Web 2.0 Weekly First Quarter Deal Value Down, Volume Stable: David Shore, CFA, MBA 416.860.6784

SOFTWARE & SERVICES 30 MARCH 2010
David Shore, CFA, MBA 416.860.6784

WEB 2.0 WEEKLY dshore@mackieresearch.com
Damian Wojcichowsky, CFA 416.860.7652
First Quarter Deal Value Down, Volume Stable

Financing in Q1/10 totalled $568.3 million, down 16% vs. Q1/09 – largely owing to a 21% Y/Y slowdown in March.
The number of deals in March (26, including one debt financing) was just below the average over the past 12 months
of 29. So, while total deal value declined Y/Y, there are still deals being done, albeit in smaller sizes.
Advertising and Social Networks the top draw: In the past three months, Advertising and Social Networks continue
to trade places as the sectors with the largest number of deals (12 and 10, respectively). Gaming and Video are also
attracting a great deal of investor attention.
Financing by Type Financing by Type

(Amount raised) (Number of Deals)
900 100
833 94
92
800 90 5 9
131 83
80 6 78
700 684
672 3
661
94 70 68
588 38
600
222 7 42
57
227 60
37
36
500 Late Stage (D/E) Late Stage (D/E)
(US$m)
449 Mid-Stage (B/C) Mid-Stage (B/C)

(#)
50
532 Early Stage (Angel/A) Early Stage (Angel/A)
77 Total
400 Total 41
394 40
40 1 37
333
300 259 408 3 33 34
300 19 2 30 3 30
301 29 18
30 27 1 0
231 2 13
223 219 2 24 24 24 24
205 207 204 202 49 12
194 196 312 21 2 15 12 16 2 1
200 178 179 47 10 8 4 43 19
191 5 31 63 167 20 18 40
155 2 53 3 39
48 27 133 0 20 2 2 9
12 12 15
112 100
124 11 14 9
69 203 96 126 163 118 9 21 22 21
100 100 103 183 121 10
79 169 17 16 17 18
133 15 13
80 123 10
90 74 79 76 7 7 7 6 8 8
46 47 49 53 55 61 46 48
39 29 0
0 18
Mar-09
May-09
Nov-09
Mar-10
Jan-09
Feb-09
Q1/09
Apr-09
Jun-09
Q2/09
Jul-09
Aug-09
Sep-09
Q3/09
Oct-09
Dec-09
Q4/09
Jan-10
Feb-10
Q1/10
Jan-09
Feb-09
Mar-09
Q1/09
Apr-09
May-09
Jun-09
Q2/09
Jul-09
Aug-09
Sep-09
Q3/09
Oct-09
Nov-09
Dec-09
Q4/09
Jan-10
Feb-10
Mar-10
Q1/10
March lodges a slowdown in deal value: Total transaction value in the Web 2.0 universe for March was $145.1
million, down 21% vs. March 2009. The number of financings was 26, averaging $5.6 million each. In comparison, total
capital raised in February was $204.1 million, averaging $8.2 million over 25 deals. January had $219.1 million,
averaging $9.1 million over 24 deals. December saw $450.4 million, averaging $12.9 million over 35 deals. November
saw $205.0 million, averaging $10.2 million (20 deals).
Bearish week for Web 2.0: Nineteen companies in our universe had positive stock price performances (averaging
+6.9%) over the past week (for stocks with prices greater than $1), while 26 companies showed negative 1-week
returns (averaging -3.5%).
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
w w w . m a c k i e re s e a r c h . c o m
Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-6460
Page 2
The Web 2.0 Universe

Ninety-six public Web 2.0 companies: Our Web 2.0 universe contains 96 companies, with a combined market cap of
approximately $75 billion (Figure 1). The median market cap for the group is $47 million, with average trailing revenue
of $417 million (median $15.2 million). The companies are also generally profitable with a median EBITDA margin of
11.4%. On a valuation basis, the overall average is 4.6x trailing revenue (median 1.9x) and 10.9x trailing EBITDA
(median 8.6x). Fourteen of the companies have more than 500 employees.
C omparable C ompany Analys is > Web 2.0

Trading C urrent US D Market US D L TM Total US D L TM Total E B ITDA TE V/L TM TE V/L TM
C ompany Name L TM as of Tic ker E xc hange C urrenc y HQ Pric e C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Accelerize New Media, Inc. 9/30/2009 AC L Z OTC B B US D United S tates 0.55 15.8 4. 1 (1.5) -36. 5% 5. 0x - 11
Actoz S oft C o., L td. 9/30/2009 A052790 K OS E KR W S outh K orea 13650.00 106. 0 121. 9 27. 0 22. 2% 0. 5x 2. 4x NA
AQ Interactive, Inc. 12/31/2009 3838 TSE JPY J apan 112500.00 66.0 NM NM NM 0. 7x - NA
As knet AG 9/30/2009 XT R A: A5A XT R A E UR G ermany 4.10 27.8 8,336.7 (107.4) -1.3% 0. 2x - NA
B etawave C orporation 9/30/2009 B W AV OTC B B US D United S tates 0.10 2. 8 8. 4 (14. 3) NM 0. 0x - 48
B eyond C ommerce, Inc. 9/30/2009 B YOC OTC B B US D United S tates 0.03 1. 8 13.5 (12. 4) -91. 9% 1. 0x - 86
B igs tring C orp. 9/30/2009 BSGC OTC B B US D United S tates 0.01 0. 9 0. 1 (1.0) NM 30.9x - 4
B right T hings plc 9/30/2009 AIM:B G T AIM GBP United K ingdom 0.01 6. 6 NM NM NM 31.4x - 9
B roadW ebAs ia Inc. 9/30/2008 BWBA OTC P K US D United S tates 0.04 3. 4 0. 0 (4.6) NM - - 46
C DC C orp. 12/31/2009 C HIN. A Nas da qG S US D Hong K ong 3.05 322. 6 320. 1 36. 6 11. 4% 1. 0x 8. 4x NA
C hangyou.com L imited 12/31/2009 C YOU Nas da qG S US D C hina 29.89 1,541.4 267. 6 167.7 62. 7% 4. 9x 7. 8x 1,308
C hines e G amer Internationa l 12/31/2009 G T S M:3083 GTS M TW D T aiwa n 341.00 900. 2 0. 0 (0.1) NM 11.9x 21.9x NA
C ody V entures C orporation 6/30/2007 CVCP OTC P K US D United S tates 0.00 0. 1 0. 1 (0.1) NM 1. 4x - NA
C ornerW orld C orporation 1/31/2010 CWR L OTC B B US D United S tates 0.02 1. 9 11.3 NM NM 1. 0x - 16
C yberplex Inc. 12/31/2009 T S X: C X TSX C AD C anada 0.74 50.1 2,169.1 1, 175.1 54. 2% 0. 3x 2. 7x NA
DADA S pA 12/31/2009 C M:DA CM E UR Italy 5.16 112. 5 15.2 NM NM 0. 8x 6. 0x NA
DigitalP os t Interactive, Inc. 9/30/2009 DG L P OTC B B US D United S tates 0.04 3. 8 1. 2 (0.9) -73. 8% 5. 0x - 7
DigitalT own, Inc. 11/30/2009 DG T W OTC B B US D United S tates 1.15 31.5 0. 0 (1.4) NM - - 3
Dolphin Digital Media, Inc. 9/30/2009 DP DM OTC B B US D United S tates 0.30 17.1 0. 3 (4.6) NM - - NA
DXN Holdings B hd 11/30/2009 DXN K LS E MY R Malays ia 0.66 45.9 33.8 3.4 9.9% 0. 7x 3. 9x NA
E n2G o International, Inc. 11/30/2009 E TGI OTC B B US D United S tates 0.20 4. 8 NM (1.9) NM - - NA
Neurotech P harmaceuticals C o., L td. 9/30/2009 A041060 K OS E KR W S outh K orea 345.00 23.5 0. 2 0.0 18. 7% 3. 8x 8. 0x NA
eW orldC ompanies , Inc. 6/30/2008 EWR C OTC P K US D United S tates 0.00 0. 5 0. 0 NM NM 15.8x - NA
F luid Mus ic C anada , Inc. 9/30/2009 T S X: F MN TSX C AD United S tates 1.65 102. 2 5. 6 (3.0) -54. 0% 16.5x - NA
F rogs ter Interactive P ictures AG 6/30/2009 FR G XT R A E UR G ermany 19.40 66.9 7. 5 (4.0) -54. 0% 7. 4x - NA
G amania Digital E ntertainment C o. , L td. 12/31/2009 6180 GTS M TW D T aiwa n 48.95 235. 8 0. 2 (0.1) -47. 0% 1. 3x 7. 5x NA
G ameOn C o L td. 12/31/2009 3812 TSE JPY J apan 92700.00 96.7 55.7 9.6 17. 3% 0. 4x 1. 5x NA
G eoS entric O yj 9/30/2009 G E O1V HL S E E UR F inland 0.05 60.5 9,245.8 2, 154.7 23. 3% 14.8x - 118
G iant Interactive G roup, Inc. 12/31/2009 GA NY S E US D C hina 7.67 1,739.7 0. 5 (1.9) NM - - NA
G igaMedia L td. 3/31/2009 G IG M Nas da qG S US D T aiwa n 3.19 173. 9 183. 6 NM NM 0. 6x - 751
G ravity C o., L td 9/30/2009 GR V Y Nas da qG M US D S outh K orea 1.73 48.1 0. 2 NM NM - - 469
G ree, Inc. 12/31/2009 T S E : 3632 TSE JPY J apan 5680.00 2,772.5 643. 7 227.9 35. 4% 10.1x 17.2x NA
G ungHo O nline E ntertainment, Inc. 9/30/2009 3765 OS E JPY J apan 214500.00 265. 6 259. 9 152.9 58. 8% 2. 0x 8. 8x NA
HanbitS oft, Inc. 9/30/2009 A047080 K OS E KR W S outh K orea 4450.00 85.9 9. 5 2.1 22. 3% 1. 2x - NA
IA C /InterActiveC orp. 12/31/2009 IA C I Nas da qG S US D United S tates 22.87 2,665.7 1,375.8 81. 7 5.9% 0. 8x 12.9x 3,200
InternetArray, Inc. 12/31/2006 INA R OTC P K US D United S tates 0.00 0. 0 5. 9 (4.0) -68. 6% 1. 1x - NA
Is e B lu E quity C orp. 12/31/2006 IS B L OTC P K US D United S tates 0.00 0. 0 0. 0 NM NM 0. 5x - NA
is eemedia Inc. 12/31/2009 IE E T S XV C AD C anada 0.17 11.6 2. 3 (3.3) NM 4. 7x - NA
J umbuck E ntertainment L imited 12/31/2009 AS X: J MB AS X AUD Aus tralia 0.25 11.2 15.3 6.7 43. 4% 0. 4x 0. 9x 79
K ent International Holdings Inc. 9/30/2009 K NT H OTC P K US D United S tates 1.70 6. 0 0. 0 (0.4) NM - - NA
K ings oft C orporation L imited 9/30/2009 3888 S E HK HK D C hina 6.16 871. 2 143. 5 57. 7 40. 2% 5. 7x 14.3x 2,271
K iwibox. C om, Inc. 9/30/2009 K IW B OTC B B US D United S tates 0.01 4. 4 0. 1 (2.3) NM - - 14
L ingo Media C orporation 9/30/2009 T S XV : L M T S XV C AD C anada 0.70 8. 6 1. 4 (2.4) NM 5. 9x - NA
L ookS mart, L td. 12/31/2009 L OO K Nas da qG M US D United S tates 1.02 17.5 51.8 (4.1) -7.9% - - NA
Mixi, Inc. 12/31/2009 2121 TSE JPY J apan 646000.00 1,077.9 138. 2 41. 9 30. 3% 6. 9x 22.7x NA
Mobile Data C orp. 1/31/2010 MB Y L OTC B B US D United S tates 0.16 3. 8 NM NM NM - - NA
Modern T imes G roup Mtg AB 12/31/2009 MT G B OM SEK S weden 429.40 3,898.8 1,952.8 260.4 13. 3% 2. 2x 16.6x NA
MOK O. mobi L imited 6/30/2009 MK B AS X AUD Aus tralia 0.08 8. 8 0. 7 (2.5) NM 10.7x - NA
Multiplied Media C orporation NA T S XV : MMC T S XV C AD C anada 0.23 29.2 NA NM NM - - NA
Myriad G roup AG 6/30/2009 MY R N SWX C HF S witzerla nd 4.33 180. 1 63.0 3.4 5.4% 2. 9x - 405
NE O W IZ G ames C orporation 12/31/2008 A095660 K OS E KR W S outh K orea 36400.00 676. 3 218. 1 58. 5 26. 8% 3. 1x 11.4x NA
NetDragon W ebS oft, Inc. 9/30/2009 777 S E HK HK D C hina 4.42 300. 9 91.4 27. 8 30. 4% 1. 7x 5. 4x 2,426
Neteas e.com Inc. 12/31/2009 NT E S Nas da qG S US D C hina 36.74 4,758.6 550. 3 317.4 57. 7% - - NA
NeuL ion Incorporated 9/30/2009 T S X: NL N TSX C AD C anada 0.62 71.0 24.9 (16. 1) -64. 5% 2. 1x - 237
NeXplore C orporation 9/30/2009 NXP C OTC P K US D United S tates 0.50 27.9 0. 5 NM NM - - NA
Ngi G roup Inc. 12/31/2009 2497 TSE JPY J apan 53900.00 72.1 74.0 (1.2) -1.7% 0. 2x - NA
Northgate T echnologies L imited 9/30/2009 590057 BS E INR India 17.35 13.5 49.5 (53. 8) NM 0. 3x - 160
OA O R B C Information S ys tems 12/31/2008 R BCI MIC E X R UB R us s ia 35.48 162. 4 0. 0 (0.3) NM 0. 9x - 2,523
Oriented Media G roup B erhad 9/30/2009 OME DIA K LS E MY R Malays ia 0.20 8. 2 NM NM NM 2. 9x - NA
Open T ext C orp. 12/31/2009 OT E X Nas da qG S US D C anada 47.55 2,684.8 854. 6 230.2 26. 9% 3. 2x 11.9x 3,700
Openwave S ys tems Inc. 12/31/2009 OP W V Nas da qG S US D United S tates 2.29 191. 8 192. 2 8.6 4.5% 0. 5x 10.1x 590
T he P arent C ompany 8/2/2008 K IDS .Q OTC P K US D United S tates 0.00 0. 1 112. 0 (13. 5) -12. 0% 0. 2x - 347
P erfect W orld C o. , L td. 12/31/2009 PWR D Nas da qG S US D C hina 36.92 1,839.6 28.1 1.3 4.5% 0. 1x 0. 2x NA
P NI Digital Media Inc. 12/31/2009 T S XV : P N T S XV C AD C anada 1.60 52.9 2,103.3 1, 127.3 53. 6% 1. 9x 7. 8x NA
Quepa s a C orp. 12/31/2009 QP S A OTC B B US D United S tates 3.61 46.0 0. 5 (9.4) NM - - 71
R eal V alue E s tates , Inc. 11/30/2009 R V LU OTC B B US D Is rael 1.03 6. 6 NM NM NM - - NA
S ahara Media Holdings , Inc. 9/30/2009 S HHD OTC B B US D United S tates 0.25 7. 8 0. 0 (4.7) NM - - 15
S handa Interactive E nterta inment L td. 12/31/2009 S NDA Nas da qG S US D C hina 44.59 2,998.9 767. 6 334.0 43. 5% - - NA
S hutterfly, Inc. 12/31/2009 S F LY Nas da qG S US D United S tates 23.46 607. 8 246. 4 32. 6 13. 2% 1. 7x 13.1x 519
S K C ommunications C o. , L td. 12/31/2008 A066270 K OS E KR W S outh K orea 13050.00 481. 7 202. 7 13. 2 6.5% 2. 4x 36.5x NA
S NAP Interactive, Inc. 9/30/2009 S TVI OTC B B US D United S tates 0.25 8. 1 3. 4 0.5 15. 6% 1. 9x 12.3x 11
S ocial Media V entures Inc. 12/31/2008 S MV I OTC P K US D United S tates 0.00 0. 0 0. 1 (0.1) -60. 6% 4. 6x - NA
S ocialwis e, Inc. 12/31/2009 S C LW OTC B B US D United S tates 0.60 29.1 0. 0 (4.7) NM - - NA
S ohu.com Inc. 12/31/2009 S O HU Nas da qG S US D C hina 54.28 2,050.0 515. 2 222.8 43. 2% 3. 0x 7. 0x 3,997
S park Networks , Inc. 12/31/2009 L OV AME X US D United S tates 3.60 74.1 45.4 9.5 20. 9% 1. 5x 7. 2x NA
S pectrumDNA, Inc. 9/30/2009 S P XA OTC B B US D United S tates 0.11 5. 4 0. 1 (2.5) NM 38.2x - 7
S prylogics International C orp 10/31/2009 T S XV : S P Y T S XV C AD C anada 0.03 0. 8 0. 5 (0.2) -50. 0% 1. 7x - NA
T encent Holdings L td. 12/31/2009 700 S E HK HK D C hina 159.50 37, 483. 5 1,822.0 908.8 49. 9% 22.5x 45.1x NA
T he9 L imited 3/31/2009 NC T Y Nas da qG S US D C hina 7.00 175. 8 248. 7 65. 6 26. 4% - - 1,626
T heS treet.com, Inc. 12/31/2009 TS CM Nas da qG M US D United S tates 3.50 110. 4 60.2 0.3 0.6% 0. 8x - NA
T ree. C om, Inc. 12/31/2009 TR E E Nas da qG M US D United S tates 9.20 101. 3 216. 8 9.2 4.2% 0. 4x 9. 8x 700
Unilava C orporation 12/31/2008 UNL A OTC B B US D United S tates 0.35 35.0 5. 3 (1.0) -18. 1% 6. 7x - 39
Unis erve C ommunications C orp. 11/30/2009 T S XV : US S T S XV C AD C anada 0.10 2. 4 5. 2 (0.9) -18. 1% 0. 5x 8. 8x NA
United O nline, Inc. 12/31/2009 UNT D Nas da qG S US D United S tates 7.64 649. 1 990. 1 204.1 20. 6% 0. 9x 4. 2x 1,699
UOMO Media, Inc 10/31/2009 UOMO OTC B B US D C anada 0.03 2. 4 1. 0 (0.4) -42. 2% 3. 0x - NA
V alueC lick, Inc. 12/31/2009 V C LK Nas da qG S US D United S tates 9.86 823. 6 422. 7 116.1 27. 5% 1. 6x 5. 7x 1,086
V elti P lc 6/30/2009 VEL AIM GBP United K ingdom 3.32 186. 6 78.4 16. 1 20. 5% 2. 2x 11.0x 450
V O IS , Inc. 12/31/2009 V O IS OTC B B US D United S tates 0.01 10.0 0. 0 (1.4) NM - - 2
W ebzen Inc. 12/31/2009 K O S E :A 069080 K OS E KR W S outh K orea 12000.00 125. 3 24.5 (0.8) -3.2% 2. 5x - NA
W e-R -Y ou C orp. 9/30/2007 WER U OTC P K US D United S tates 0.01 0. 3 0. 6 (0.2) -29. 1% 0. 6x - NA
W izzard S oftware C orpora tion 9/30/2009 W ZE AME X US D United S tates 0.33 17.9 5. 2 (3.9) -76. 4% 3. 7x - 110
W orlds . com Inc. 9/30/2009 W DDD OTC B B US D United S tates 0.12 6. 4 0. 1 (0.6) NM - - 1
W ynds torm C orporation NA W Y ND OTC P K US D United S tates 0.05 0. 9 NA NM NM - - NA
XING AG 9/30/2009 O1B C XT R A E UR G ermany 30.50 213. 2 57.4 15. 5 27. 0% 2. 8x 10.4x 266
Y D Online C orp. 12/31/2007 A052770 K OS E KR W S outh K orea 5980.00 79.1 60.4 13. 0 21. 6% 1. 4x 6. 6x NA
Y nk K orea Inc. 12/31/2008 A023770 K OS E KR W S outh K orea 3040.00 21.4 12.5 1.3 10. 5% 1. 6x 15.5x NA
High 37, 483. 5 9, 245.8 2, 154. 7 62. 7% 38.2x 45.1x 3, 997
L ow 0. 0 0. 0 -107.4 -91. 9% 0. 0x 0. 2x 1
Average 811.3 416.8 99.0 2.8% 4.6x 10.9x 729
Median 47.1 15. 2 -0.1 11. 4% 1. 9x 8. 6x 139
Figure 1. Web 2.0 Universe Summary

