 BSE -51. 2 BSE NA
RTS 1 BS E 20. 2 OT C B B 10. 4 OT C P K 0. 6 OT C B B -58. 3 HLS E NA
K LS E 1 AIM 5. 6 AIM 5. 6 AIM 0. 0 K LS E -85. 2 K LS E NA

G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%

Figure 22. Comparison by Exchange

Source. Capital IQ
 Page 19

Financing - L as t Three Months (US $ m)

F in. Amount (Million) Type of financing
Month C ompany Name C ountry Angel/S eed Debt financ ing S eries A S eries B S eries C S eries D S eries E G rand Total
Dec -09 Zynga US A 180.0 180.0
Youku C hina 40. 0 40.0
Zoos k US A 30. 0 30.0
G roupon US A 30. 0 30.0
L ithium US A 18. 0 18.0
gWallet US A 12. 5 12.5
MobG old C hina 12. 0 12.0
Movik Networks US A 8. 5 8. 5
G owalla US A 8. 4 8. 4
G ogii US A 8. 2 8. 2
L iveMoc ha US A 8. 0 8. 0
S onic Mule US A 8. 0 8. 0
kaC hing US A 7. 5 7. 5
S eekingAlpha Is ra el 7. 0 7. 0
P ageonc e US A 6. 5 6. 5
G enius .c om US A 6. 5 6. 5
C urs e US A 6. 0 6. 0
AlikeL is t US A 5. 0 5. 0
P owerR eviews US A 4. 9 4. 9
S maato US A 4. 5 4. 5
S C VNG R US A 4. 0 4. 0
Tonc hidot J apan 4. 0 4. 0
Twilio US A 3. 7 3. 7
5 Minutes C hina 3. 5 3. 5
J anR ain US A 3. 3 3. 3
S toc kTwits US A 3. 0 3. 0
Artic le One Partners US A 3. 0 3. 0
W his key Media US A 2.5 2. 5
Appolic ious US A 2. 4 2. 4
G rapes hot UK 2. 4 2. 4
C enter'd US A 1. 9 1. 9
W eP ay US A 1. 7 1. 7
J inni Is ra el 1. 6 1. 6
Vis ible Technologies US A 1.0 1. 0
G lobalMotion Media US A 1. 0 1. 0
Dec -09 Total 2.5 1.0 58.0 101.5 210.9 76.5 450.4

J an-10 Quantcas t US A 27. 5 27.5

P aymo US A 25. 0 25.0
Yelp US A 25. 0 25.0
Vis ible Technologies US A 22. 0 22.0
G uvera A us tralia 20. 0 20.0
6 W aves C hina 17. 5 17.5
S piceworks US A 16. 0 16.0
S MS G upS hup India 12. 0 12.0
Aggregate K nowledge US A 9. 0 9. 0
F lurry US A 7. 0 7. 0
B uyWithMe US A 5. 5 5. 5
G aikai Netherla nds 5. 0 5. 0
Apis phere US A 4. 6 4. 6
E yeka F ra nce 4. 3 4. 3
B eezag US A 2. 5 2. 5
J elli US A 2.0 2. 0
S way US A 2. 0 2. 0
OneF orty US A 2. 0 2. 0
B lippy US A 1.6 1. 6
G raphic .ly US A 1. 2 1. 2
XIHA F inla nd 1.0 1. 0
S oc ialG O US A 0.8 0. 8
J oonto US A 0. 6 0. 6
Drimmi R us s ia
J an-10 Total 5.4 40.9 23.3 97.5 22.0 25.0 214.1

F eb-10 B lue K ai US A 21. 0 21.0

W ebVis ible US A 20. 0 20.0
TidalTV US A 16. 0 16.0
Avvas i C a na da 14. 1 14.1
F lixs ter US A 12. 5 12.5
B rightR oll US A 10. 0 10.0
Yodle US A 10. 0 10.0
Yammer US A 10. 0 10.0
TuneWiki US A 7. 0 7. 0
Vivox US A 6. 8 6. 8
Moons hot US A 6. 6 6. 6
F ynanaz US A 6. 5 6. 5
E verys c ape US A 6. 0 6. 0
P urs way Is ra el 6. 0 6. 0
E ffec tive Meas ure A us tralia 4. 0 4. 0
Vook US A 2.5 2. 5
S crapblog US A 2. 5 2. 5
C ognitive Match UK 2. 5 2. 5
P ros per.c om US A 2.0 2. 0
B ackupify US A 0.9 0. 9
R anker US A 0.8 0. 8
Apps F ire F ra nce
F eb-10 Total 4.2 2.0 23.1 49.6 78.8 10.0 167.6

