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stories about: "accoona"
Earnings, IPOs, and the like

Earnings, IPOs, and the like

by Joseph Weisenthal

Wed, Aug 22nd 2007 6:11pm


Filed Under:
search

Companies:
accoona



Accoona's IPO Postponed As Underwriter Drops Out

from the still-a-nobody dept

Earlier this month came the surprising news that little-known search engine Accoona had filed to do an IPO, hoping to emulate the public market success of Google. Of course Accoona is nothing like Google, as its search engine is not widely used, with most of the company's revenue coming from dodgy e-commerce sites that it has acquired. Well, it looks like the company may have to wait another day for its invitation to the dance, as the planned underwriter, Maxim Group, has pulled out of the deal. Considering the company's shaky financials as well as the checkered past of its founder (in the past he was a penny stock promoter), it seems highly unlikely that any reputable investment bank will get behind the deal. So unless Accoona actually starts drawing users to its search engine (highly unlikely), the company wouldn't appear to be going anywhere soon.

3 Comments | Leave a Comment..

 
Earnings, IPOs, and the like

Earnings, IPOs, and the like

by Joseph Weisenthal

Tue, Aug 7th 2007 12:35pm


Filed Under:
search

Companies:
accoona, google



Accoona Who? Search Firm Files To Go Public

from the searching-for-investors dept

Hoping to capitalize on investor love for Google, search engine Accoona recently filed with the SEC to go public. However, John Battelle did some digging through the company's S-1 filing and finds that this one looks pretty fishy. The company has gotten no traction in its core search business, so in order to goose revenues, the company has bought out a number of money-losing e-commerce firms that have nothing to do with its main business. Other red flags stick out as well, such as the company's assertion that it's got interesting things going on in China, an attempt to associate itself with another hot area. Finally, the company will go public through a Google-like Dutch auction, in a blatant move to build up more hype. Obviously, the IPO window has widened in the past year, as more tech companies have been able to go public. But investors seemed to have kept their wits about them, and it seems highly unlikely that an also-ran search firm that few people have ever heard of will capture the public's imagination.

10 Comments | Leave a Comment..

 
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