Source. Capital IQ
Capital Markets Activity (M&A and Financing)

Page 3
March lodges a slowdown in deal value: Total transaction value in the Web 2.0 universe for March was $145.1 million,
down 21% vs. March 2009. The number of financings was 26, averaging $5.6 million each. In comparison, total capital
raised in February was $204.1 million, averaging $8.2 million over 25 deals. January had $219.1 million, averaging $9.1
million over 24 deals. December saw $450.4 million, averaging $12.9 million over 35 deals. November saw $205.0
million, averaging $10.2 million (20 deals).
Financing Activity Last Three Months
250.0 10.0
9.1
9.0
8.2
200.0 8.0
7.0
150.0 5.6 6.0

(US$m)
(US$m)
5.0
100.0 4.0
3.0
50.0 2.0
1.0
0.0 0.0
Jan-10 Feb-10 Mar-10
Total Average
Figure 2. Financings, Last Three Months

Source. Company reports
Page 4
Deal round-up for March: The large deal highlights for the month include:
Saf-T-Net – developer of a suite for communicating with large audiences – was acquired by Blackboard for $33 million.
Adenyo – mobile ad network – raised $26.9 million.
LivingSocial – a collection of apps for social network and mobile platforms – raised $25 million in Series B funds.
C&C Media – an online game portal – was acquired by Perfect World for $21 million.
Red 5 Studios – online game developer – received a $20 million injection from The9 for a majority stake.
Multicast Media – a live and on-demand video operation – was acquired for $18 million by KIT Digital.
C$ cMoney – a mobile payment solution developer – completed a $15 million financing round.
DataXu – an online ad optimization and bidding platform – raised $11 million in a Series B financing.
GyPSii – a location-based search application (and a GeoSentric venture) – raised $11 million.
Quora – a crowd-sourced question & answer site – raised $11 million in its first financing round.
Hunch – a recommendation engine – raised $10 million in a Series B financing.
Lucid Imagination – distributor of the Apache open source search engine – raised $10 million in Series B funds.
Wix – a web publishing platform – raised $10 million in a Series C financing.
All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures
23 and 24 (at end of note).
Financing & M/A Summary - Last Three Months
90.0
80.0
70.0
60.0
50.0
Mar-10
(US$m)
Feb-10
Jan-10
40.0
30.0
20.0
10.0
0.0
DubMeNow
Mochi Media
Multicast Media
DataXu
Everyscape
Effective Measure
Cognitive Match
Moblyng
Stylehive
Vivox
PowerReviews
Flixster
StudioNow
ThisNext
Avvasi
AdMarvel
XIHA
Adenyo
C&C Media
Guvera
SMSGupShup
Videoplaza
Eyeka
Beezag
Panvidea
C$ cMoney
Rent the Runway
Fynanaz
Pursway
Avatar Reality
Sway
MOG
Ranker
Decision Maker
Stylefeeder
Moonshoot
Payvment
Qiyi
LivingSocial
Blue Kai
GyPSii
BrightRoll
Gaikai
Cozi
Jelli
TellAPal
Glam Media
Yelp
Paymo
Quora
Yodle
Hunch
Aggregate
NetBase
Currensee
Plastic Jungle
BrightEdge
PeerPong
Apisphere
Scrapblog
Trada
Second Porch
Jibe
Joonto
Burbn
AppVee
AppsFire
Aardvark
Visible Technologies
Spiceworks
Flurry
MetroGames
Posterous
NuConomy
The Trade Desk
Vook
Secret Builders
Smilebox
OneForty
Blippy
Bit.ly
Graphic.ly
Cardagin Networks
Backupify
Serious Business
Made.com
SocialGO
Saf-T-Net
Quantcast
Red 5 Studios, Inc.
TripIt
Placecast
Echo Nest
TidalTV
KODA
Ngmoco
Lucid Imagination
BuyWithMe
Smartdate
Chomp
Wix
Ustream
Prosper.com
Yammer
Reframe It
Drimmi
WebVisible
Weedle
Formspring.me
Wistia
6 Waves
SeaWell Networks
Ad Summos
TuneWiki
Figure 3. Capital Market Activity, Last Three Months

Page 5
Advertising and Social Networks the top draw: In the past three months, Advertising and Social Networks continue to
trade places as the sectors with the largest number of deals (12 and 10, respectively). Gaming and Video are also
attracting a great deal of investor attention (Figure 4).
Capital Market Activity by Sector - Last Three Months
200.0
180.0
160.0
140.0
120.0
(US$m)
100.0
80.0
60.0
40.0
20.0
174.5 150.1 103.1 80.1 65.5 62.9 54.8 53.7 52.9 40.0 39.8 34.9 25.1 18.8 16.1 16.0 13.8 12.8 12.5 10.0 8.3 8.0 6.8 6.6 5.0 4.4 3.4 2.7 2.2
0.0
Mobile Payment
Social Commerce
Internet Retail
Gaming
Online Dating
Online Calendar
Vertical Communities
Travel
Location-based SNS
Mobile
Media
Enterprise
Microblog
Online Learning
Music
Financial Services
Crowdsourced Content
Widget
Search
Mobile Ad
SMS/Voice
Blog
Infrastructure
Social Networks
Video
Advertising
Virtual World
Aggregation
Analytics
# companies
8 8 12 6 6 5 6 3 10 2 5 2 5 2 3 1 3 3 3 1 4 2 1 1 1 1 2 2 1
Figure 4. Capital Market Activity, by Sector, Last Three Months

