Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

mit cmgi hat der kursrückgang bei icge nichts zu tun, cmgi steig nämlich. dein kommentar?  

abgestürzt, und Internet Capital ging damals mit, so ca. 3 bis 5%. CMGI hat von den minus 15% einiges wieder aufgeholt, Internet Capital von den sehr viel niedrigeren Rückgangen bisher nichts.

Aber das ist auch egal, denn das sind nur kurzfristige Geplänkel. Langfristig sieht das allerdings so aus, dass CMGI inzwischen ein Low-Tech-Unternehmen ist, das keinerlei Perspektiven bietet, während Internet Capital eine gut gefüllte IPO-Pipeline mit eineigen Hochkarätern hat.

Und auch die weniger aussichtsreichen Unternehmen, wie z.B. ICGCommerce stehen gar nicht so schlecht da, wie der nachstehende Bericht zeigt, den ich bisher nur als Adresse ins Netz gestellt hatte. Einschränkend muss man hier allerdings sagen, dass sich das gute Geschäft nur auf die USA bezieht, weil man dort die Nr. 1 ist - und ganz vorne muss man hier offensichtlich marschieren, wenn man gute Geschäfte machen will:

BPO Market Report – 20 February 2006
ICG Commerce, Inc.
Last month, procurement BPO vendor ICG Commerce won a deal with The Goodyear Tire and
Rubber Company in North America. The contract sees ICG working with Goodyear's internal
procurement organization to reduce the company's indirect spending, using processes such as
strategic sourcing, savings implementation, transaction processing, and ongoing category
management.
The deal was the first to be publicly announced by ICG in 2006, although according to the
company's vice president of outsourcing, Jason Gilroy, ICG is "consistently closing deals with
new customers". "We have extended our deal with Avaya, and Goodyear is a new customer,"
Gilroy told BPO Market Report. "We are not seeing a decrease in the pipeline of new customers."
Indeed, research carried out by Everest Partners reveals that ICG has won 26% of the contracts
signed in the procurement outsourcing space to date, more than any other vendor. ICG leads
IBM, which has secured 24% of deals, Accenture (16%) and Ariba (15%).
Of these four leading suppliers, ICG and Ariba represent the specialist providers, as opposed to
global IT services giants IBM and Accenture, who offer procurement outsourcing as just part of a
BPO business that also includes areas such as finance and accounting and human resources.
Jason Gilroy is keen to emphasize the point that ICG is "100% focused on procurement
outsourcing."
Gilroy also said that, while ICG and Ariba can both be described as procurement specialists, the
two companies have different business models. "Ariba started as a software company," said
Gilroy, "and a lot of [ICG] customers are Ariba users, but also use ICG to drive value and
efficiency from their technology investments".
"For ICG, technology is an absolute necessity for enablement, but we don't care what technology
it is," said Gilroy. "In that sense, we are technology agnostic."
ICG was set up in 1992 as strategic sourcing provider Purchasing Solutions Inc (PSI). In
November 1999, e-commerce company Internet Capital Group Inc paid $12m for a majority stake
in PSI, and changed the company's name to ICG Commerce.
The following year, ICG raised approximately $117m in private placement financing from a
group of investors led by Internet Capital Group and including Staples, Unisys, Keppel, Graham
Partners and Koch Ventures. A further $35m was raised in an equity funding round in January
2003, including investment from Cross Atlantic Capital Partners, Wynnefield Capital and CIC
Group alongside ICG's parent company.
Today, ICG has offices in the US, the UK and Germany. The company operates a nearshore
policy, rather than investing heavily in low-cost offshore locations such as India, China or the
Philippines. Jason Gilroy explains: "We view offshore as good for data mining, classification and
other non-customer facing processes. "Our business requires extreme interaction at a local level
with suppliers. For that, you need to have a strong understanding of the local culture, language
and so on."

BPO Market Report – 20 February 2006
ICG Commerce, Inc.
Last month, procurement BPO vendor ICG Commerce won a deal with The Goodyear Tire and
Rubber Company in North America. The contract sees ICG working with Goodyear's internal
procurement organization to reduce the company's indirect spending, using processes such as
strategic sourcing, savings implementation, transaction processing, and ongoing category
management.
The deal was the first to be publicly announced by ICG in 2006, although according to the
company's vice president of outsourcing, Jason Gilroy, ICG is "consistently closing deals with
new customers". "We have extended our deal with Avaya, and Goodyear is a new customer,"
Gilroy told BPO Market Report. "We are not seeing a decrease in the pipeline of new customers."
Indeed, research carried out by Everest Partners reveals that ICG has won 26% of the contracts
signed in the procurement outsourcing space to date, more than any other vendor. ICG leads
IBM, which has secured 24% of deals, Accenture (16%) and Ariba (15%).
Of these four leading suppliers, ICG and Ariba represent the specialist providers, as opposed to
global IT services giants IBM and Accenture, who offer procurement outsourcing as just part of a
BPO business that also includes areas such as finance and accounting and human resources.
Jason Gilroy is keen to emphasize the point that ICG is "100% focused on procurement
outsourcing."
Gilroy also said that, while ICG and Ariba can both be described as procurement specialists, the
two companies have different business models. "Ariba started as a software company," said
Gilroy, "and a lot of [ICG] customers are Ariba users, but also use ICG to drive value and
efficiency from their technology investments".
"For ICG, technology is an absolute necessity for enablement, but we don't care what technology
it is," said Gilroy. "In that sense, we are technology agnostic."
ICG was set up in 1992 as strategic sourcing provider Purchasing Solutions Inc (PSI). In
November 1999, e-commerce company Internet Capital Group Inc paid $12m for a majority stake
in PSI, and changed the company's name to ICG Commerce.
The following year, ICG raised approximately $117m in private placement financing from a
group of investors led by Internet Capital Group and including Staples, Unisys, Keppel, Graham
Partners and Koch Ventures. A further $35m was raised in an equity funding round in January
2003, including investment from Cross Atlantic Capital Partners, Wynnefield Capital and CIC
Group alongside ICG's parent company.
Today, ICG has offices in the US, the UK and Germany. The company operates a nearshore
policy, rather than investing heavily in low-cost offshore locations such as India, China or the
Philippines. Jason Gilroy explains: "We view offshore as good for data mining, classification and
other non-customer facing processes. "Our business requires extreme interaction at a local level
with suppliers. For that, you need to have a strong understanding of the local culture, language
and so on."