G rand Total 12.1 3.0 122.0 174.4 387.2 108.5 25.0 832.2

Figure 23. Financing, Last Three Months

Source. Company reports
 Page 20

C ompany Des c riptions - C urrent Month C apital Market Ac tivity

C ompany HQ Webs ite Des cription
Aardvark US A www. vark. com Aardvark (formerly Mechanical Zoo) is a s ocial s earch engine, founded by a group of former G oogle employees . Aardvark lets us ers as k
ques tions that are dis tributed to the s ocial graph for quick, high quality ans wers . It la unched into private beta in 2008.
Apps F ire F rance www. apps fire. com Apps F ire is a dis covery platform for mobile a pplica tions .
AppVee US A www. appvee. com As of F ebrua ry 2, 2010, AppV ee, L LC was acquired by Appolicious Inc. AppV ee, L L C operates review W ebs ites for mobile a pplica tions . T he
company was incorpora ted in 2008 and is ba s ed in O rlando, F lorida.
Avvas i C a nada www. avvas i. com Avvas i Inc. provides s ys tems play in video proces s ing s olutions for cable, s atellite and Internet protocol televis ion. T he company develops
video networking technology. T he company was founded in 2008 and is bas ed in K itchener, C a nada.
B ackupify US A www. backupify. com B ackupify, Inc. provides online data backup s ervices . Its s ervices enable us ers to protect their pictures , videos , documents , a nd blog pos ts .
T he company wa s founded in 2008 and is bas ed in L ouis ville, K entucky.
B lue K ai US A www. blueka i. com B lue K ai, Inc. operates an online platform for intent-focus ed data exchange. Its platform enables marketers to cus tomize and own data to
boos t advertis ement targeting and dis cover new pros pects ; publis hers to provide intent data and ea rn revenue; and cons umers to manage
what mark eters know about them. T he company was incorporated in 2007 and is bas ed in B ellevue, W a s hington.
B rightR oll US A www. brightroll. com B rightR oll, Inc. operates a video a dvertis ing network in the United S tates . It executes video ad campaigns on online media properties for
brand advertis ers and agencies . T he company offers pre-roll or mid-roll video a dvertis ements , click-to-play video a dvertis ements , video
tickers , video overlays , a nd in game video a dvertis ements . It a ls o provides optimization and targeting s olutions , proprietary ad units ,
cons olidated reporting s olutions , and integration s olutions with third party ad s ervers . T he company, formerly known as P os tR oller, was
founded in 2006 and is headquartered in S an F rancis co, C alifornia with an additiona l office in the United K ingdom. It has opera tions in
Aus tralia, C a nada, Mexico, and the United K ingdom.
C ognitive Match UK www. cognitivematch. com C ognitive Match L imited develops s oftware s olutions that ma tch individua ls with content online and pers onaliz e their experience. C ognitive
Match L imited was formerly known as F avy L imited a nd changed its name to C ognitive Match L imited in March 2009. T he company was
incorporated in 2008 and is ba s ed in L ondon, United K ingdom.
C ozi US A www. cozi.com C oz i G roup, Inc. provides W eb s ervices . Its W eb s ervices help families to ma nage s chedules , track s hopping and to do lis ts , organize
hous ehold chores , s ta y in communication, and s hare memories . C ozi G roup, Inc. was founded in 2005 and is bas ed in S eattle, W as hington.
E ffective Meas ure Aus tralia www. effectivemeas ure. com E ffective Mea s ure P ty L td. provides online audience meas urement tools for advertis ers , publis hers , and government bodies . It offers digital
a udience meas urement, W ebs ite rankings , Internet demographics , and media planning tools for publis hers , agencies and digital marketers .
T he company wa s founded in 2008 and is bas ed in Melbourne, Aus tralia with additional offices in Dubai, L ondon, New Y ork, Melbourne,
S ydney, and S ingapore. It has locations in Melbourne and S ydney, Aus tra lia; P alo Alto, C a lifornia ; Dubai, the United Ara b E mirates ; L ondon,
the United K ingdom; and New Y ork, New Y ork, as well as opera tions in Algeria, India, Oman, the P hilippines , V ietnam, Aus tra lia, Indones ia,
P akis tan, T haila nd, B ahrain, Ma lays ia, S audi Ara bia, the United Arab E mirates , E gypt, Morocco, S ingapore, and T urkey.