Page 6
Cumulative total over $10 billion: Overall, on a cumulative basis, Web 2.0 financings have totalled over $10 billion,
with the majority of the financing made in late 2007 and the first three quarters of 2008 (Figure 5). Financing for the
Q1/10 was down 16% owing to a slowdown in March.
Web 2.0 Financ ing (c umulative)
1,600. 0 12,000.0
1, 448.7
1,400. 0
10,000.0
1,200. 0
1,094.5
1,010. 1 8, 000.0
1,000. 0
835.5
(U S $m)
(U S $m)
800. 0 734.7 6, 000.0
675.0 663. 0
640.4
600. 0 568. 3
515.4
4, 000.0
432. 4
400. 0 367. 2
271.6
242.3
2, 000.0
192.1
187. 3
200. 0 167. 3
112.8 95.9
41. 5 24.7 59.4 45. 1 64.7 48.3
- -
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2004 2005 2006 2007 2008 2009 2010
Figure 5. Financing, Cumulative

Page 7
U.S. remains dominant: U.S. companies continue to dominate capital market activity – with 78.7% of financings/M&A
involving U.S. companies (based on dollars) (Figure 6). Based on number of transactions, the U.S. leads with 77.5% of
deals, while the Canada and the UK took 4.3% and 3.4% share of the total number of financings, respectively (Figure 7).
Financing/M&A by Country - LTM (#)
Financing/M&A by Country - LTM ($)

Canada
4.3%
China
8.5%
UK
2.7%
Canada
2.6%
Israel
1.6% UK
3.4%
France
1.4% China
3.4%
Russia
1.1%
Israel
2.6%
ROW
3.4%
USA
77.5% ROW
8.7%
USA
78.7%
Figures 6 & 7. Financing/M&A, by Country (LTM, $, # )

Page 8
Capital Markets Activity (Price Performance)

Web 2.0 index continues to outpace Nasdaq recovery: Our Web 2.0 index (market-cap weighted) has positively
diverged from the broader tech market (represented by the Nasdaq Composite Index) since the start of the March 2009
market recovery (Figure 8).
Web 2.0 Index Price Performance

250
200
150
100
50
0
3/30/2009
4/13/2009
4/27/2009
5/11/2009
5/25/2009
6/8/2009
6/22/2009
7/6/2009
7/20/2009
8/3/2009
8/17/2009
8/31/2009
9/14/2009
9/28/2009
10/12/2009
10/26/2009
11/9/2009
11/23/2009
12/7/2009
12/21/2009
1/4/2010
1/18/2010
2/1/2010
2/15/2010
3/1/2010
3/15/2010
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing
Figure 8. Web 2.0 Price Performance

Source. Capital IQ
Page 9
Bearish week for Web 2.0: Nineteen companies in our universe had positive stock price performances (averaging +6.9%)
over the past week (for stocks with prices greater than $1) (Figure 9), while 26 companies showed negative 1-week
returns (averaging -3.5%).
1 Week P rice P erformance

G ameOn Co Ltd. 27.0%
Neurotech Pha rmaceuticals Co., Ltd. 19.0%
HanbitS oft, Inc. 18.8%
CDC Corp. 14.7%
Mix i, Inc. 11.0%
S handa Interactive Entertainment Ltd. 7.9%
X ING A G 6.3%
Modern Times G roup Mtg A B 5.4%
Webz en Inc. 4.8%
A s knet A G 3.8%
S park Netw orks , Inc. 3.7%
G iant Interactive G roup, Inc. 2.5%
Tencent Holdings Ltd. 2.4%
Open Tex t Corp. 1.1%
G igaMedia Ltd. 0.9%
Y nk K orea Inc. 0.7%
NetDragon WebS oft, Inc. 0.5%
Tree.Com, Inc. 0.3%
Quepas a Corp. 0.3%
United Online, Inc. 0.0%
TheS treet.c om, Inc. 0.0%
S hutterf ly , Inc. -0.1%
G amania Digital Entertainment Co., Ltd. -0.3%
Frogs ter Interactive Pictures A G -0.5%
DA DA S pA -0.7%
The9 Limited -0.7%
K ings of t Corporation Limited -0.8%
V elti Plc -0.8%
S ohu.com Inc. -0.9%
Ngi G roup Inc. -0.9%
G ravity Co., Ltd -1.1%
G ree, Inc. -1.4%
Chines e G amer International -1.4%
NEOWIZ G ames Corporation -1.8%
S K Communica tions Co., Ltd. -1.9%
L ookS ma rt, Ltd. -1.9%
V alueClick, Inc. -2.0%
Y D Online Corp. -2.8%
PNI Digital Media Inc. -3.6%
IA C/InterA ctiveCorp. -4.0%
Openw ave S y s tems Inc. -4.6%
Changy ou.com Limited -5.2%
Northgate Technologies Limited -5.4%
A ctoz S oft Co., Ltd. -6.5%
Neteas e.com Inc. -8.6%
Perf ect World Co., Ltd. -12.2%
A Q Interactive, Inc. -20.2%
-0.3 -0.2 -0.1 0 0.1 0.2 0.3
Figure 9. 1-Week Price Performance

Source. Capital IQ
Page 10
Public Company Industry News (Partnerships, Financial Results, New Products)

K ey Developments
C ompany Headline Notes
S handa Interac tive E ntertainment L td. S ha nda Intera ctive E ntertainment Ltd. T he B oa rd of Directors of S ha nda Interactive E ntertainment Ltd. (Na s da qG S : S NDA) a uthorized a s ha re repurcha s e
(Nas daqG S : S NDA) a nnounces an E quity B uyba ck in the a mount progra m on March 22, 2010. Under the program, the company will repurcha s e up to $300 million worth of its outs tanding
of $300 mm American Depos ita ry S ha res repres enting the ordina ry s ha res of the C ompany. T he repurchas es will be ma de from time to
time, depending on ma rket conditions , s ha re price and other fa ctors , as well a s s ubject to the memora ndum a nd a rticles of
as s ocia tion of the C ompa ny, the releva nt rules under United S ta tes s ecurities laws a nd regula tions a nd the releva nt s tock
excha nge rules . T he s hare repurchas es may be made on the open market, in block tra des or otherwis e and is expected to
include deriva tive tra ns a ctions . T he progra m ma y be s us pended or dis continued a t a ny time.
R ed 5 S tudios , Inc .; The9 L imited R ed 5 S tudios , Inc. a nnounced tha t it has R ed 5 S tudios , Inc. announced that it ha s ra is ed $20 million in a round of funding on March 22, 2010. T he round s a w
(Nas daqG S : NC TY) received $20 million in funding from T he9 pa rticipa tion from new inves tor T he9 L imited which a cquired ma jority s ta ke in the company in this trans a ction.
L imited.
Open Text C orp. (Nas daqG S : OTE X) O pen T ext C orp. to L aunch O pen T ext Open T ext C orp. announced that it pla ns to launch O pen T ext E verywhere, a new technology, which will a llow us ers of the
E verywhere compa ny's 'E nterpris e C ontent Ma na gement' s oftwa re to a cces s their a rchives and files through a B la ck-B erry device.
E s s entia lly, O pen T ext E verywhere will provide clients its us ers with a mobile ga teway to their bus ines s documents ,
archives a nd reports . L ike other bus ines s s oftware applications , O pen T ext's s oftware will ena ble its us ers to open and edit
documents over the s ecure connections offered by R es ea rch In Motion Ltd. 's B lackB erry devices .
Niels en Media R es earc h, Inc.; O penwa ve a nd Niels en C ollabora te to Help Openwave S ys tems Inc. and mes s a ging s olutions announced a joint collabora tion with the Niels en C ompa ny. T he intended
Openwave S ys tems Inc . Mobile O pera tors a nd E cos ys tem P la yers purpos e for the ins ight engine is to help mobile opera tors more effectively a na lyze rich profiles a nd data s egments by us ing
(Nas daqG S : OP WV) Monetize the Mobile Internet ins ights s uch as time-s pent a nd click-through-rates for more a ccura te content recommenda tions . T he combined s olution,
which includes O penwa ve(R ) Analytics platform with Niels en P R IZM(R ) cons umer s egmenta tion s ys tem to create the
ins ight engine, is expected to optimize the us er experience to ultima tely provide a more compelling offering for mobile
opera tors and others within the ecos ys tem.
Openwave S ys tems Inc . O penwa ve Announces L a tes t V ers ion of Openwave S ys tems Inc. announced the lates t vers ion of O penwave(R ) P a s s port, a key pa rt of its T ra ffic Mediation s olution.
(Nas daqG S : OP WV) P as s port O ffering P a s s port 3. 0 is des igned to help operators more effectively ma na ge network res ources a nd tap into new revenue s treams
by offering s ubs cribers pers onalized, context-awa re internet s ervices . P as s port 3. 0 a llows the opera tor to offer a ra nge of
different da ta a cces s plans to their s ubs cribers , from a monthly recurring pla n with s pecified fa ir us age limits to a more
flexible pa y-a s -you-go, time-ba s ed pa s s tha t might be more s uitable to the ca s ua l da ta us er. P a s s port monitors the us er's
activity (by time or tra ffic volume) a nd ca n proactively inform them when appropria te of events s uch a s a llocated quota s
being rea ched, changes to their s ervice pla n, new da ta cha nges that ma y a pply or new s ervices tha t ma y be of interes t. T he
s ubs criber may a ls o ma na ge their s ervice pla ns directly with on-dema nd a cces s to time and/or volume "meters " a nd
options for extens ions or upgrades . Openwave P as s port 3. 0 is expected to be genera lly a vailable in April 2010.
Openwave S ys tems Inc . O penwa ve Announces S ma rt Us er R epos itory Openwave S ys tems Inc. announced the launch of its O penwa ve(R ) S ma rt Us er R epos itory for opera tors , a highly s ca la ble,
(Nas daqG S : OP WV) for Mobile O pera tors to Ma na ge R is ing highly reliable us er da ta s torage s olution built on the proven foundation of Openwave's directory technology. S ma rt Us er
Network T raffic R epos itory offers high s peed, low la tency us er profile a nd policy acces s tha t is s pecifica lly des igned to a s s is t operators in
ma naging their increas ing da ta traffic. B ecaus e of its highly s ca lable a nd relia ble architecture, O penwa ve's S mart Us er
R epos itory is a n excellent ca ndida te for opera tors ' 3G P P us er profile repos itory a nd us er da ta repos itory requirements ,
pa rticula rly a s opera tors move quickly to deploy policy infra s tructure a ddres s ing the increa s ing tra ffic loa ds brought a bout
by the data ts una mi. S mart Us er R epos itory's intelligent a nd flexible a rchitecture a llows for configurable deployments ba s ed
on the res pective operator's environment and traffic profile. O penwa ve's previous vers ion of the offering, O penwa ve(R )
Directory, provides a n eas y tra ns ition for operators evalua ting a repla cement path for s ys tems that a re not s calable. K ey
benefits of S ma rt Us er R epos itory include: Intelligent Architecture -- T he decoupling of read a nd write opera tions can provide a
lightweight Mas ter/R eplica a rchitecture which allows for s epara te s caling of thes e cha racteris tics a s needs a ris e.
R eplicas ca n be dis kles s for better performa nce and lower cos t. S calability -- S ca la bility bas ed on the loos e coupling
between the Ma s ter(s ) and R eplica (s ). T he lightweight replica tion mecha nis m can ens ure low replica tion load on the
Mas ter(s ) to ma inta in a linear cos t of growing the s ys tem. Availa bility/R elia bility - S ma rt Us er R epos itory's
architecture allows the operator to define different levels of s pa re ca pacity depending on the critica lity of the
applica tion. T he repos itory's predeces s or, O penwa ve Directory, ha s demons tra ted grea ter tha n 99. 999% ava ila bility
over the la s t five yea rs a t la rges t deployment. L ow La tency - T he lightweight replication mechanis m of the S mart Us er
R epos itory enables implementa tion of geo-dis tribution working to ens ure low la tency a cros s wide a rea s . R eplicas
ca n s erve s ingle entry reques ts in les s tha n three millis econds depending on the hardware pla tform.
B right Things plc (AIM: B G T) B right T hings plc Appoints B rett Morris as B right T hings plc a nnounced the appointment of B rett Morris a s F ina nce Director, taking over from E dwa rd L evey. B rett
F ina nce Director to R epla ce E dward Levey P lunkett Morris , 41, is a qua lified C ha rtered Accounta nt with more than 15 yea rs of experience in F ina ncia l a nd O pera tiona l
Mana gement. Having s pent the firs t 10 yea rs of his ca reer in ba nking s pecia lis ing in mergers a nd a cquis itions a nd debt
financing for compa nies , B rett obta ined an MB A from the L ondon B us ines s S chool.
DigitalP os t Interactive, Inc. Digita lP os t Interactive, Inc. W ins C ontract with DigitalP os t Intera ctive, Inc. a nnounced it has won a profes s iona l s ervices contract to develop a content ma nagement
(OTC B B : DG L P ) L ea ding Integra ted S ervices C ompa ny in s ys tem for a lea ding technology company in the hotel and leis ure indus try. T he new pla tform, s cheduled for delivery around
Hotel/L eis ure Indus try mid-yea r 2010, will s upport the cus tomer's s tra tegy to increas e a warenes s a nd expand its market pres ence online and
within hotels a nd res orts , where a growing percentage of travel focus ed cons umers a re looking for s pecia lized content.
Figure 10a. Key Developments

