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.

Reader Comments (rss)

(Flattened / Threaded)

  1. identicon
    Tarky7, Aug 7th, 2007 @ 1:15pm

    First !

    YAY !

    Oh, Yeah. This IPO is a scam ! Mike, right, more often then not !


    reply to this | link to this | view in thread ]

  2. identicon
    Tim, Aug 7th, 2007 @ 1:48pm


    Whats the asking price?

    reply to this | link to this | view in thread ]

  3. identicon
    Anonymous Coward, Aug 7th, 2007 @ 2:55pm

    1.76 a share

    reply to this | link to this | view in thread ]

  4. identicon
    roxi, Aug 7th, 2007 @ 3:05pm

    Nice search

    I really like how searches for basic keywords return zero results.

    reply to this | link to this | view in thread ]

  5. identicon
    Shohat, Aug 7th, 2007 @ 3:57pm


    I just tried out their search engine.

    I my search query was : "fuck"
    Top results :

    1. Google

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

    3.NetNanny - Keeping your kids safe on the Internet

    (WTF ?!!? Yale ?!)
    4. Yale University

    6.EFF: Blue Ribbon Campaign
    Here at EFF, we continue to fight for the right to free speech.

    7.DefendAmerica - U.S. Defense Dept. War on Terror:

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

    reply to this | link to this | view in thread ]

  6. identicon
    Charles Griswold, Aug 7th, 2007 @ 4:55pm

    Productive(?) Searches

    I did a search for "spyware" and found lots of (you guessed it) spyware. Result number 7 even promised "free spyware".


    reply to this | link to this | view in thread ]

  7. identicon
    GoblinJuice, Aug 7th, 2007 @ 6:13pm


    Just tried their engine.

    Oh, jesus... this blows chimp. =|

    And their logo sucks!!! =D

    reply to this | link to this | view in thread ]

  8. identicon
    Anonymous Coward, Aug 8th, 2007 @ 3:58am

    I tried searching for terms like google and and it responded with "Your search - - did not match any web results documents."

    DUH !

    reply to this | link to this | view in thread ]

  9. identicon
    raccoona, Aug 8th, 2007 @ 9:09am


    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.

    reply to this | link to this | view in thread ]

  10. identicon
    Anonymous Coward, Aug 8th, 2007 @ 12:08pm

    LOL indeed

    They got a new CEO because the old CEO (still attached to the company) was previously prosecuted for securities fraud... here we go again!

    reply to this | link to this | view in thread ]

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