E verys cape US A www. everys cape.com E veryS cape, Inc. provides a vis ua l and interactive platform for local s earch that provides a virtual experience of metropolitan, s uburban, and
rura l areas . It allows us ers to s ha re s tories and opinions of daily experiences aga ins t a backdrop ranging from s treets and cities ,
communities , res taura nts , s chools , and real es tate. T he company provides eye-level photographic content of va rious cities and towns . It lets
bus ines s es and organiz ations to build engaging relations hips with cons umers through three-dimens ional photo-realis tic experiences of cities
a nd towns , s treets , s idewalks , and building exteriors a nd interiors . T he company’s technology allows to experience an eye-level walk down a
s caped s treet, gathering a nd s haring information on bus ines s es and a ttra ctions , entering a s tore and s hopping, check ing the menu a nd
reviews of a res taurant, or the upcoming performances of a theater. E veryS cape, Inc. was formerly known as Mok3, Inc. and changed its
name in May 2007. T he company was founded in 2002 and is bas ed in W altham, Ma s s achus etts .

Figure 24a. Company Descriptions

Source. Company reports, Capital IQ, Crunchbase
 Page 21

C ompany Des c riptions - C urrent Month C apital Market Ac tivity

C ompany HQ Webs ite Des cription
F lixs ter US A www. flixs ter. com F lixs ter, Inc. operates as a n online community for movie fans . It offers movies in theaters , actor profiles and fan clubs , celebrity gos s ip and
movie news , video clips , movie and actor photos , and us er quiz zes . T he company was incorpora ted in 2005 and is ba s ed in S an F rancis co,
C alifornia.
F ynanaz US A www. fynanz . com F ynanz , Inc. offers online lending marketpla ce. T he company was founded in 2007 and is ba s ed in New Y ork, New Y ork.
G lam Media US A www. glammedia. com G lam Media, Inc. , an online media company, owns and opera tes lifes tyle W ebs ites and blogs for women. Its W ebs ites enable the us ers to
expres s opinions on a ra nge of lifes tyle topics , including s tyle, fas hion, s hopping, wellnes s , and food. G lam Media, Inc. was founded in 2003
a nd is bas ed in B ris bane, C alifornia with a n additional office in New Y ork, New Y ork. T he company has opera tions in the United S tates , the
United K ingdom, C anada, and Aus tralia.
Moblyng US A www. moblyng. com F liptrack, Inc. , doing bus ines s as Moblyng, operates a s ocial networking W ebs ite which offers s haring of media with friends on the W eb and
to mobile phones . It enables to detect and mobiliz e W eb-bas ed photo and s lide s how widgets and online videos from s ocial media pages or
UR Ls for dis tribution to mobile phones . T he company allows s haring of s lide s hows through emails , s ocial networking s ites , or mobile
phones . F liptrack, Inc. was founded in 2005 and is bas ed in R edwood C ity, C a lifornia .
Moons hoot US A www. moons hoot. com Moons hoot, Inc. offers intera ctive learning s ervices for children. T he company us es online games to teach E nglis h language to s tudents in
J apan. Moons hoot, Inc. wa s founded in 2007 and is bas ed in P alo Alto, C a lifornia.
P ros per.com US A www. pros per. com P ros per is a people-to-people lending marketpla ce that attempts to make cons umer lending more financially and s ocially rewarding. At
P ros per, people lis t and bid on loans us ing P ros per’s online auction platform. P ros pective lenders s et their minimum interes t ra te and bid in
increments of $50 to $25, 000 on loan lis tings they s elect. P ros per generates revenue by collecting a one-time 1% or 2% fee on funded loans
from borrowers , and as s es s es a 0. 5% or 1. 0% annual loa n s ervicing fee to lenders .
P urs way Is rael www. purs way. com P urs way (previous ly known as Datanetis ) empowers cons umer-facing organiz ations to clos e the ga p between how they market and how
people buy. T he P urs way patent-pending technology enables companies to identify, meas ure, and impact how opinion lea ders s hape their
followers ’ purchas ing decis ions .
R anker US A www. ranker. com R ank er, L LC provides W ebs ite des igning s ervices . T he company was incorporated in 2007 and is bas ed in Los Angeles , C alifornia.
S crapblog US A www. s crapblog. com S crapblog, Inc. opera tes a W ebs ite that allows us ers to s hare photos and videos online. Its online editor enables us ers to decorate their
s crapbook with text, images , themes , and other embellis hments . T he company offers QuickMix s cra pbook kits , including wedding, birthda y,
travel, s ea s onal, holiday, baby, a nd jus t-for-fun s tyles that help us ers to create pers onaliz ed s crapbooks . S crapblog, Inc. was incorporated in
2005 and is bas ed in C ora l G ables , F lorida.
S erious B us ines s US A www. s erious bus ines s . com S erious B us ines s , Inc. operates as a s ocial ga ming platform. It produces online games for the us ers . T he company wa s founded in 2008 a nd
is bas ed in S an F ra ncis co, C alifornia. As of F ebruary 11, 2010, S erious B us ines s , Inc. opera tes as a s ubs idiary of Zynga, Inc.
S tylehive US A www. s tylehive. com S tylehive is a s ocial bookmark ing s ite tha t is focus ed on s hopping. S tylehive helps its us ers to follow and s hare s tyles they like by creating