January 24, 2005: Industrial packaging products and services vendor Greif Inc selected ICG to
provide procurement services. ICG provides sourcing, purchase-to-pay processing and ongoing
category management across a range of indirect materials and services categories. The total value
of the contract was not disclosed.
November 22, 2004: ICG won a deal with Cooper Cameron Corp, a producer of oil and gas
pressure control equipment. ICG provides Cooper Cameron with strategic sourcing, savings
implementation, purchase-to-pay processing and ongoing category management, across 17
purchasing categories. Also, ICG's RealExchangeSM technology platform is integrated with
Cooper Cameron's SAP system in an attempt streamline the company's global procurement
process. The value of the contract was not disclosed.
November 9, 2004: Universal Packaging Systems Inc, a cosmetic contract manufacturer, chose
ICG to provide procurement outsourcing services. Under the terms of the five-year deal, ICG
provides strategic sourcing, savings implementation, purchase-to-pay transaction processing and
invoice reconciliation. ICG also provides an onsite procurement team to coordinate the delivery
of services to Universal Packaging. The contract value was not disclosed.
CONTACT DETAILS
ICG Commerce
2520 Renaissance Boulevard
King of Prussia
Pennsylvania
19406
Phone: 00 1 877-935-4242
Fax: 00 1 877-4242-339
www.icgcommerce.com

Indeed, research carried out by Everest Partners reveals that ICG has won 26% of the contracts
signed in the procurement outsourcing space to date, more than any other vendor. ICG leads
IBM, which has secured 24% of deals, Accenture (16%) and Ariba (15%).
Of these four leading suppliers, ICG and Ariba represent the specialist providers, as opposed to
global IT services giants IBM and Accenture, who offer procurement outsourcing as just part of a
BPO business that also includes areas such as finance and accounting and human resources.

Der bemerkenswerteste Satz:

 

könnte die Goldgrube schlechthin werden. Nicht ganz aktuell ist die im Text angegebene Beschäftigungszahl, die dürfte eher bei 700 liegen.

By Staff Writer

New York-based management consulting company, IT Knowledge Solutions (ITK), has recently been acquired by Freeborders. What makes this purchase notable is that Freeborders is to all purposes a Chinese outsourcing provider company, and the deal highlights the rapid development of the Chinese services industry.
Although Freeborders is actually headquartered in San Francisco, its differentiation is the extent of its presence in China, and hence its access to the IT skills available there. Freeborders states that China has 350,000 graduates with technology-related degrees, and it is not a matter of chance that it comments almost without a pause that this exceeds by 65,000 the equivalent number in India.

In addition, one of the major advantages that the Chinese provider market has (and hence Freeborders can leverage) is its early state of maturity, in which the supply of potential labor is awaiting demand for services. Consequently, salary levels and expectations there have not started the inexorable climb of those in India, and costs can be expected to be relatively stable.

The rapid rise to success of India's outsourcing providers constitutes an excellent study model for those Chinese enterprises that aim soon to be their competitors in western markets. One of the most significant lessons the Indian companies learned was to have a local face to the corporate body, rather than present solely an 'offshore' image. Freeborders had around 500 employees prior to the acquisition, and is far larger than ITK (which has only around 40 people), but with ITK it adds an East-coast US presence, as well as relationships and experience within customer industries.

This is not a destination on the roadmap of the services industry - just one of the mileage posts. We will see many more acquisitions by companies whose strength is in the Chinese market before too long and, with Indian companies now investing ever more frequently to sustain their own remarkable historic growth rates, the expectation of large-scale consolidation among services vendors is highly likely to prove extremely well-founded.

Source: OpinionWire by Butler Group (www.butlergroup.com)

 
RELATED NEWS
Freeborders/ITK: Chinese starters
23 Feb 2006
 

habe zwar auch schon die Hälfte von heute gezahlt, aber in Anbetracht der Kurschancen war auch der heutige Preis okay.  

nach der ich schon immer gesucht habe, nämlich die Beschäftigtenzahl. Line56 ist ein zuverlässiges Medium und nennt hier 500 Beschäftigte. Das ist weit mehr, als ich angenommen habe, auch wenn es durch den Verkauf der deutschen Niederlassung in Frankfurt vielleicht 50 weniger geworden sind.

Bei Freeborders, wo Internet Capital 33% hält, sind es jetzt 700 IT-Spezialisten und hier bei ICGCommerce, wo Internet Capital 76% hält, wohl ca. 500 Beschäftigte. Noch sind die Beteiligungen von Internet Capital keine Riesenfirmen, aber die meisten der knapp 20 Beteiligungen entwachsen den Kinderschuhen.


