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.

Filed Under:
Companies: accoona, google

Rate this comment as insightful
Rate this comment as funny
You have rated this comment as insightful
You have rated this comment as funny
Flag this comment as abusive/trolling/spam
You have flagged this comment
The first word has already been claimed
The last word has already been claimed
Insightful Lightbulb icon Funny Laughing icon Abusive/trolling/spam Flag icon Insightful badge Lightbulb icon Funny badge Laughing icon Comments icon

Comments on “Accoona Who? Search Firm Files To Go Public”

Subscribe: RSS Leave a comment
10 Comments
Shohat says:

YOU MUST TRY IT !

I just tried out their search engine.

I my search query was : “fuck”
Top results :

1. Google
http://www.google.com/

2. WordPress › Blog Tool and Weblog Platform
wordpress.org/
(third result actually is somewhat relevant)

3.NetNanny – Keeping your kids safe on the Internet
http://www.netnanny.com/

(WTF ?!!? Yale ?!)
4. Yale University
http://www.yale.edu/

6.EFF: Blue Ribbon Campaign
Here at EFF, we continue to fight for the right to free speech.
http://www.eff.org

7.DefendAmerica – U.S. Defense Dept. War on Terror:
http://www.defendamerica.mil/

What an Awesome search engine it is. Can’t wait for the IPO.

raccoona (user link) says:

LOL

Not to mention the fact that the company has had several top executive “resign” for mis-management of assets and resources. Many of the top board members have at some point been under investigation by the SEC, and a few have even been indicted as well. Whatever hare-brained MBA came up with this business plan is surely to be strung up by the investors he duped into this venture.

All this, and a year ago they were claiming to have had 120 million dollars in excess capital. Where’d it go? Why hasn’t it been used to hire talent that would propel the business forward? The talent they did have, is gone now, due to complacency and boredom. It seems as thought it was engineered to be a money-pit. An exercise in capital-venture money laundering. One fruitless pursuit after another, and little to show for it other than blatant corpspeak.

Add Your Comment

Your email address will not be published. Required fields are marked *

Have a Techdirt Account? Sign in now. Want one? Register here

Comment Options:

Make this the or (get credits or sign in to see balance) what's this?

What's this?

Techdirt community members with Techdirt Credits can spotlight a comment as either the "First Word" or "Last Word" on a particular comment thread. Credits can be purchased at the Techdirt Insider Shop »

Follow Techdirt

Techdirt Daily Newsletter

Techdirt Deals
Techdirt Insider Discord
The latest chatter on the Techdirt Insider Discord channel...
Loading...