tagged collections . S tylehive’s members can comment a nd s peak with other members and profes s ionals can promote thems elves and get
noticed by the world for their s tyle. S tylehive lets its members build and s hare their own s hopping wis hlis ts for the holidays , weddings and
parties .
TidalTV US A www. tidaltv. com T idalT V , Inc operates an online platform that offers acces s to video programming on the Internet. It offers branded broadcas t, cable, and
W eb programming. T he compa ny ena bles to acces s its s ervices through des k top, pers ona l home page, or s ocial network s ites . T idalT V was
incorporated in 2008 and is ba s ed in B altimore, Maryla nd with additional offices in New Y ork, Los Angeles , a nd Aus tin.
TuneW iki US A www. tunewiki.com T uneW iki, Inc. provides a n online s ervice cons is ting of a community-created lyrics s ynchroniza tion databa s e and an online/mobile
community. It allows its us ers to edit lyrics in the databas e, as well a s us e forums , import blogs , and pa rticipate in chat rooms . T he company
wa s founded in 2007 and is bas ed in Milpitas , C alifornia.
Us tream US A www. us tream. tv Us tream. tv, Inc. provides online video s ervices . T he company offers a platform to broadcas t live video on the Internet. It als o combines live
video broadcas ting via a W ebcam with live IR C cha t. Us tream. tv, Inc. was founded in 2006 and is bas ed in Mountain V iew, C alifornia.
Vivox US A www. vivox. com V ivox, Inc. provides voice chat, video, ins ta nt mes s aging, a nd pres ence for online games , virtual worlds , a nd other online communities . T he
company offers P recis ion S tudio S DK that ena bles to implement integrated s olutions ; Mana ged S ervice that delivers and s upports voice cha t
a nd communication tools to online ga mes and virtual worlds ; a nd s olutions for s ocial networking, cons umer communities , online games , and
virtual worlds . It s erves game and virtual world developers and publis hers . V ivox was formerly known as Libretel, Inc. and changed its name
to V ivox, Inc. in November 2005. T he company was founded in 2003 and is ba s ed in Natick, Mas s achus etts . V ivox, Inc. opera tes as a
s ubs idiary of P ulvermedia Inc.
Vook US A www. vook. com V ook is pioneering a new form of media and reinventing tra ditiona l book publis hing. A vook is a mixed-media form that blends video, text,
ima ges and s ocial s trea ms into a s ingle, integrated experience. S ince its formal launch in the fall of 2009, V ook ha s experienced impres s ive
momentum, forming s tra tegic publis hing relations hips with S imon & S chus ter, HarperS tudio and Hachette F ilipa cchi Media U. S . and
a nnouncing vook titles with bes ts elling writers , including S eth G odin and Anne R ice. T he company recently announced an exclus ive
partners hip with online video experts T urnHere while als o announcing its MotherV ook digital publis hing tool, which will ultimately allow V ook
to publis h hundreds of titles each week.
WebVis ible US A www. webvis ible. com W ebV is ible, Inc. , a s oftware as a s ervice company, provides online marketing products and s ervices for s mall and mid-s iz e bus ines s es . It
offers online advertis ing products through direct s ales and partners in the yellow pa ges , news pa per, and online marketing indus tries . T he
company s tocks its products in the form of online marketing s olutions , including managed s earch advertis ing, banner/dis pla y advertis ing, call
tracking, cus tomer a cquis ition s ites , online videos , proxy s ervers , promotional UR Ls , detailed ana lytics a nd R OI reporting, competitive
a nalys is intelligence, and bid management tools . It s erves profes s ional s ervice, medical s ervice, home s ervice, automotive s ervice,
beauty/healthcare, reta il, and franchis e bus ines s es ; advertis ing agencies ; and res eller partners . W ebV is ible, Inc. was formerly known as
S ME G lobal S olutions , Inc. and cha nged its name to W ebV is ible, Inc. in S eptember 2005. T he compa ny was founded in 2001 and is
headqua rtered in Irvine, C a lifornia .
Yammer US A www. yammer. com Y ammer, Inc. operates a company s ocial network. Its network allows employees to connect and s ha re by pos ting mes s ages . T he company’s
network als o s erves as a company directory in which every employee has a profile. In addition, it offers des k top, B la ckB erry, iP hone, IM,
ema il, and S MS clients . Y ammer, Inc. was formerly a s ubs idiary of G eni, Inc. Y ammer was founded in 2008 and is bas ed in W es t Hollywood,
Yodle US A www. yodle. com C odle,
Y alifornia.
Inc. provides online advertis ing s ervices for bus ines s es . It enables to promote bus ines s on s earch engines and W eb s ites . T he
company s erves various s ervice indus tries , s uch as beauty and pers ona l care, bus ines s and profes s ional s ervices , hea lth and medical,
home and garden, and travel and lifes tyle. Y odle, Inc. was formerly known as Natpal, Inc. T he company was founded in 2005 and is bas ed in
New Y ork, New Y ork.
Figure 24b. Company Descriptions
Source. Company reports, Capital IQ, Crunchbase
 Page 22