Source. Capital IQ
Page 11
K ey Developments
UOMO Media, Inc (OTC B B : UOMO.E ) UO MO Media, Inc will C ha nge its T icker to E ffective Ma rch 25, 2010, UO MO Media , Inc will cha nge its O T C B B s tock ticker s ymbol to UO MO E from UO MO .
UO MO E from UO MO
W izzard S oftware C orporation W izza rd S oftwa re Announces the Ava ila bility W izzard S oftwa re C orpora tion a nnounced the a va ilability of the Motion T raxx iP hone App in the App S tore. F ollowing the
(AME X: WZE ) of the Motion T raxx iP hone App in the App s ucces s of the Motion T ra xx podca s t, downloa ded over 2 million times in its firs t year a nd currently ranked 7th in the iT unes
S tore podca s t Hea lth category a nd 138th of a ll podca s ts in iT unes , the Motion T ra xx iP hone App is a powerful motiva tor for
exercis e a nd ma kes meeting fitnes s goa ls ea s ier. Available for $2. 99, the Motion T ra xx App fea tures 'bonus ' epis odes not
ava ila ble as part of the regular podcas t. B onus epis odes will include a n indoor boot-camp s tyle workout hos ted by celebrity
tra iner K im L yons , who ha s s ta rred on the NB C hit reality T V s how 'T he B igges t L os er'. Another bonus epis ode will be a
R un/W a lk interva l mix hos ted by renown running coa ch J eff G a llowa y, a former US O lympic runner, bes t-s elling author a nd
columnis t for R unner's W orld ma gazine.
L ingo Media C orporation (TS XV: L M) L ingo Media C orporation Appoints Micha el Lingo Media C orpora tion a nnounced the appointment of Michael O 'C onnor to its B oa rd of Directors . Michael O 'C onnor
O 'C onnor to its B oa rd of Directors pos s es s es over twenty years of experience in economics , fina nce a nd mergers and a cquis itions in telecommunica tions a nd
tra ns porta tion. He began his ca reer at the E conomic C ouncil of C a nada /S chool of P olicy S tudies Q ueens Univers ity
conducting s tudies of G overnment's Impa ct on C ompetitivenes s in thes e two s ectors .
S ohu.c om Inc. (Nas daqG S : S OHU); S ohu. C om T eams Up with E as ou. C om in S ohu. com Inc. ha s a greed to join forces with E as ou. com a s the compa ny looks to make an inroa d in the fa s t-growing
YE TI G roup L td. Mobile S ea rch mobile s ea rch ma rket. S ohu. com will work with E a s ou. com in technology and content for bus ines s expa ns ion, a ccording to
a coopera tion agreement the two pa rtners inked earlier. As part of the collabora tion, the cooperators ha ve la unched a W AP -
ba s ed s ea rch s ervice. T echnologically s upported by E a s ou. com, the new s ervice ena bles mobile phone us ers to get an
acces s to the information a vaila ble on the Internet anytime and a nywhere.
C yberplex Inc . (TS X: C X) C yberplex Inc. R eports Unaudited C yberplex Inc. reported unaudited cons olidated fina ncia l res ults for the fourth quarter a nd fis ca l yea r ended December 31,
C ons olida ted F ina ncial R es ults for the F ourth 2009. F or the qua rter, the compa ny reported net income of $1. 25 million or $0. 02 per ba s ic a nd diluted s ha re compared to
Q ua rter a nd F is ca l Y ear E nded December 31, net income of $4. 88 million or $0. 09 per bas ic and diluted s ha re for the s a me period previous yea r. Income from opera tions
2009 for the period was $870, 259 a nd income before income ta xes was $948, 500 compared to income from operations of $4. 90
million and income before income ta xes of $4. 88 million for the s a me period previous yea r. Income before amortiza tion of
as s ets for the period was $991, 320 compared to $4. 99 million for the s ame period previous year. T otal revenue for the
fourth qua rter wa s $24. 3 million compa red to $28. 89 million for the s ame period previous year.
NeuL ion Inc orporated (TS X: NL N) NeuL ion Incorpora ted Announces A New NeuLion Incorporated a nd Ma jor Lea gue S occer, L LC a nnounced a new partners hip for a dedica ted online video s ervice
P artners hip with Major L ea gue S occer, L LC built and mana ged by NeuL ion. B uilt by NeuLion a nd powered by Micros oft S ilverlight, the bra nd new a nd totally rebuilt
2010 digita l s ervice ha s a dvanced features including DV R -like functiona lity and HD-quality video, enabling fa ns to wa tch
and enga ge with the ga me through a number of exciting, intera ctive real time s ervices . NeuLion provides ML S with a n end-
to-end s ervice a nd will deliver up to 300 ML S , S uperL iga and InterL iga ga mes a s well a s other S occer United Ma rketing
events during the s eas on, including condens ed a rchive ga mes and rea l time highlights a ll delivered in HD to a viewer's
brows er.
Mobile Data C orp. (OTC B B : MB YL ) Mobile Data C orp. C ompletes B eta T es ting of Mobile Da ta C orp. a nnounced tha t it has s ucces s fully completed B E T A s tage tes ting of its MDC -T ra cker s oftware for the
Its MDC -T racker S oftwa re B la ckB erry S torm 2 (9550). Mobile Data C orp. is developing a s pecific s oftwa re la yer that makes it ea s ier to build a nd
propa ga te a pplica tions for R es earch in Motion L imited's B lackB erry P la tform. T he MDC -T ra cker a pplica tion provides us ers
with a his torica l a rchive of globa l pos itioning coordina tes over a ny given period of time. T his mea ns tha t, for the firs t time, a
us er will be able to know the his tory of where a B lackberry S martphone ha s been at va rious times during the da y, week,
month, or a ny other pres cribed time frame. T his is a chieved through MDC 's a pplica tion development s tra tegy tha t gives
bus ines s es the ca pability to track employee as s ets for a va riety of reporting a nd a ccounta bility protocols . MDC 's s oftwa re
layer provides a nother tool in providing compa nies with in-depth knowledge concerning cos t control a nd corporate
productivity. T he MDC -T racker s oftwa re can a ls o be us ed in other a pplica tions s uch a s loca tion monitoring of motor
vehicles , children, and members of s ocia l networking groups .
W ebzen Inc . (K OS E : A069080) W ebzen Inc. , Annual G enera l Meeting, Ma r 26, W ebzen Inc. , Annua l G eneral Meeting, Mar 26, 2010 L ocation: 1F , G uro-gumin meeting ha ll, 12 E uis ada ng-G il, G uro-gu,
2010 S eoul 152-842, S outh K orea . Agenda: T o a pprove the non-cons olidated balance s heet, income s tatement and s tatement of
appropria tion of reta ined ea rnings for the 9th fis cal yea r; to approve amendments to the Articles of Incorporation; to approve
the gra nt of s tock purchas e option by B oa rd of Directors ; to a pprove the limita tion on remunera tion for directors .
K ings oft C orporation L imited K ings oft C orporation L imited R eports E a rnings K ings oft C orpora tion L imited reported ea rnings res ults for the yea r ended December 31, 2009. F or the year, the company's
(S E HK : 3888) R es ults for the Y ea r E nded December 31, revenue increas ed by 25% yea r-over-yea r to R MB 1, 022, 412, 000 a ga ins t R MB 820, 944, 000 a year a go. P rofit a ttributable
2009; R ecommends F ina l Dividend for the to owners of the parent increa s ed by 26% yea r-over-yea r to R MB 387, 224, 000 compared to R MB 307, 501, 000 a year a go.
Y ea r E nded December 31, 2009 R evenue from enterta inment a nd a pplica tions s oftwa re bus ines s s egments repres ented approximately 67% a nd 32% of
total revenue in 2009, res pectively. B a s ic earnings per s ha re were 36. 38 cents a ga ins t 28. 95 cents a yea r a go. T he B oa rd
of directors has recommended a fina l dividend of 15 cents per s hare for year 2009 compa red to 15 cents a yea r a go.
Figure 10b. Key Developments

Source. Capital IQ
Page 12
K ey Developments
F rogs ter Interactive Pic tures AG F rogs ter Interactive P ictures AG E nters the F rogs ter Intera ctive P ictures AG is entering the brows er ga mes bus ines s . F or five years ea ch, F rogs ter has purcha s ed the
(XTR A: F R G ) B rows er G ames B us ines s E uropea n licens e rights on two next-genera tion brows er MMO ga mes from the s ucces s ful C hines e developer S na ilga me.
F rogs ter has a lrea dy been working together s ucces s fully with S na ilga me for yea rs concerning the title 'B ounty B a y O nline'.
'L ord of the Dra gons - K nights of Honor' is a novel s trategic role pla y ga me with a world of knights a nd dra gons and
pa s s iona te a ttention to deta il. O ne of the ma ny s pecials is the cooperative tea m-bas ed building of ca s tles together with co-
pla yers - a ll in la tes t fla s h technology. 'Lord of the Dragons - K nights of Honor' s ha ll be relea s ed alrea dy in 2010. 'B ounty
B a y W eb' is a world of s a ilors s et in the 15th to 17th century, thus a s etting s imila r to the s ucces s ful, client-ba s ed F rogs ter
MMO game title 'B ounty B a y O nline' of which the bra nding will be adopted for the brows er-vers ion. Als o in the highes t
graphic qua lity, the pla yer ca n make a ca reer a s a mercha nt, bla cks mith or ca pta in, explore foreign countries and fight
arma da ba ttles . F or s uch a brows er ga me, the hous ing-
s ys tem with which the pla yer can purcha s e a nd expand their own hous e and la nd, is completely unique. 'B ounty B a y
W eb' s ha ll als o be releas ed a lrea dy at the beginning of 2011. B oth brows er MMO games , will be operated by F rogs ter
in the free-to-pla y bus ines s model with micropa yments jus t like 'R unes of Ma gic' a nd 'B ounty B a y O nline' where the
pla yers purchas e and hire dura ble a nd cons uma ble virtua l goods a s well a s s ervices .
G ravity C o., L td (Nas daqGM: G R VY) G ra vity C o. , L td R eports E a rnings R es ults for G ra vity C o. Ltd. reported ea rnings res ults for the yea r ended December 31, 2009. F or the period, the compa ny reported
the Y ea r E nded December 31, 2009 revenues of K R W 43, 945, 590, 171, opera ting income of K R W 11, 770, 320, 038, income before income ta x of K R W
7, 069, 619, 206, net income of K R W 3, 082, 496, 755 or K R W 444 ba s ic a nd diluted per s ha re a s compa red to revenues of
K R W 41, 982, 911, 692, operating income of K R W 7, 391, 182, 939, income before income ta x of K R W 4, 394, 260, 231, net
income of K R W 920, 940, 495 or K R W 133 bas ic and diluted per s hare for the s a me period las t yea r.
K ings oft C orporation L imited K ings oft C orporation L imited R eports E a rnings K ings oft C orpora tion L imited reported ea rnings res ults for the fourth ended December 31, 2009. T he company rea ped tota l
(S E HK : 3888) R es ults for the F ourth E nded December 31, revenues of C NY 300. 104 million for the three months ended December 31, 2009, up 21. 9% from C NY 246. 099 million a
2009 qua rter ago. G ros s profit climbed 26. 3% to C NY 266. 136 million from C NY 210. 730 million. P rofit for the fourth qua rter
s urged 73. 3% to C NY 120. 843 million from C NY 69. 716 million. P rofit a ttributa ble to the pa rent company's owners s oared
74. 8% to C NY 120. 700 million from C NY 69. 064 million. B a s ic earnings per s ha re a ttributa ble to the pa rent compa ny's
ordina ry equity holders expa nded 74. 1% % qua rter on qua rter to C NY 0. 1128 from C NY 0. 0648 in the third qua rter of 2009.
Atlus C o. L td. (J AS DAQ: 7866); C &C P erfect W orld C o. , L td. (Nas daqG S : P W R D) P erfect W orld C o. , L td. (Na s da qG S : P W R D) s igned an a greement to a cquire C & C Media C o. , Ltd. from Atlus C o. , Ltd a nd
Media C o., L td.; P erfec t World C o., L td. s igned an a greement to a cquire C &C Media other s hareholders for $21 million on Ma rch 26, 2010. C & C media will become a wholly owned s ubs idiary of P erfect W orld
(Nas daqG S : P WR D) C o. , L td. from Atlus C o. , L td a nd other after the acquis ition.
s ha reholders for $21 million.
Tencent Holdings L td. (S E HK : 700) T encent Holdings L td S eeks Approval for a n T encent Holdings Ltd a nnounced tha t it would s eek a pprova l in the C ompa ny’s Annual G enera l Meeting on May 12, 2010,
E quity B uyba ck to commence a s hare buyback progra m. Under the progra m, the C ompa ny will repurcha s e up to 10% of the a ggrega te
nomina l amount of the s ha re ca pital of the C ompany in is s ue as a t the date of pa s s ing of this R es olution. Any repurchas e
will be made out of funds which a re lega lly a va ila ble for the purpos e in a ccorda nce with the memora ndum of a s s ocia tion
and bye-laws of the C ompa ny a nd the C ompa nies Act. T he repurcha s es will be in a ccordance with la ws and requirements
and regulations of the S tock E xcha nge of Hong K ong L imited or on any other s tock excha nge on which the s hares of the
C ompa ny ma y be lis ted a nd recognized by the S ecurities a nd F utures C ommis s ion a nd the S tock E xcha nge of Hong K ong
Limited for this purpos e, s ubject to a nd in a ccordance with a ll a pplica ble laws a nd requirements of the S ecurities a nd
F utures C ommis s ion, T he S tock E xcha nge of Hong K ong L imited or a ny other s tock exchange as a mended from time to
time. T he s ha re buyba ck program s ha ll be va lid until the earlies t of the conclus ion of the next Annua l G enera l Meeting, or the expira
next Annua l G eneral Meeting of the C ompa ny is required by the B ye-la ws of C ompany to be held or the pas s ing of a n
ordina ry res olution by the s ha reholders of the C ompany in genera l meeting revoking or va rying the authority given to
the directors of the C ompany by this R es olution.
L ookS mart, L td. (Nas daqG M: L OOK ) L ookS mart Announces Appointment of S cott LookS ma rt, L td. a nnounced the a ppointment of S cott Haus wirth as V ice P res ident, Dis tribution Network, effective Ma rch 23,
Haus wirth as New V ice P res ident, Dis tribution 2010. In this newly created role, Mr. Haus wirth will overs ee traffic acquis ition, tra ffic qua lity, and partner mana gement. Mr.
Network Ha us wirth will report directly to Dr. J ean-Y ves Dexmier, E xecutive C ha irma n and C hief E xecutive O fficer. He mos t recently
s erved a s V ice P res ident, B us ines s Development for travel s ta rt-up Zonder. P rior to tha t, he wa s S enior Director, B us ines s
Development at Y a hoo! , where he was res pons ible for multiple dis tribution partners hips , including a large pa rtners hip with a
cons ortium of news papers that now involves over 800 news papers a cting a s local ma rketing and s a les channels for Y ahoo!
products .
Quepas a C orp. (OTC B B : QP S A); Virtual Q uepa s a P artners with V irtua l G oods Ma rket Quepa s a C orp. announced its partners hip with V irtual G oods Market, Inc. to bring s ocia l ga mes and applications including
G oods Market, Inc . to B ring P ortfolio of S ocia l G a mes to V iximo's newes t relea s e 'S napMeUp' to the network's 12 million us ers . Levera ging Q uepa s a 's O penS ocia l fra mework, the
Q uepa s a . C om Us ers two compa nies pla n to provide a dditiona l s ocia l ga mes and applications a s they are added to the V iximo portfolio in a n
effort to keep us ers enga ged a nd help Q uepas a ma ximize revenue. 'S napMeUp' is the ultima te ma rria ge of online flirting
and s ocial ga ming. Q uepas a players ca n find fa me a nd fortune by buying, s elling a nd tra ding photos of their friends with
other people on the s ite. S ome will become tycoons by ma s tering the a rt of buy low/s ell high a nd others will find va lidation
as the hottes t pers on on the ma rket.
Figure 10c. Key Developments