PROFILE INDEX
Company Overview
Line56 Coverage



Ownership: Private

Employees: 500

Last Updated: 11/3/2005

To submit changes or corrections, contact coprofiles@Line56.com



 


ICG Commerce
610 Old York Rd.
Suite 300
Jenkintown, PA 19046
United States of America
877-935-ICGC
www.icgcommerce.com


ICG Commerce is a Procurement Services Provider (PSP) committed to helping companies buy goods and services more effectively and more efficiently, ultimately to deliver significant, measurable savings to their bottom line. We make an impact in three major ways: First, we apply deep category experts to evaluate a company’s needs and expenditures in each major buying category and perform a sourcing process that yields the best combination of price, product quality and supplier service. Second, we turn savings potential into reality by implementing and managing a technology-enabled transaction process—supporting every step from request through invoice. And third, we effect continuing cost reductions by making spending visible for better control, and by providing category specialists to maximize additional savings possibilities.

We have a comprehensive infrastructure that combines dedicated category experts, process specialists and leading tools and technology to deliver maximized results year-over-year. The company supports two primary service lines that can be tailored to meet each company’s needs:


Sourcing Services
Procurement Outsourcing
Our position is unique: within the world of procurement services, we do it all—and that's all we do. We are exclusively focused on lowering costs and we are the only company that brings a complete solution to addresses the entire procurement management process.



--------------------------------------------------
Business Model(s)

e-Business Software Providers  Procurement & Buy Side

--------------------------------------------------
Management Team

Edward H. West, Chairman and CEO  David Walls, CFO  
Ram Ramakrishnan, CTO  David Clary, SVP, U.S. Delivery Service  
Dr. Udo Frank, VP, Managing Director hpi GmbH, Germany  
Michael J. Shim, SVP, General Counsel  Jason Gilroy, VP of Outsourcing  
Kristen Knouft, VP of Marketing  

--------------------------------------------------
 

Hast du gesehen wie in USA beim Kurs von 8,75$ zugeschlagen wurde?  

Ich gehe davon aus, dass der Shortseller - wie immer - vor dem 15. eines Monats versucht, die Zahl der Leerverkäufe herunterzufahren. Denn was morgen abend an Leerverkäufen da ist, muss gemeldet werden. Würde da in zehn Arbeitstagen ein große Menge geshorteter Aktien stehen, ging der Kurs durch die Decke. Daher wird man heute und auch morgen alles tun, um möglichst viele leer verkaufter Stücke einzudecken.

Für den langfristigen Investor sind das alles heftiger Strong-Buy-Argumente, wenn jemand gezielt den Kurs nach unten zu pflegen versucht.

Mein Rat: Geschenke annehmen, indem man Internet Capital kauft.  

also einen Chief Financial Officer. Den hat Freeborders jetzt eingestellt, was man als Vorankündigung eines Börsengangs ansehen kann. Denn nach dem Sarbanes-Oxley-Act müssen in den USA bei börsennotierten Unternehmen der CEO und der CFO die Unternehmenszahlen seit ca. zwei Jahren per Eid bestätigen.

FREEBORDERS APPOINTS CFO TO SUPPORT CONTINUED GROWTH

Corporate finance technology outsourcing expert
joins Freeborders management team

San Francisco, CA – March 14, 2006 – Freeborders, a leading technology outsourcing provider from China, announced the appointment of Paul Machle as Chief Financial Officer. With more than 20 years of corporate finance experience in software development and technology outsourcing, Machle will oversee Freeborders’ financial operations and play an integral role in the company’s continued growth strategy.

“Paul has proven experience in overseeing financial operations of dynamic, rapidly growing organizations,” said Freeborders co-CEO Ramsey Walker.“With his strong track record, he’ll contribute greatly to our growth as we continue to strengthen Freeborders’ position within the IT outsourcing market from China.”

“Freeborders has been at the forefront of the technology outsourcing industry with its unique approach and innovative strategy,” said Paul Machle, Freeborders CFO. “I look forward to joining its talented management team and being a part of the company’s continued growth.”

Prior to joining Freeborders, Machle served as Vice President of Finance for global business process solutions company Exigen Group. In this role he oversaw global finance and accounting activities for the company. Machle also developed a plan to create a shared service center for accounting and finance functions based in Eastern Europe.

Previously Machle served in a variety of executive positions including Controller, worldwide field operations for Sybase, Inc.

Machle holds an MBA from the JL Kellogg Graduate School of Management at Northwestern University and a bachelor of science degree in business administration from the University of California, Berkeley.

About Freeborders

Freeborders is a leading provider of technology solutions and outsourcing from China. Freeborders provides industry expertise to North American and European companies in financial services, technology, retail/consumer goods, manufacturing and transportation & logistics. Headquartered in San Francisco with offices on three continents, Freeborders has developed a track record of service delivery to the Fortune 1000 by combining world-class project management in both hemispheres with one of the largest technology centers in China. Freeborders believes China’s massive and growing supply of IT talent and the country’s emerging importance in the global supply chain make China a strategic imperative for any company seeking cost-effective world-class technology solutions.
© Freeborders 2006, All Rights Reserved  

Heute ist der Tag, an dem die Shortselling-Positionen erfasst und dann 10 Tage später veröffentlicht werden. Um hier die Zahlen nicht ansteigen zu lassen, hat der Shortseller gestern vermutlich einige hunderttausend Stück eingedeckt. Weil der Kursanstieg ihm dabei zu schnell ging, hat er heute wohl damit aufgehört. Eigentlich bin ich davon ausgegangen, dass er weiter macht und wir heute am Schluss über 9 Dollar landen.

