Tue, Aug 7th 2007 12:35pm
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.
If you liked this post, you may also be interested in...
- Supreme Court Won't Hear Oracle v. Google Case, Leaving APIs Copyrightable And Innovation At Risk
- Breaking: Self-Driving Cars Avoid Accident, Do Exactly What They Were Programmed To Do
- Google Says It Will Remove Revenge Porn Results From Search... Raising Some Questions
- Court Shuts Down NYPD's Argument That When Searching For Black Male Suspects, Any Black Male Will Do
- Court Reminds Police That Refusing A Search Isn't Inherently Suspicious Behavior