Source. Capital IQ
Page 13
Valuation
Gaming companies lead market-cap charts: Twelve companies in our Web 2.0 universe top US$1 billion in market
capitalization (Figure 11). Sixty of the 96 companies have market caps under US$100 million, with 40 under US$25
million. Online gaming companies dominate the top of the list, led by Tencent Holdings (SEHK:700) with a market cap
of approximately US$37.5 billion.
Market C ap ($US mm)

Tenc ent Holdings Ltd. 37483. 5
Neteas e. com Inc. 4758. 6
Modern Times G roup Mtg A B 3898. 8
S ha nda Interactive Enterta inment Ltd. 2998. 9
Gree, Inc. 2772. 5
Open Tex t Corp. 2684. 8
IA C/InterA ctiv eCorp. 2665. 7
S ohu. com Inc. 2050. 0
Perf ect World Co., Ltd. 1839. 6
G ia nt Interactive G roup, Inc. 1739. 7
Cha ngy ou. com Limited 1541. 4
Mix i, Inc. 1077. 9
Chines e G amer International 900. 2
K ings of t Corporation Limited 871. 2
V alueClic k, Inc. 823. 6
NEOWIZ G ames Corporation 676. 3
United Online, Inc. 649. 1
S hutterf ly , Inc. 607. 8
S K Communica tions Co., Ltd. 481. 7
CDC Corp. 322. 6
NetDragon WebS of t, Inc. 300. 9
G ungHo Online Entertainment, Inc. 265. 6
G amania Digital Entertainment Co. , 235. 8
XING A G 213. 2
Openw av e S y s tems Inc. 191. 8
V elti Plc 186. 6
My riad G roup A G 180. 1
The9 Limited 175. 8
GigaMedia Ltd. 173. 9
OA O R B C Inf ormation S y s tems 162. 4
Webz en Inc. 125. 3
DA DA S pA 112. 5
TheS treet.c om, Inc. 110. 4
A ctoz S of t Co., Ltd. 106. 0
Fluid Mus ic Ca nada , Inc. 102. 2
Tree.Com, Inc. 101. 3
Ga meOn Co Ltd. 96.7
HanbitS of t, Inc. 85.9
Y D Online Corp. 79.1
S park Netw orks , Inc. 74.1
Ngi G roup Inc. 72.1
NeuLion Inc orporated 71.0
Frogs ter Intera ctive Pictures A G 66.9
A Q Interactive, Inc. 66.0
G eoS entric Oy j 60.5
PNI Digital Media Inc. 52.9
Cy berplex Inc. 50.1
Grav ity Co. , L td 48.1
Quepas a Corp. 46.0
DXN Holdings B hd 45.9
Unila va Corporation 35.0
DigitalTow n, Inc. 31.5
Multiplied Media Corporation 29.2
S ocialw is e, Inc. 29.1
NeXplore Corporation 27.9
A s knet A G 27.8
Neurotech Pha rmac eutica ls Co., Ltd. 23.5
Y nk K orea Inc. 21.4
Wiz z a rd S of tw are Corporation 17.9
LookS mart, Ltd. 17.5
Dolphin Digita l Media , Inc. 17.1
A c celeriz e New Media , Inc. 15.8
Northgate Technologies Limited 13.5
is eemedia Inc. 11.6
J umbuck Entertainment Limited 11.2
V OIS , Inc. 10.0
MOK O.mobi Limited 8. 8
Lingo Media Corporation 8. 6
Oriented Media G roup B erhad 8. 2
S NA P Interactive, Inc. 8. 1
S aha ra Media Holdings , Inc. 7. 8
B right Things plc 6. 6
R eal V alue Es ta tes , Inc. 6. 6
Worlds . com Inc. 6. 4
K ent Interna tiona l Holdings Inc. 6. 0
S pec trumDNA , Inc. 5. 4
En2Go International, Inc. 4. 8
K iw ibox .Com, Inc. 4. 4
Mobile Data Corp. 3. 8
Digita lPos t Interactive, Inc. 3. 8
B roa dWebA s ia Inc. 3. 4
B etaw a ve Corporation 2. 8
UOMO Media, Inc 2. 4
Unis erve Communica tions Corp. 2. 4
CornerWorld Corporation 1. 9
B ey ond Commerce, Inc. 1. 8
B igs tring Corp. 0. 9
W y nds torm Corporation 0. 9
S pry logics Interna tiona l Corp 0. 8
eW orldCompanies , Inc. 0. 5
We-R -Y ou Corp. 0. 3
Cody V entures Corporation 0. 1
The Parent Company 0. 1
Is e B lu Equity Corp. 0. 0
S ocial Media V entures Inc. 0. 0
InternetA rray , Inc. 0. 0
0 1, 000 2,000 3, 000 4, 000 5, 000 6, 000
Figure 11. Market Cap Ranking

Source. Capital IQ
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
(x)
0.0
B etawave C orporation
P erfect World C o., Ltd.
# Companies
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
N gi G roup Inc.
As k net AG
Source. Capital IQ
Source. Capital IQ
AIM
18.0 16.8
T he P arent C ompany
2 1
HLSE C y berplex Inc.
14.8
Northgate T echnologies Limited
SEHK
10.0
G ameO n C o Ltd.
OTCBB J umbuck E ntertainment Limited
9.3
T ree.C om, Inc.
3 21 2
GTSM
Figure 12. TEV/Revenue Ranking

O penwave S y s tems Inc.
3
TSX Unis erve C ommunications C orp.
6.6 6.3
Is e B lu E quity C orp.
ASX
5.5
Actoz S oft C o., L td.
2 2
XTRA We-R -Y ou C orp.
G igaMedia L td.
TSE AQ Interactive, Inc.
OTCPK DXN Holdings B hd
IAC /InterActiveC orp.
5 10 6
TSXV DADA S pA
SWX T heS treet.com, Inc.
United O nline, Inc.
1 2
Figures 13 & 14. TEV/Revenue Ranking (Exchange, Country)

AMEX
3.8 3.6 3.5 2.9 2.9 2.6

O AO R B C Information S y s tems
6
KOSE C DC C orp.
0.10.20.20.20.30.30.40.40.4 0.5 0.50.50.50.60.6 0.70.70.80.80.80.90.9 1.0 1.0

C ornerWorld C orporation
OM B ey ond C ommerce, Inc.
1 1
OSE InternetArray , Inc.
HanbitS oft, Inc.
KLSE G amania Digital E ntertainment C o., Ltd.
Average TEV/LTM Revenue - By Exchange

NasdaqGS C ody V entures C orporation
2.3 2.2 2.0 1.8 1.7

Y D O nline C orp.
2 14 1
MICEX S park N etwork s , Inc.
1
CM V alueC lick , Inc.
0.9 0.8
are Canadian (average 2.6x revenue vs. 2.9x last week).
Y nk K orea Inc.
NasdaqGM NetDragon WebS oft, Inc.
1.0 1.1 1.2 1.3 1.4 1.4 1.5 1.6 1.6 1.7 1.7
4 1
BSE S pry logics International C orp
0.6 0.3
S hutterfly , Inc.
P N I Digital Media Inc.
S NAP Interac tive, Inc.
G ungHo O nline E ntertainment, Inc.
N euLion Incorpora ted
Modern T imes G roup Mtg AB
T E V/L T M R evenue (x)
(x) V elti P lc
S K C ommunic ations C o., Ltd.
Webz en Inc.
1.7 1.9 1.9 2.0 2.12.22.2 2.4 2.5
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
# Companies
XING AG
United My riad G roup AG
2
O riented Media G roup B erhad
18.0 16.8
Kingdom
S ohu.com Inc.
1
multiples greater than 50x. Twenty-five companies have multiples under 1.5x.
Finland UO MO Media, Inc
14.8
NE O WIZ G ames C orpora tion
China
10
2.82.92.93.03.0 3.13.2
O pen T ex t C orp.
6.3
Wiz z ard S oftware C orporation
2
Australia
3.73.8
Neurotech P harmaceuticals C o., Ltd.

United S ocial Media V entures Inc.
40
5.5 5.5
States is eemedia Inc.
C hangy ou.com Limited
3
Taiwan DigitalP os t Interactive, Inc.
4.6 4.74.9 5.0 5.0
Acceleriz e N ew Media, Inc.
2
Germany
4.6 3.8
K ings oft C orporation Limited
5.7 5.9
Lingo Media C orporation
6
Japan
3.4
Unilava C orporation
6.76.9
Mix i, Inc.
1
2.9
Switzerland
7.4
F rogs ter Interactive P ic tures AG

G ree, Inc.
Canada
10
MO K O .mobi Limited
10.110.7
South C hines e G amer International

11.9
7
G eoS entric O y j
14.8
Korea
eWorldC ompa nies , Inc.
1
Sweden F luid Mus ic C a nada, Inc.
15.816.5
T encent Holdings L td.