Daher wollte ich den Rat geben, bei diesem Kurs nur die Hälfte der geplanten Menge zu ordern und dann auf einen kleinen Rücksetzer zu warten. Aber bei dem jetzigen Kurs kann man auch heute die geplante Menge auf einen Schlag kaufen, zumal uns Freeborders jederzeit mit einem IPO überraschen kann - der notwendige CFO dazu ist ja inzwischen da.  

Wo ist denn eine solche Liste einsehbar?  

wo Internet Capital 76% hält. Weiter oben konntet Ihr ja gestern von 500 Beschäftigten (Stand: November 2005) lesen - eine Information, nach der ich lange gesucht hatte. Nach dem Verkauf Ihrer Deutschland-Niederlassung dürften des etwas weniger als 500 Beschäftigte sein. Während man also in Deutschland verkauft hat, boomt das Geschäft in den USA ohne Ende. Am Neugeschäft hatte man da eine Anteil von 32% - weit vor dem anderen Spezialisten Ariba und den Universalanbietern Accenture und IBM. Offensichtlich benötigt man eine kritische Masse, um besonders erfolgreich zu sein, was in den USA der Fall zu sein scheint, denn dort sucht man in ganz erheblichem Umfang Personal:

Jobs 1 to 18 of 18 Show Jobs Posted: Last 24 hoursLast 3 daysLast 7 daysLast 14 daysLast 30 daysLast 60 daysAll Jobs    

View: Brief | Detailed  

Date Job Title Location

Mar 15 Procurement Consulting Account Manager
US-TX-Houston

Mar 13 Experienced Buyer: Knowledge of federal acquisition requirements, SAP & aerostructure industry
US-PA-King of Prussia

Mar 11 Strategic Customer Service Manager
US-PA-King of Prussia

Mar 11 Marketing Communications Associate
US-PA-Philadelphia

Mar 10 Buyer
US-PA-King of Prussia

Mar 9 Strategic Sourcing Consulting Associate
US-GA-Atlanta

Mar 8 Staff Accountant
US-PA-King of Prussia

Mar 8 Consulting Analyst / Associate
US-PA-King of Prussia

Feb 28 OFFICE CONCIERGE
US-PA-King of Prussia

Feb 23 Category Analyst
US-OH-Akron

Feb 23 MRO/Facilility Category Manager
US-OH-Akron

Feb 22 Strategic IT/Telecom. Category Associate
US-TX-Dallas

Feb 21 Process Analyst
US-OH-Akron/Cleveland

Feb 4 Sourcing Category Manager
US-GA-Atlanta

Jan 26 Transportation and Logistics Associate
US-OH-Akron

Jan 25 Customer Service Specialist
US-PA-King of Prussia

Jan 25 Procurement Analyst
US-OH-Akron

Jan 24 Category Management Associate – Retail Store Supplies & Services -- Automotive
US-OH-Akron


Jobs 1 to 18 of 18
 Page: [1]  





 

so scheint es zumindest bei einigen Amis zu sein, die eins und eins zusammenzählen können. Ich hatte Euch ja weiter oben berichtet, dass die 33%-Beteiligung von Internet Capital, Freeborders, sich einen Chief Financial Officer angeschafft hat. Als Private Held braucht man den nicht unbedingt, als börsennotiertes Unternehmen schon - denn nach der neuen amerikanischen Börsengesetz-Regelung (Sarbanes-Oxley) muss der Chief Financial Officer zusammen mit dem Chief Executive Officer die Bilanzzahlen beeiden.

Und dann haben diese Amis, die eins und eins zusammenzählen können, auch noch in Erinnerung, was man da vor ein paar Wochen bei Reuters lesen konnte:

10 February 2006 by Dian Schaffhauser Printable version  |  Email to a friend  
Freeborders Eyes IPO

Reuters reports that China service provider Freeborders is considering going public in the "near future." "

"There's a market opportunity for a company (in China software outsourcing) to be a $1 billion company, and we think Freeborders can be that company," the article quotes co-CEO Ramsey Walker saying.


 
 

denn nicht einmal an ihrem Lieblingstag, dem 16. eines Monats, also der Tag nach dem Meldetag, von wo sie jetzt wieder 29 Tage Luft haben, schaffen sie es den Kurs zu drücken.

Man sollte aber auf jeden Fall mit Limits im Markt sein. Den offensichtlich versucht man es jetzt mit bezahlten Bashern, die derartigen Blödsinn von sich geben:

Internet Capital Group Director Zisman Has Oversized Consulting Contract (ICGE)
Related Stocks: ICGE

Michelle Leder submits: Remember when Internet Capital Group (ICGE) used to be the talk of CNBC, not to mention bagel shops and nail salons? Here’s a chart to help jog your memory.

Things haven’t exactly worked out so well for the company’s investors, despite a 1 for 20 split nearly two years ago. But at least one person seems to be doing well — very well — despite ICGE’s mediocre performance: director Michael Zisman.

According to the K that ICGE filed late yesterday, Zisman, who entered into a consulting contract with ICGE in August 2004, got a super-sized raise in 2005. Here’s how the company described the deal in footnote #13 (coincidence?) in the K filed yesterday. Be sure to note that they never mention Zisman’s name, which requires investors to dig through the proxy to figure out exactly who they’re talking about:

During 2004, the Company entered into a consulting arrangement with a member of the Company’s Board of Directors. The Company expensed $0.9 million and $0.2 million for the years ended December 31, 2005 and 2004, respectively, related to this consulting arrangement which is reflected in selling, general and administrative on the Company’s Consolidated Statements of Operations. At December 31, 2005 and 2004, $0.4 million and $0.2 million, respectively, are included in “Accrued expenses” on the Company’s Consolidated Balance Sheets. The Company also expensed stock-based compensation of $0.4 million in 2005 relating to this consulting agreement.