RELEVANT DISCLOSURES APPLICABLE TO: NONE

1. None applicable.

ANALYST CERTIFICATION
Each analyst of Mackie 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.

This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
I n f o r ma t i o n a b o u t M a cki e 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 st 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 c h t o c l 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 mme n d a t i o n s wh i ch a r e i n
e a c h o f o u r r a t i n g ca t e g o r i e s i s a va i l a b l e o n o u r we b s i t e a t ww w. ma c k i e r e se a r ch . co 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 v e d t o b e r e l i a b l e b u t i t s a c c u r a c y o r c o mp l e t e n e s s 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
M a c k i e R e se a r c h C a 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 li t y. M a c ki e 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 c t 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 c u r i t i e s me n t i o n e d h e r e i n . C o 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 s se d p e r mi s si o n o f
M a c k i e R e se a r c h C a p i t a l Co r p o r a t i o n . ( U . S. I n st i t u t i o n a l Cl i e n t s — R e se 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 M a c ki e R e s e a r c h C a p i t a l C o r p o r a t i o n )
a c c 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 c e i vi n g t h i s r e p o r t s h o u l d e f f e c t t r a n s a ct i o n s
i n s e cu r i t i e s d i s cu s s e d i n t h e r e p o r t t h r o u g h R e se a r c h C a p i t a l U. S . A . I n c. , a Br o ke 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 c u r i t i e s a n d E xc h a n g e C o m mi s si o n ) .

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