22.5
2
Malaysia
2.6 2.3 2.2 1.8

B igs tring C orp.
Average TEV/LTM Revenue - By Country

B right T hings plc
30.931.4
1
Hong Kong S pec trumDNA, Inc.
38.2
1
Russia
1.0 0.9
1
Italy
Page 14
States has the most companies (40), trading at an average of 5.5x revenue (vs. 6.3x last week) (Figure 14). Ten companies
number of companies (21), trading at an average multiple of 9.3x (vs. 10.1x last week). On a geographic basis, the United
TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are listed
Things plc (AIM:BGT) at 31.4x, and Bigstring Corp. (OTCBB:BSGC) at 30.9x. The median is 1.8x. Note that we exclude
TEV/Revenue (LTM) averages 4.7x: The overall average TEV/Revenue (LTM) multiple for our group is 4.7x (vs. 5.1x
last week) (Figure 12). Four companies trade above 25x revenue – SpectrumDNA, Inc. (OTCBB:SPXA) at 38.2x, Bright
or domiciled. Figure 13 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
1
India
0.8 0.3
Page 15
TEV/EBITDA (LTM) averages 10.9x: The average multiple for the 37 companies with positive EBITDA (and multiples
under 100x) is 10.9x LTM EBITDA (vs. 10.8x last week), led by Tencent Holdings Ltd. (SEHK:700) at 45.1x (Figure 15).
Twelve companies have EBITDA multiples under 7x. The median multiple is 8.8x (vs. 8.8x last week).
T E V/LT M E B IT DA (x)
50. 0
45. 1
45. 0
40. 0 36.5
35. 0
30. 0
25. 0 21. 9 22. 7
20. 0 16. 6 17. 2

15.5
14. 3
15. 0 12. 3 12. 9 13. 1
11. 0 11. 4 11. 9
8. 8 8. 8 9. 8 10.1 10. 4
10. 0 7. 8 7. 8 8. 0 8. 4
6. 6 7.0 7. 2 7. 5
5. 4 5. 7 6. 0
3. 9 4. 2
5. 0 2. 7
1.5 2. 4
0. 2 0. 9
0. 0
NE O WIZ G ames C orporation

J umbuc k E ntertainment L imited
G amania Digital E ntertainment C o. , Ltd.
P NI Digital Media Inc .
G ungH o O nline E ntertainment, Inc .
C hines e G amer International

U nis erve C ommunic ations C orp.
DXN H oldings B hd
C hangy ou. c om L imited

G ameO n C o L td.
Neurotec h P harmac eutic als C o. , L td.
C DC C orp.
T ree. C om, Inc .
S K C ommunic ations C o. , L td.

Modern T imes G roup Mtg AB
U nited O nline, Inc.
O pen T ex t C orp.
S NAP Interac tive, Inc.
K ings oft C orporation L imited

C y berplex Inc.
NetDragon WebS oft, Inc.
V alueC lic k , Inc.
Y D O nline C orp.
S ohu. com Inc.
S park Network s , Inc.
IAC /InterAc tiveC orp.
G ree, Inc.
Mix i, Inc.
T enc ent H oldings L td.

XING AG
P erfec t World C o. , L td.
O penwave S y s tems Inc.
Y nk K orea Inc.
V elti P lc
S hutterfly , Inc.
DADA S pA
Ac toz S oft C o. , L td.
Figure 15. TEV/EBITDA Ranking

Source. Capital IQ
TEV/EBITDA (LTM) by country/exchange: Figure 16 shows the average TEV/EBITDA multiples by stock exchange.
The OTCBB has the largest number of companies (21), trading at an average multiple of 12.3x (vs. 13.6x last week). On a
geographic basis, the United States has the most companies (40), trading at an average of 9.4x EBITDA (vs. 9.9x last
week) (Figure 17). Ten companies are Canadian (average 7.8x EBITDA vs. 8.0x last week).
Average TEV/LTM EBITDA - By Country

Average TEV/LTM EBITDA - By Exchange
18.0
25.0 21.6 16.6
16.0
20.0 14.0
14.7
12.0 14.6
15.0 16.6 13.3
14.7 14.6 10.0 12.6
(x)
13.8 11.0
(x)
10.0 12.3 11.0 9.4

9.8 8.8 8.0 8.4 7.8
8.3 8.1
7.2 6.0 6.0
5.0 3.9 2.7 6.0
0.9 4.0 3.9
0.0 2.0
OTCBB
GTSM
NasdaqGM
SEHK
KOSE
TSE
OSE
NasdaqGS
OM
CM
AMEX
KLSE
TSX
AIM
TSXV
ASX
0.0 0.9
Kingdom
China
Japan
United
Hong
Canada
Malaysia
Italy
South
Korea
Kong
States
Taiwan
Australia
Sweden
United
# Companies 3 1 2 6 5 21 2 4 1 6 14 2 1 2 3 2
# Companies 1 3 7 10 6 2 40 1 10 1 2 2
Figures 16 & 17. TEV/EBITDA Ranking (Exchange, Country)

Source. Capital IQ
Page 16
P/E (LTM) averages 21.7x: The average multiple for the 32 companies with positive earnings (and multiples under 100x)
is 21.7x LTM EPS (vs. 21.1x last week), led by HanbitSoft, Inc. (KOSE:A047080) with an 81.5x multiple (Figure 18).
Eleven companies have P/E multiples under 10x. The median is 14.5x (vs. 14.9x last week).
P /E L T M (x)
90.0
81.4
80.0
70.0
60.1
60.0 57. 1
51.6
50.0 45.0
40. 8
40.0
33.4 34.0
31.1
28. 8
30.0
21.7 22.3 23.4
19.1
20.0 14.0 14. 3 14.6 15.2
12.1
9.9 10. 6 10.8
6.8 6. 9 8.0
10.0 4. 4 5.3
1. 9 1.9 2.1 2.6
0.0
0.0
NE O WIZ G ames C orporation

J umbuc k E ntertainment Limited
G amania Digita l E nterta inment C o., Ltd.
G ungHo O nline E ntertainment, Inc.

C hines e G amer Internationa l
DXN H oldings B hd
C hangy ou. com L imited

G iant Interac tive G roup, Inc .
G ameO n C o Ltd.
C DC C orp.
S handa Intera ctiv e E ntertainment Ltd.
Netea s e.com Inc .
U nited O nline, Inc .
O pen T ex t C orp.
S NAP Intera ctiv e, Inc .

G ra vity C o., Ltd
C y berplex Inc .
G igaMedia Ltd.
Y D O nline C orp.
V alueC lic k , Inc .
NetDra gon WebS oft, Inc .
S ohu.com Inc .
G ree, Inc .
T enc ent H oldings Ltd.
Mix i, Inc .
K ings oft C orpora tion L imited
XING AG
P erfect World C o., L td.
H anbitS oft, Inc .

V elti P lc
DADA S pA
Ac toz S oft C o., L td.
Figure 18. P/E Ranking

Source. Capital IQ
P/E (LTM) by country/exchange: Figure 19 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (21), trading at an average multiple of 45.0x (vs. 48.6x last week). On a geographic basis,
the United States has the most companies (40), trading at an average of 23.0x earnings (vs. 24.3x last week) (Figure 20).
Ten companies are Canadian (average 23.8x EPS vs. 22.8x last week).
Average P/E - By Exchange Average P/E - By Country

45.0
60.0 39.1
51.6 40.0
50.0 35.0
40.0 45.0 43.0 30.0 32.3
35.0
30.3 25.0 23.8 23.0
(x)
30.0
(x)
26.1 22.3
22.3 20.0 21.7
20.0 19.7
12.6 12.1 15.0 13.9
6.8 5.3 4.4 12.1
10.0 2.1 10.0
0.0 5.3
0.0 5.0 4.4
OTCBB
GTSM
NasdaqGM
OSE
KOSE
TSE
SEHK
NasdaqGS
CM
TSX
KLSE
NYSE
AIM
ASX
0.0
Japan
Canada
United
Kingdom
Hong
China
Malaysia
Italy
South
Korea
Kong
States
Taiwan
Australia
United
# Companies 1 21 6 5 3 2 2 14 1 3 2 2 1 4
# Companies 6 7 10 40 2 1 3 10 1 2 2
Figures 19 & 20. P/E Ranking (Exchange, Country)

Source. Capital IQ
Page 17
Upcoming Events
E arnings C alendar
C ompany Date Time Quarter C onf C all Details
Wizzard Software Corporation (AMEX:WZE) 1-Apr-10 1:00 p.m. EST Q4/09 877-407-0782
Tree.Com, Inc. (NasdaqGM:TREE) 30-Apr-10 11:00 a.m. EST Q1/10 866-564-7440
Figure 21. Earnings Calendar