Could Zisman’s consulting services really be worth $1.7 million? And if they are, why does ICGE try to mask exactly who they’re talking about by burying it in a footnote and never mentioning Zisman’s name? But perhaps more importantly, how can you get his job?

Email this article
Posted: Thursday, March 16th, 2006 by Michelle Leder
Related Stocks: ICGE

Dieser Michael Zismann ist nämlich jeden einzelnen Cent seiner 1,7 Millionen Dollar wert, die er in 2004 und 2005 kassiert hat. Vielleicht etwas zur Vorgeschichte. Micahel Zisman ist ein ehemaliger Vize-Director von IBM, der schon einige Zeit im Aufsichtsrat von Internet Capital sitzt. In den USA gibt es aber die strenge Trennung zwischen Aufsichtsrat und Vorstand nicht. Neben seiner Tätigkeit als Aufsichtratmitglied agiert er auch noch über den vorstehend beschriebenen Vertrag in Managerfunktionen. Und da hat er ganze Arbeit geleistet, vor allem in Sachen Freeborders, ICGCommerce und vor allem in Sachen Metastorm. In Metastorm hat er nämlich die marode CommerceQuest überführt und Internet Capital hält inzwischen an Metastorm 42%. Gerade eine Venture Capital-Firma braucht eben allerbestes Personal und das scheint man mit Zisman verpflichtet zu haben. Wenn man die 1,7 Millionen für zwei Jahre mit riesigen Beträgen vergleicht, welche andere Nieten in Nadelstreifen wie z.B. der Schrempp von Daimler bekommen haben, ist der Mann sogar völlig unterbezahlt.

 

Und die 42%-Beteiligung von Internet Capital, Metastorm, ist der weltweit größte Pure Play auf dem Sektor des Business Process Management.

Seht halt einmal in die folgende Adresse. Hier zeigt sich, dass der Mr. Zisman, der die Beteiligung mit Metastorm auf dem Kerbholz hat, aber auch wirklich jeden der 1,7 Millionen Dollar wert ist, die er in 2004 und 2005 verdiente.

http://www.jonespartnersconsulting.co.uk/ezines/CTEdition16150206.pdf  

denn Shortselling gegen sehr gute Fundamentals ist chancenlos und daher gibt es die momentan günstigen Einstiegspreise nicht mehr lange.  

ICGE HEADED TO $20 SOON - 5X PE!
by: cheapvaluebuyer
Long-Term Sentiment: Strong Buy  03/16/06 12:33 pm
Msg: 240141 of 240147

BUY ALL DIPS

Denn wir haben heute einen der letzten verzweifelten Versuche des Shortsellers gesehen, den Kurs nach unten zu schaukeln, um seine offenen Positionen zuzumachem. Damit hat er sich aber weiter in die Scheisse geritten, weil die Short-Positionen weiter angestiegen sind. Er war halt heute deshalb so mutig, weil das erst in 29 Tagen rauskommt.

Mein Rat: Morgen in Frankfurt massiv kaufen, wenn Euch der Skontrenführer denn lässt. Der wird vermutlich keine Verkäufer vorfinden. Um sicher zu gehen, müsste er Gegengeschäste in den USA tätigen. Daher kommt Ihr nur dann zum Zuge, wenn Ihr ein großzügiges Limit setzt. Dann wird sich der Skontrenführer eindecken und Euren Auftrag susführen.

VICGE HEADED TO $20 SOON - 5X PE!
by: cheapvaluebuyer
Long-Term Sentiment: Strong Buy  03/16/06 12:33 pm
Msg: 240141 of 240147

BUY ALL DIPS



 

Re: ICGE HEADED TO $20 SOON - 5X PE!


by: gjlarsen (44/M/San Jose)  03/16/06 12:55 pm
Msg: 240142 of 240149

cheapvalue

that's just a pure pump. PE is only 5 due to a one-off sale of Linkshare earlier this fiscal year. They only had one of those, so it's not necessarily sustainable ;)

GL

Es geht hier darum, dass der Marktkapitalisierung von 350 Millionen der für 2005 angefallene Gewinn von 72 Millionen gegenübergestellt wird. Der Ami behauptet nun, dass das einmalige Angelegenheit sei, da der Gewinn durch den Linkshare-Verkauf entstanden sein. Da irrt der Ami, denn das Geschäft eines Wagnisfinanzierers ist es, Firmen in einem frühen Stadium zu kaufen und nach der Weiterentwicklung mit Gewinn zu verkaufen. Dass das vor 2005 nicht so lief, die Gründe kennen wir alle - es war die Krise in der die Technologiewerte hineingerieten. Es ist aber absurd zu behaupten, dass jetzt nach Linkshare nichts mehr folge. Denn Internet Capital hat die besten Voraussetzungen einer einigemaßen kontinuierlichen Erlösfluss aus IPO's bzw. Verkäufen von Beteiligungen in die Wege zu leiten, die kontinuerlich zu einem Gewinnfluss von 72 Millionen pro Jahr führen. Beispielsweise kommt in 2006 mit großer Wahrscheinlichkeit der IPO von Freeborders, der meines Erachtens für Internet Capital 150 bis 200 Millionen an Erlösen und wegen des geringen Wertes von Freeborders in den Büchern auch fast gleich hohe Gewinne bringen dürfte. Wahrscheinlich würden sie aber nur einen kleinen Teil der Aktien verkaufen, das haben wir ja bei Blackboard auch so gesehen. Abhängig ist das davon, ob sie in 2006 weitere Verkäufe auf der Pfanne haben. Und da habe ich den Verdacht, dass dies Metastorm sein dürfte, denn da lauft meines Erachtens gerade so eine Art Rodshow. Entsteht schon durch den Verkauf der Beteiligung an Metastorm ein größerer Gewinn, dürfte man meines Erachtens fast keine Aktien von Freeborders verkaufen, zumal ja auch noch für 60 Millionen Aktien von Blackboard hat, die bei einem Verkauf fast zu einem Gewinn in der selben Höhe führen.