Source. Capital IQ
Page 18

Pric e P erformanc e
C ompany Name C urrenc y Tic ker E xc hange US D Market C ap ($m) C urrent P ric e 1 Wk 1 Mth 3 Mth 6 Mth 1 Yr 52 Week
A ccelerize New Media, Inc. US D AC L Z OT C B B 15.8 0.55 0. 0% -1.8% -15.4% -15.4% 175. 0% -31.3%
A ctoz S oft C o. , L td. KR W A052790 K OS E 106.0 13650.00 -6.5% -5.2% -21.6% -24.6% 6.6% -62.1%
A Q Interactive, Inc. JPY 3838 TS E 66.0 112500.00 -20.2% -9.2% 77.7% 116.3% 187. 0% -32.4%
A s knet AG E UR XT R A :A5A XT R A 27.8 4.10 3. 8% 19.2% 32.3% 31.8% 60.2% -2.1%
B eta wave C orpora tion US D B W AV OT C B B 2.8 0.10 -5.0% -20.8% -26.9% -5.0% -40. 6% -50.0%
B eyond C ommerce, Inc. US D B Y OC OT C B B 1.8 0.03 -13.9% -8.8% 82.4% -48.3% -97. 8% -98.4%
B igs tring C orp. US D BSGC OT C B B 0.9 0.01 -3.3% -35.3% -37.0% -62.8% -9.4% -74.6%
B right T hings plc GB P AIM:B G T A IM 6.6 0.01 1. 9% -19.1% 14.6% 0. 0% -6.5% -45.0%
B roadW ebA s ia Inc. US D BWBA OT C P K 3.4 0.04 0. 0% 0.0% -55.6% -82.6% -92. 2% -91.1%
C DC C orp. US D C H IN.A Nas da qG S 322.6 3.05 14.7% 24.0% 33.8% 16.4% 163. 0% -22.2%
C ha ngyou.com Limited US D C Y OU Nas da qG S 1, 541.4 29.89 -5.2% -10.0% -9.6% -15.9% 54.1% -38.2%
C hines e G a mer International TWD G T S M:3083 GTS M 900.2 341.00 -1.4% 11.8% -17.5% -27.8% 94.3% -34.3%
C ody V entures C orpora tion US D CVCP OT C P K 0.1 0.00 -16.7% -16.7% 127.3% 150.0% 733. 3% -77.3%
C ornerW orld C orpora tion US D CW R L OT C B B 1.9 0.02 -50.0% -33.3% -33.3% -66.7% -85. 7% -86.7%
C yberplex Inc. C AD T S X: C X TS X 50.1 0.74 -20.4% -18.7% -35.7% -43.9% -22. 9% -62.8%
DADA S pA E UR C M:DA CM 112.5 5.16 -0.7% 6.3% -12.6% -26.4% 9.7% -37.1%
DigitalP os t Intera ctive, Inc. US D DG LP OT C B B 3.8 0.04 -13.0% -37.9% 6.1% -26.3% 117. 5% -56.1%
DigitalT own, Inc. US D DG T W OT C B B 31.5 1.15 -8.0% -8.0% 13.9% -56.4% -54. 0% -67.1%
Dolphin Digital Media, Inc. US D DP DM OT C B B 17.1 0.30 20.0% -6.3% 50.0% -31.8% -50. 0% -60.5%
DXN Holdings B hd MY R DXN K LS E 45.9 0.66 3. 1% -0.8% 20.0% 10.0% 120. 0% -12.0%
E n2G o International, Inc. US D E TGI OT C B B 4.8 0.20 -33.3% -66.7% -60.8% -67.2% -92. 0% -95.2%
Neurotech P ha rmaceutica ls C o., Ltd. KR W A041060 K OS E 23.5 345.00 19.0% -24.2% -43.4% -52.4% -34. 3% -70.3%
eW orldC ompa nies , Inc. US D EWRC OT C P K 0.5 0.00 -50.0% -50.0% -66.7% -83.3% 0.0% -97.4%
F luid Mus ic C anada, Inc. C AD T S X: F MN TS X 102.2 1.65 -3.5% 15.4% -4.6% 13.8% 175. 0% -23.3%
F rogs ter Intera ctive P ictures AG E UR FR G XT R A 66.9 19.40 -0.5% -4.7% 11.9% 8. 4% 184. 8% -9.7%
G amania Digita l E ntertainment C o., L td. TWD 6180 GTS M 235.8 48.95 -0.3% 2.9% -4.0% -0.1% 39.9% -28.9%
G ameO n C o L td. JPY 3812 TS E 96.7 92700.00 27.0% 37.1% 35.3% 2. 5% 3.7% -30.2%
G eoS entric Oyj E UR G E O1V H LS E 60.5 0.05 0. 0% 0.0% 25.0% 0. 0% 25.0% -16.7%
G ia nt Interactive G roup, Inc. US D GA NY S E 1, 739.7 7.67 2. 5% -1.2% 7.9% 1. 3% 5.5% -19.8%
G igaMedia L td. US D G IG M Nas da qG S 173.9 3.19 0. 9% 10.4% -0.6% -39.1% -44. 2% -55.1%
G ra vity C o., Ltd US D GR VY Nas da qG M 48.1 1.73 -1.1% -11.3% 11.6% -9.9% 106. 0% -34.2%
G ree, Inc. JPY T S E :3632 TS E 2, 772.5 5680.00 -1.4% 3.8% -1.4% 16.2% 113. 5% -6.0%
G ungH o Online E ntertainment, Inc. JPY 3765 OS E 265.6 214500.00 -2.7% 2.1% 16.6% -9.9% 68.9% -23.4%
H anbitS oft, Inc. KR W A047080 K OS E 85.9 4450.00 18.8% 18.4% 17.1% 4. 1% 32.8% -33.0%
IAC /InterA ctiveC orp. US D IA C I Nas da qG S 2, 665.7 22.87 -4.0% 2.1% 12.7% 13.3% 43.7% -6.5%
InternetArray, Inc. US D INAR OT C P K 0.0 0.00 0. 0% -20.0% -20.0% -81.8% -92. 2% -99.2%
Is e B lu E quity C orp. US D IS B L OT C P K 0.0 0.00 0. 0% 0.0% 0.0% 0. 0% 0.0% -90.0%
is eemedia Inc. C AD IE E T S XV 11.6 0.17 0. 0% -10.5% -2.9% 54.5% 70.0% -37.0%
J umbuck E ntertainment Limited AU D AS X: J MB AS X 11.2 0.25 -3.8% -16.7% -16.7% -35.9% -50. 0% -50.0%
K ent International Holdings Inc. US D K NT H OT C P K 6.0 1.70 -2.9% -2.9% -6.1% -12.8% 4.3% -30.6%
K ings oft C orpora tion L imited HK D 3888 S E HK 871.2 6.16 -0.8% -7.1% -4.8% -15.3% 71.1% -35.0%
K iwibox.C om, Inc. US D K IW B OT C B B 4.4 0.01 0. 0% -9.1% -47.4% -9.1% -33. 3% -74.4%
L ingo Media C orpora tion C AD T S XV :LM T S XV 8.6 0.70 -22.2% -29.3% -12.5% -33.3% -15. 7% -55.7%
L ookS mart, L td. US D LO OK Nas da qG M 17.5 1.02 -1.9% 10.9% 2.1% -12.1% -18. 4% -34.6%
Mixi, Inc. JPY 2121 TS E 1, 077.9 646000.00 11.0% 12.9% -13.3% 8. 9% 66.9% -25.3%
Mobile Data C orp. US D MB Y L OT C B B 3.8 0.16 60.0% 16.4% 88.2% 23.1% -38. 5% -60.0%
Modern T imes G roup Mtg AB SEK MT G B OM 3, 898.8 429.40 5. 4% 9.7% 21.0% 42.4% 169. 2% -0.8%
MO K O .mobi L imited AU D MK B AS X 8.8 0.08 -10.0% -14.7% -46.0% 24.6% -17. 3% -59.5%
Multiplied Media C orpora tion C AD T S XV :MMC T S XV 29.2 0.23 -10.0% -21.1% NM NM NM -10.0%
Myriad G roup AG C HF MY R N S WX 180.1 4.33 -3.8% -6.3% -9.8% -1.8% 4.3% -30.0%
NE O W IZ G ames C orporation KR W A095660 K OS E 676.3 36400.00 -1.8% 6.7% -9.3% -17.3% 47.7% -18.9%
NetDra gon W ebS oft, Inc. HK D 777 S E HK 300.9 4.42 0. 5% -1.1% 11.6% -14.0% 2.8% -38.2%
Netea s e. com Inc. US D NT E S Nas da qG S 4, 758.6 36.74 -8.6% -5.5% -2.1% -19.6% 34.8% -24.2%
NeuLion Incorpora ted C AD T S X: NL N TS X 71.0 0.62 -1.6% 17.0% -11.4% -34.0% 6.9% -52.3%
NeXplore C orpora tion US D NXP C OT C P K 27.9 0.50 0. 0% -9.1% -20.6% -9.1% -16. 7% -44.4%
Ngi G roup Inc. JPY 2497 TS E 72.1 53900.00 -0.9% 28.3% 117.5% 103.4% 140. 6% -6.1%
Northgate T echnologies Limited INR 590057 BSE 13.5 17.35 -5.4% -11.5% -38.3% -59.7% -57. 8% -71.0%
O AO R B C Information S ys tems R UB R BCI MIC E X 162.4 35.48 -3.7% -3.4% 2438. 8% 2958.6% 8882.3% -7.4%
O riented Media G roup B erha d MY R OME DIA K LS E 8.2 0.20 2. 6% -2.4% 66.7% 185.7% 5.3% -13.0%
O pen T ext C orp. US D OT E X Nas da qG S 2, 684.8 47.55 1. 1% -2.2% 17.3% 27.4% 41.6% -4.0%
O penwa ve S ys tems Inc. US D OP W V Nas da qG S 191.8 2.29 -4.6% -11.6% -0.9% -11.9% 100. 9% -26.8%
T he P a rent C ompany US D K IDS . Q OT C P K 0.1 0.00 166.7% -60.0% 33.3% -69.2% -80. 0% -87.9%
P erfect W orld C o., Ltd. US D PWRD Nas da qG S 1, 839.6 36.92 -12.2% -6.3% -8.7% -23.2% 144. 8% -26.9%
P NI Digital Media Inc. C AD T S XV :P N T S XV 52.9 1.60 -3.6% -11.6% 0.0% -19.2% 3.9% -23.8%
Q uepa s a C orp. US D QP S A OT C B B 46.0 3.61 0. 3% -2.4% 85.1% 145.6% 264. 6% -14.0%
R ea l V alue E s tates , Inc. US D R V LU OT C B B 6.6 1.03 -6.4% -14.2% -6.4% NM NM -31.3%
S ahara Media H oldings , Inc. US D S HH D OT C B B 7.8 0.25 -16.7% -37.5% -55.4% -91.7% -91. 7% -92.3%
S ha nda Interactive E nterta inment L td. US D S NDA Nas da qG S 2, 998.9 44.59 7. 9% -1.6% -13.7% -12.9% 4.0% -31.4%
S hutterfly, Inc. US D S F LY Nas da qG S 607.8 23.46 -0.1% 22.3% 30.2% 41.1% 135. 8% -4.9%
S K C ommunications C o. , L td. KR W A066270 K OS E 481.7 13050.00 -1.9% -12.1% -15.8% 47.8% 41.1% -29.1%
S NA P Intera ctive, Inc. US D S TVI OT C B B 8.1 0.25 -7.4% 38.9% 150.0% 114.3% -6.3% -21.1%
S ocial Media V entures Inc. US D S MV I OT C P K 0.0 0.00 -20.0% 37.9% -20.0% -96.0% -99. 2% -99.5%
S ocialwis e, Inc. US D S CLW OT C B B 29.1 0.60 9. 1% 27.7% 33.3% -1.6% 57.9% -41.2%
S ohu.com Inc. US D S O HU Nas da qG S 2, 050.0 54.28 -0.9% 6.0% -5.3% -21.1% 20.6% -24.9%
S pa rk Networks , Inc. US D LO V A ME X 74.1 3.60 3. 7% 21.6% 19.6% 60.0% 56.5% -0.6%
S pectrumDNA, Inc. US D S P XA OT C B B 5.4 0.11 -8.5% -24.1% -31.3% -15.4% -26. 7% -75.6%
S prylogics Internationa l C orp C AD T S XV :S P Y T S XV 0.8 0.03 -25.0% 100.0% 200.0% 200.0% 50.0% -33.3%
T encent H oldings Ltd. HK D 700 S E HK 37,483. 5 159.50 2. 4% 4.8% -0.8% 26.5% 168. 3% -9.6%
T he9 L imited US D NC T Y Nas da qG S 175.8 7.00 -0.7% -0.3% -1.0% -9.7% -49. 7% -57.6%
T heS treet.com, Inc. US D TS CM Nas da qG M 110.4 3.50 0. 0% -0.3% 49.6% 20.7% 74.1% -7.9%
T ree.C om, Inc. US D TR E E Nas da qG M 101.3 9.20 0. 3% 8.4% -1.6% 21.9% 74.6% -29.6%
U nilava C orporation US D UNLA OT C B B 35.0 0.35 -30.0% 0.0% 16.7% NM NM -46.2%
U nis erve C ommunica tions C orp. C AD T S XV :US S T S XV 2.4 0.10 0. 0% 5.3% 122.2% 150.0% 150. 0% -28.6%
U nited O nline, Inc. US D UNT D Nas da qG S 649.1 7.64 0. 0% 22.0% 6.6% -5.0% 54.3% -19.2%
U OMO Media, Inc US D UO MO OT C B B 2.4 0.03 -22.2% -20.0% -32.0% -76.9% -72. 0% -97.4%
V alueC lick, Inc. US D V CLK Nas da qG S 823.6 9.86 -2.0% 3.9% -1.4% -25.2% 3.4% -29.3%
V elti P lc GB P VEL A IM 186.6 3.32 -0.8% 0.0% 68.7% 102.4% 199. 1% -2.9%
V OIS , Inc. US D V O IS OT C B B 10.0 0.01 11.1% 11.1% 11.1% 100.0% 334. 8% -56.5%
W ebzen Inc. KR W K O S E : A069080 K OS E 125.3 12000.00 4. 8% -6.3% 6.2% 10.1% 31.1% -42.0%
W e-R -Y ou C orp. US D WE RU OT C P K 0.3 0.01 0. 0% 0.0% 225.0% -78.3% -78. 3% -89.2%
W izzard S oftwa re C orporation US D W ZE A ME X 17.9 0.33 8. 1% -3.0% 4.6% -25.6% -25. 6% -56.2%
W orlds .com Inc. US D W DDD OT C B B 6.4 0.12 -14.3% 33.3% 33.3% 33.3% -29. 4% -55.6%
W ynds torm C orpora tion US D W Y ND OT C P K 0.9 0.05 0. 0% -50.0% 25.0% -50.0% -58. 3% -90.2%
XING A G E UR O1B C XT R A 213.2 30.50 6. 3% 9.7% 0.3% -15.3% 4.1% -19.7%
Y D Online C orp. KR W A052770 K OS E 79.1 5980.00 -2.8% -9.3% -15.2% -31.7% -30. 5% -51.8%
Y nk K orea Inc. KR W A023770 K OS E 21.4 3040.00 0. 7% 8.8% -8.2% -19.4% -31. 8% -65.1%
H igh 166.7% 100.0% 2438. 8% 2958.6% 8882.3% -0.6%
L ow -50.0% -66.7% -66.7% -96.0% -99. 2% -99.5%
Average 856.0 -1.4% -2.4% 38.1% 37.1% 146.1% -40.9%
Media n -1.1% -2.2% -0.9% -9.4% 15.2% -33.0%
Figure 22. Price Performance