 

Internet Capital liegen. Businnes Process Management-Software wird die Umsätze binnen vier Jahren verdoppeln und Metastorm ist auf diesem Sektor der weltweit größte Pure Play unter einigen Anbietern. Metastorm ist für mich ein heißer Übernahmekandidat und wird meines Erachtens momentan auch gerade der Investorengemeinde präsentiert.

Process Management by the Light of the Dashboard
3/1/2006

By Kathleen Richards

The Big Idea


IT'S ON EVERYONE'S MIND

Companies like the idea of BPM suites, and technology-services teams are willing to work with vendors so modules meet their process development needs.
Integration of BPM with SOA is on everyone's mind. Enterprises should start with a solid architecture foundation and pay attention to common development pitfalls in multi-layer environments.
Vendors are starting to offer BPM tools that support graphical modeling of business logic--and rules environments with spreadsheet paradigms--but BPM projects remain IT intensive.

Financial services company Wachovia began implementing a business process management system in the late ’90s. Today, BPM is spread across its lines of business, from retail banking and loan origination to insurance processing and securities transactions. Wachovia has since standardized on IBM’s WebSphere Business Integration platform, which provides numerous products that work together, although they are not bundled together. “We saw the whole loop being closed by WBI,” says Rohn Griggs, VP of the workflow, images and integration technologies team within technology services at Wachovia.

What appealed to Wachovia’s tech-services team was the promise of designing a process model, deploying the process to an engine and having the engine manage the process. The engine collects data and extracts the “actuals” out of the monitor, then pulls them back to the modeler to help business users streamline and optimize their processes. “You can say to the business sponsor, ‘Here is what we anticipated; here is what we are getting,’ what the delta is and why that’s the case,” Griggs explains.

Wachovia’s desire for a suite of integrated BPM tools is not unique. Forrester Research expects vendors’ BPM suite license, service and maintenance revenue to double in the next 4 years, growing from $1.2 billion worldwide in 2005 to more than $2.7 billion by 2009.

Not so crazy, today
Traditional BPM tools used during the re-engineering craze of the mid ’90s supported process modeling or workflow automation. Today, a suite of tools provides broad functionality including process modeling and simulation, a process engine, a business rules engine, process monitoring and analytics, and reporting tools—all from the same vendor or through thirdparty partnerships. Some of these suites are tied to app servers or databases or hook into SOA solutions; others are free-standing and designed to work in heterogeneous environments.

Which tools offer the best solution depends on an organization’s requirements and its business processes, whether they include claims processing, order fulfillment, mortgage loan origination, compliance or something else. Forrester categorizes business processes into four types: system and app integration, people-intensive, decision-making and document-oriented.

Automating the audit trail

In February 2005, Advanced Management Technology prepared to meet Sarbanes-Oxley requirements by implementing an automated change management process, using Metastorm BPM tools. Most of AMTI’s processes were defined but lacked automated support.

In about 2 weeks, the IT team developed a process that consisted of reviews/approvals, ability to attach docs, and stages for tracking development and design. “That process was sufficient, so that when Ernst and Young did their support for use, they signed off on it right away,” says David Holliday, CTO. Since its implementation, IT has updated the change management process twice.

"We don’t spend 40 percent of our time upfront trying to conceptualize, layout, validate, verify, get approval, engineer and re-engineer the process,” Holliday says. “We spend our time building the processes for our users and putting those processes into production, and then what we do is we continually work to change those processes to improve them and meet our users’ requirements over time."

Ten years ago, Holliday recalls, his development concerns centered on requirements definitions and catching problems early because costs could go up substantially. “Now I’m much more...in front of my users so that they can use it. They can see it, and I’ve got BPM tools that will allow me to make changes.” Toolsets define the way his team approaches problems.

Compliance requires documenting and auditing processes and is a core capability of a BPM suite. "You have a simulation environment, you can document the process there," says Jeff Kristick, director of product marketing at TIBCO Software. "You can produce HTML and PDF versions of documents and use those to store all the version history. Everything you do when you execute a process is stored, and you can audit that and provide visibility."

Compliance improves over time

BPM suites and other apps, some marketed as SOX products, offer functionality that can help companies develop and improve internal IT controls for managing financial reporting and compliance regulations.

The spotlight on financial compliance is also giving rise to a new category of software called financial compliance process management. These products are designed to automate the workflow and report specifically on the financial controls, says Tom Eid, a VP at Gartner. FCPM vendors include 80-20 Software, Achiever Business Solutions, IBM, Movaris, OnProject and several others.

BPM is also an area in which orgs will start to work on compliance, based on the robustness of their implementations. “There are multiple entry points,” Eid says, “but the idea is to take the capabilities of your organization, make this an overall project, an ongoing capability that is improved over time.” Gartner estimates that 75 percent of Fortune 500 companies will have adopted governance or compliance frameworks this year.

 

denn bis zum IPO von Freeborders, der meines Erachtens nicht unter einer halben Milliarde abläuft, sollte man drin sein.

Ich habe mir gerade einmal die Liste ausgewählter Kunden von Freeborders angesehen - die wird immer besser. Besonders beeindruckend ist, dass man im Finanzbereich wohl mit den fünf angegebenen Namen fast unter den weltweiten Top 10 ist:


Financial Services
Citigroup
Credit Suisse First Boston
Fortis
Morgan Stanley
US Trust

Hier die komplette Liste:

Select Customer List
Retail
Byer
CJ Banks
J.Crew
J.Jill
Kangol
Michael Kors
Marc Jacobs
Peacocks
Saks
Sara Lee Courtaulds
Sundance Catalog
TAG
Target
Woolrich
Yakka
Software/Technology
BroadVision
CommerceQuest
Immigration Tracker
NextJump
Onyx Software
RichFX

Manufacturing
Ciba
DuPont
Invista
Owens-Illinois
VF Corporation

Financial Services
Citigroup
Credit Suisse First Boston
Fortis
Morgan Stanley
US Trust

 

sondern basiert auf den Aussagen des CEO, die auch in dem nachstehenden Artikel angeführt werden: "Freeborders could be the first major Chinese service provider to go public after one of its executives said last month that an IPO would happen in the "not too distant future". Und Internet Capital hält immerhin 33% an Freeborders.

Banks Flock to India for IT Services IPOs
Mar 08, 2006 - 04:55 PM

While the US IPO market is slowing down, investment institutions are looking to Asian IT services companies for flotation opportunities.


Bangalore, India-based Mindtree Consulting, which specializes in IT services and research and development consulting work, confirmed last month that it was aiming to go public later this year, and analysts believe it could raise about $80m. The company is growing revenue at about 50% a year, and Deloitte recently rated it as one of the 20 fastest growing technology companies in India. So far the company has raised $24m in two rounds of funding.

Tech Mahindra, formerly known as Mahindra British Telecom, last month also confirmed its intentions to raise money through an IPO, though it did not indicate the timing or amount it hopes to make. The company, which provides software development for telecommunications companies, is looking to diversify its client base. BT Group currently is responsible for 60% of its revenues.

Freeborders could be the first major Chinese service provider to go public after one of its executives said last month that an IPO would happen in the "not too distant future".

A study published by consultants Avendus Advisors claims that there are a number of other mid-sized IT and BPO service providers in India which could go for an IPO this year including Caritor, Corpus, Infinite Computer Systems, L&T Infotech, and Persistent Systems.

On top of these, there are some major BPO firms in India that must be considering such a move. WNS Global Services, the former finance and accounting arm of British Airways now majority-owned by private equity firm Warburg Pincus, is an obvious candidate, as is Genpact, another former captive which is now majority-owned by investment firms. When it changed its name from GECIS last year, executives said it was too early to plan an IPO, though it was a longer-term target. Office Tiger, a US-based offshore provider, may choose India for its IPO, which could happen by the end of the year, though it is also wary of giving an indication of the timeframe.

There are slim pickings for IT services firms in the US. There have been a few human resources flotations in the past year though, such as employee management specialists Taleo and Kenexa. There are others which will make the jump this year such as EXLService Holdings, which plans to raise $75m on Nasdaq, but even this is an offshore provider with an Indian-based service provision. Achievo Corp, which has a strong presence in China could also file this year, but there are few opportunities compared to India.

This is in part because of the increased costs associated with becoming a public company as a result of the introduction of Sarbanes-Oxley laws.

Private firms that realized in 2002 when the act was made law that becoming public was a serious prospect would have started ensuring that their financial processes met Sarbanes-Oxley rules there and then. Unfortunately the cost of doing so for many may have seemed like an unnecessary gamble, especially through the early-funding years when cash is tight, and such companies need to be run on a very strict budget.

The effect is that many private companies haven't budgeted for these extra costs, and haven't ensured that their processes are compliant, therefore slowing the IPO pipeline. Some may decide that the extra costs are not worth it, and there have been a number of cases of public firms returning to private  
 

wo Internet Capital 27% hält. Credittrade ist einer der bedeutendsten Broker und Datenlieferanten auf dem Markt für Kreditderivate. Lest des Rest auch der Neuen Zürcher Zeitung selbst:

16. März 2006, Neue Zürcher Zeitung

 
Verdoppelung des Markts für Kreditderivate  


Singapur, 15. März. (Bloomberg) Der weltweite Markt für Kreditderivate ist in der zweiten Jahreshälfte 2005 um 39% auf 17,3 Bio. $ gewachsen, berichtet die International Swaps and Derivatives Association (ISDA). Gegenüber 2004 verlangsamte sich das Wachstum aber, weil die Aufsichtsbehörden laut Beobachtern die Banken gezwungen haben, einen Rückstand in der Papierdokumentation anzugehen, der die Stabilität des Finanzsystems bedrohte. Der Markt wird von Kreditausfallswaps dominiert, womit sich Investoren gegen Kreditausfälle absichern können. 2005 hat sich das Marktvolumen nach Angaben der ISDA mehr als verdoppelt. Im Jahr 2004 verzeichnete der Markt ein Wachstum von 123%. Die Zahlen basieren auf einer Umfrage unter 98 Firmen und berücksichtigen auch Transaktionen, die nicht über Börsen laufen. Kreditderivate sind der am stärksten wachsende Marktteil am 270 Bio. $ schweren Derivatemarkt, zeigen Zahlen der Bank für Internationalen Zahlungsausgleich. Nach Angaben der ISDA hat sich der Markt innerhalb von zwei Jahren mehr als verfünffacht.

Timothy Geithner, Präsident der Federal Reserve Bank of New York, fordert von den am Markt aktiven Banken, dass sie die Bearbeitungszeit der Transaktionen weiter senken. Die grössten Derivatehändler hätten die durchschnittliche Zeit für die Bestätigung der Transaktionen von 23 Tagen im letzten Jahr auf 16 Tage reduziert, teilte die ISDA mit.

 

aus (Internet Capital-Anteil = 42):

Krishna Roy


Steady growth and profitability for Metastorm, but no IPO yet

The business process management software vendor is chugging along with steady growth and five straight quarters of profitability, but it still hasn't built up its business enough for an IPO.

MIS/ Impact Report, 2 Mar 2006
Dennis Callaghan


Leider komme ich an den vollständigen Bericht nicht ran, vielleicht aber jemand von Euch. Das sieht ja richtig gut aus. Mir reicht es auch, wenn der IPO in 2007 kommt, tippe aber eher auf einen Merger.  

der den Kurs wie auf Schienen hält. Motivation ist mir allerdings nicht ganz klar. Denn die großen Eigner von Internet Capital sind ja Ebörse, Bulle Benny und Motzky, sondern die nachstehenden, die auf Spielchen sicher nicht hereinfallen:


 

TOP INSTITUTIONAL HOLDERS

Holder Shares % Out Value* Reported  

GENDELL, JEFFREY L. 2,943,100 7.49 $24,192,282 31-Dec-05    

BARCLAYS BANK PLC 2,804,182 7.13 $24,704,843 30-Sep-05

BLAIR (WILLIAM) & COMPANY, L.L.C. 2,021,994 5.14 $16,620,790 31-Dec-05

GRUBER & MCBAINE CAPITAL MANAGEMENT LLC 1,898,200 4.83 $15,603,204 31-Dec-05

Mellon Financial Corporation 1,746,132 4.44 $14,353,205 31-Dec-05

TRAFELET & COMPANY, LLC 1,009,300 2.57 $8,296,446 31-Dec-05

DRIEHAUS CAPITAL MANAGEMENT, INC. 870,699 2.22 $7,157,145 31-Dec-05

EAGLE ASSET MANAGEMENT, INC. 763,780 1.94 $6,278,271 31-Dec-05

DIMENSIONAL FUND ADVISORS INC 614,648 1.56 $5,052,406 31-Dec-05

CAPITAL RESEARCH AND MANAGEMENT COMPANY 500,000 1.27 $4,110,000 31-Dec-05



TOP MUTUAL FUND HOLDERS

Holder Shares % Out Value* Reported
BLAIR (WILLIAM) MUTUAL FUNDS, INC.-SMALL CAP GROWTH FUND 1,410,534 3.59 $12,426,804 30-Sep-05

DREYFUS GROWTH & VALUE FDS-DREYFUS EMERGING LEADERS FD 398,500 1.01 $3,307,550 30-Nov-05

Ich habe hier einmal die 12 große Eigner von Internet Capital reingestellt. Das sind alles feinste Adressen, die zusammen schon 44% halten. Was das Verscheisserspielchen bringen sollen, weiss ich auch nicht? Man sollte das halt ausnutzen. Ich habe auch fast jedes Verscheisserspielchen genutzt - das senkt den durchschnittlichen Einstandspreis und kann für die eingesetzte Summe auch mehr Stücke kaufen. Nur so ist es gelungen, dass mir inzwischen jede zweitausendfünfhundertste Aktie von Internet Capital gehört.


 

haben in den letzten Jahren, und ich bin in größerem Umfang seit Oktober 2001 dabei, eigentlich noch nie so wenig ein Rolle gespielt wie heute - die Kurse waren heute ausschließlich "gemacht", bösen Zungen würden dazu manipuliert sagen. Um ehrlich zu sein, ganz blicke ich da nicht durch. Gut, der Shortseller könnte am Werk gewesen zu sein, um die Kurse nicht durch die Decke gehen zu lassen. Aber andererseits sage ich mir auch, dass er sich durch weitere Verkäufe weiter in die Scheisse reiten könnte.

Aber lassen wir die Spekulation. Meines Erachtens gilt es, die Situation zu nutzen und seine Bestände zu erhöhen. Das Philosphieren über die Motive des Shortsellers kann einam eigentlich nur vom richtigen Handeln abhalten: Nämlich Kaufen bis zum Anschlag, wenn es in das Risikoszenario passt. Und das Risiko ist meines Erachtens zumindest bei dem jetzigen Kurs niedrig.  

dadurch dass von den momentan 340 Millionen knapp 200 Millionen (235 Millionen minus Verbindlichkeiten) durch Nettcash/Wertpapiere abgedeckt sind, ist das Risiko sehr niedrig. Die acht nicht börsennotierten Kernbeteiligungen und der Rest der nicht börsennotierten Beteiligungen werden dann mit nur noch 140 Millionen bewertet, was auf ein Kurs-Umsatz-Verhältnis von 1,7 bis 1,8 hinausläuft, während im Vergleich mit ähnlichen Unternehmen eines von 5 angemessen wäre.

Im Grund genommen beteiligt man sich bei Internet Capital an einer Art Private Equity-Gesellschaft, die börsennotiert ist. Und das Besondere daran ist, dass man sonst dafür hohe Gebühren bezahlen muss, wenn man bei Internet Capital einen Rabatt von 50% auf den Inventarwert erhält. Im Vergleich zu manchen Private Equity-Firmen arbeitet Internet Capital allerdings fast 100ig mit Eigenkapital. Das reduziert das Risiko und begrenzt normalerweise die Chancen. Das mit den Chancen ist bei Internet Capital allerdings etwas anders, da hier zunächst einmal schon eine Verdoppelungschance wirkt, wenn der von mir auf ca. 50% geschätzte Abschlag auf den Inventarwert aufgeholt wird.