Source. Capital IQ
Page 19

Valuation Multiples
P rimary US D Market TE V/L TM TE V/ NTM TE V/L TM TE V/NTM
C ompany Name S ec tor C ountry E xc hange Ticker C ap ($m) R evenue R evenue E B ITDA E B ITDA P /L TM E P S P /NTM E P S P /TangB V
Accelerize New Media, Inc. Direct Marketing U nited S ta tes OTCB B AC LZ 15.8 5.0x - - - - - -
Actoz S oft C o., Ltd. G aming S outh K orea K OS E A052790 106.0 0.5x - 2. 4x - 14.3x - 1.5x
AQ Intera ctive, Inc. G aming J apan TS E 3838 66.0 0.7x - - - - - 1.2x
As knet A G G aming G erma ny XT R A XT R A :A5A 27.8 0.2x - - - - - -
B etawave C orpora tion Media U nited S ta tes OTCB B B W AV 2.8 0.0x - - - - - 1.9x
B eyond C ommerce, Inc. S ocial Networking U nited S ta tes OTCB B B YOC 1.8 1.0x - - - - - -
B igs tring C orp. Ins ta nt Mes s aging U nited S ta tes OTCB B BSGC 0.9 30.9x - - - - - -
B right T hings plc S ocial Networking U nited K ingdom AIM AIM:B G T 6.6 31.4x - - - - - 8.4x
B roadW ebAs ia Inc. S ocial Networking U nited S ta tes OTCP K BWBA 3.4 - - - - - - -
C DC C orp. G aming H ong K ong N as da qG S C HIN.A 322.6 1.0x - 8. 4x - 21.7x - 49.7x
C hangyou.com Limited G aming C hina N as da qG S C Y OU 1,541.4 4.9x - 7. 8x - 10.6x - 7.1x
C hines e G amer Interna tional G aming T a iwa n GTS M G T S M:3083 900.2 11.9x - 21.9x - 28.8x - 11.4x
C ody V entures C orporation G aming U nited S ta tes OTCP K CVCP 0.1 1.4x - - - - - -
C ornerW orld C orporation C ontent U nited S ta tes OTCB B CW R L 1.9 1.0x - - - - - -
C yberplex Inc. A dvertis ing C ana da TS X T S X: C X 50.1 0.3x - 2. 7x - 6.8x - 1.6x
DA DA S pA S ocial Networking Italy CM C M:DA 112.5 0.8x - 6. 0x - 12.1x - 1.1x
DigitalP os t Interactive, Inc. C ontent U nited S ta tes OTCB B DG L P 3.8 5.0x - - - - - -
DigitalT own, Inc. S ocial Networking U nited S ta tes OTCB B DG T W 31.5 - - - - - - -
Dolphin Digital Media, Inc. S ocial Networking U nited S ta tes OTCB B DP DM 17.1 - - - - - - -
DXN Holdings B hd S ocial Networking Mala ys ia K LS E DXN 45.9 0.7x - 3. 9x - 5.3x - 0.8x
E n2G o International, Inc. S ocial Networking U nited S ta tes OTCB B E TGI 4.8 - - - - - - -
Neurotech P ha rmaceuticals C o., L td. G aming S outh K orea K OS E A041060 23.5 3.8x - 8. 0x - - - 0.5x
eW orldC ompanies , Inc. G aming U nited S ta tes OTCP K E WRC 0.5 15.8x - - - - - -
F luid Mus ic C a nada, Inc. Media U nited S ta tes TS X T S X:F MN 102.2 16.5x - - - - - 7.1x
F rogs ter Interactive P ictures A G G aming G erma ny XT R A FR G 66.9 7.4x - - - - - 8.9x
G amania Digital E ntertainment C o., Ltd. G aming T a iwa n GTS M 6180 235.8 1.3x - 7. 5x - 23.4x - 2.9x
G ameO n C o Ltd. G aming J apan TS E 3812 96.7 0.4x - 1. 5x - 10.8x - 1.2x
G eoS entric Oyj Mobile F inland H LS E G E O1V 60.5 14.8x - - - - - -
G iant Interactive G roup, Inc. G aming C hina NY S E GA 1,739.7 - - - - 2.1x - 0.3x
G igaMedia Ltd. G aming T a iwa n N as da qG S G IG M 173.9 0.6x - - - 6.9x - 1.6x
G ravity C o., Ltd G aming S outh K orea N as da qG M GR VY 48.1 - - - - 0.0x - 0.0x
G ree, Inc. S ocial Networking J apan TS E T S E : 3632 2,772.5 10.1x - 17.2x - 34.0x - 17.8x
G ungH o O nline E nterta inment, Inc. Media J apan OS E 3765 265.6 2.0x - 8. 8x - 51.6x - 8.5x
Ha nbitS oft, Inc. G aming S outh K orea K OS E A047080 85.9 1.2x - - - 81.4x - 2.3x
IAC /InterActiveC orp. Media U nited S ta tes N as da qG S IAC I 2,665.7 0.8x - 12.9x - - - 1.5x
InternetA rray, Inc. Media U nited S ta tes OTCP K INA R 0.0 1.1x - - - - - -
Is e B lu E quity C orp. Media U nited S ta tes OTCP K IS B L 0.0 0.5x - - - - - -
is eemedia Inc. C ontent C ana da T S XV IE E 11.6 4.7x - - - - - 8.0x
J umbuck E ntertainment Limited S ocial Networking Aus tra lia AS X AS X:J MB 11.2 0.4x - 0. 9x - 4.4x - 0.9x
K ent Internationa l Holdings Inc. S ocial Networking U nited S ta tes OTCP K K NT H 6.0 - - - - - - 0.6x
K ings oft C orporation Limited G aming C hina S E HK 3888 871.2 5.7x - 14.3x - 19.1x - 4.6x
K iwibox.C om, Inc. S ocial Networking U nited S ta tes OTCB B K IW B 4.4 - - - - - - -
Lingo Media C orpora tion L earning C ana da T S XV T S XV : LM 8.6 5.9x - - - - - -
LookS ma rt, L td. Direct Marketing U nited S ta tes N as da qG M L OOK 17.5 - - - - - - 0.7x
Mixi, Inc. S ocial Networking J apan TS E 2121 1,077.9 6.9x - 22.7x - 60.1x - 7.0x
Mobile Da ta C orp. S ocial Networking U nited S ta tes OTCB B MB Y L 3.8 - - - - - - -
Modern T imes G roup Mtg AB Media S weden OM MT G B 3,898.8 2.2x - 16.6x - - - -
MOK O .mobi Limited S ocial Networking Aus tra lia AS X MK B 8.8 10.7x - - - - - 7.7x
Multiplied Media C orpora tion Mobile C ana da T S XV T S XV :MMC 29.2 - - - - - - -
Myriad G roup AG Mobile S witzerla nd SWX MY R N 180.1 2.9x - - - - - -
NE OW IZ G ames C orporation G aming S outh K orea K OS E A095660 676.3 3.1x - 11.4x - 33.4x - 16.9x
NetDra gon W ebS oft, Inc. G aming C hina S E HK 777 300.9 1.7x - 5. 4x - 14.6x - 1.6x
Netea s e.com Inc. G aming C hina N as da qG S NT E S 4,758.6 - - - - 2.6x - 0.7x
NeuLion Incorporated V ideo C ana da TS X T S X:NL N 71.0 2.1x - - - - - 9.2x
NeXplore C orporation C ontent U nited S ta tes OTCP K NXP C 27.9 - - - - - - -
Ngi G roup Inc. Media J apan TS E 2497 72.1 0.2x - - - - - 1.3x
Northgate T echnologies Limited Direct Marketing India BS E 590057 13.5 0.3x - - - - - -
O AO R B C Information S ys tems Media R us s ia MIC E X R BCI 162.4 0.9x - - - - - -
O riented Media G roup B erhad Media Mala ys ia K LS E O ME DIA 8.2 2.9x - - - - - 3.5x
O pen T ext C orp. C ollabora tion C ana da N as da qG S OT E X 2,684.8 3.2x - 11.9x - 40.8x - -
O penwave S ys tems Inc. Mobile U nited S ta tes N as da qG S OP W V 191.8 0.5x - 10.1x - - - 2.6x
T he P a rent C ompany Mobile U nited S ta tes OTCP K K IDS .Q 0.1 0.2x - - - - - -
P erfect W orld C o., Ltd. G aming C hina N as da qG S PWRD 1,839.6 0.1x - 0. 2x - 1.9x - 0.9x
P N I Digital Media Inc. Digita l Ima ging C ana da T S XV T S XV :P N 52.9 1.9x - 7. 8x - - - 8.0x
Q uepa s a C orp. S ocial Networking U nited S ta tes OTCB B QP S A 46.0 - - - - - - -
R eal V a lue E s ta tes , Inc. Media Is ra el OTCB B R V LU 6.6 - - - - - - -
S a hara Media Holdings , Inc. Media U nited S ta tes OTCB B S HH D 7.8 - - - - - - 9.5x
S handa Interactive E nterta inment Ltd. G aming C hina N as da qG S S NDA 2,998.9 - - - - 1.9x - 0.3x
S hutterfly, Inc. Digita l Ima ging U nited S ta tes N as da qG S S FLY 607.8 1.7x - 13.1x - - - 3.0x
S K C ommunications C o., Ltd. S earch S outh K orea K OS E A066270 481.7 2.4x - 36.5x - - - -
S N AP Interactive, Inc. Dating U nited S ta tes OTCB B S TVI 8.1 1.9x - 12.3x - 45.0x - 4.4x
S ocial Media V entures Inc. Dating U nited S ta tes OTCP K S MV I 0.0 4.6x - - - - - -
S ocialwis e, Inc. S ocial Networking U nited S ta tes OTCB B S CLW 29.1 - - - - - - -
S ohu.com Inc. G aming C hina N as da qG S S O HU 2,050.0 3.0x - 7. 0x - 15.2x - 3.8x
S park N etworks , Inc. S ocial Networking U nited S ta tes AME X L OV 74.1 1.5x - 7. 2x - - - 12.4x
S pectrumDN A, Inc. Media U nited S ta tes OTCB B S P XA 5.4 38.2x - - - - - -
S prylogics International C orp Media C ana da T S XV T S XV :S P Y 0.8 1.7x - - - - - -
T encent Holdings Ltd. P orta l C hina S E HK 700 37,483.5 22.5x - 45.1x - 57.1x - 24.2x
T he9 L imited G aming C hina N as da qG S NC T Y 175.8 - - - - - - 0.1x
T heS treet.com, Inc. Media U nited S ta tes N as da qG M TS CM 110.4 0.8x - - - - - 1.5x
T ree.C om, Inc. P orta l U nited S ta tes N as da qG M TREE 101.3 0.4x - 9. 8x - - - 2.0x
Unilava C orporation Media U nited S ta tes OTCB B U NLA 35.0 6.7x - - - - - 1.5x
Unis erve C ommunications C orp. S ocial Networking C ana da T S XV T S XV :US S 2.4 0.5x - 8. 8x - - - -
United Online, Inc. Media U nited S ta tes N as da qG S U NT D 649.1 0.9x - 4. 2x - 9.9x - -
UO MO Media, Inc Media C ana da OTCB B UO MO 2.4 3.0x - - - - - -
V a lueC lick, Inc. Media U nited S ta tes N as da qG S V CLK 823.6 1.6x - 5. 7x - 14.0x - 3.9x
V elti P lc Media U nited K ingdom AIM VEL 186.6 2.2x - 11.0x - 22.3x - 6.3x
V O IS , Inc. S ocial Networking U nited S ta tes OTCB B V OIS 10.0 - - - - - - -
W ebzen Inc. G aming S outh K orea K OS E K OS E :A069080 125.3 2.5x - - - - - 1.2x
W e-R -Y ou C orp. G aming U nited S ta tes OTCP K WERU 0.3 0.6x - - - - - -
W izzard S oftware C orporation P odca s ting U nited S ta tes AME X W ZE 17.9 3.7x - - - - - -
W orlds .com Inc. C ontent U nited S ta tes OTCB B W DDD 6.4 - - - - - - -
W ynds torm C orporation C ontent U nited S ta tes OTCP K W Y ND 0.9 - - - - - - -
XIN G AG S ocial Networking G erma ny XT R A O1B C 213.2 2.8x - 10.4x - 31.1x - 6.6x
Y D Online C orp. G aming S outh K orea K OS E A052770 79.1 1.4x - 6. 6x - 8.0x - 2.4x
Y nk K orea Inc. G aming S outh K orea K OS E A023770 21.4 1.6x - 15.5x - - - 0.7x
High 37,483.5 38.2x - 45.1x - 81.4x - 49.7x
Low 0.0 0.0x - 0. 2x - 0.0x - 0.0x
Average 856.0 4.7x - 10.9x - 21.7x - 5.6x
Median 50.1 1.8x - 8. 6x - 14.5x - 2.6x
Figure 23. Valuation Comparison

Source. Capital IQ
Page 20

S ummary by C ountry
C ompany Name US D Market C ap ($m) Avg US D Market C ap ($m) US D L TM Total R ev ($m) US D L TM Total E B ITDA ($m) E B ITDA %
United S tates 29 C hina 56, 945. 8 C hina 5,694. 6 C hina 4,496. 8 C hina 2, 262. 8 C hina 49. 0%
C hina 10 U nited S ta tes 5, 465. 2 S weden 3,266. 2 United S tates 3,752. 1 United S tates 393. 7 A us tralia 42. 8%
C a na da 9 J a pan 4, 440. 9 J apan 740. 1 S weden 1,942. 0 S weden 274. 4 T aiwan 37. 3%
S outh K orea 9 S weden 3, 266. 2 T aiwan 515. 6 C a na da 992. 4 J a pa n 213. 0 J apan 24. 3%
J a pa n 6 C anada 2, 538. 6 C anada 282. 1 S outh K orea 740. 1 C a na da 199. 5 S outh K orea 20. 1%
T a iwa n 3 S outh K orea 1, 845. 8 Hong K ong 237. 5 J a pa n 680. 8 S outh K orea 133. 5 S weden 14. 1%
G erma ny 3 T a iwa n 1, 546. 9 S witzerla nd 205. 8 T a iwa n 404. 6 T a iwa n 65. 0 Italy 13. 1%
Aus tralia 2 G ermany 318. 0 S outh K orea 205. 1 Hong K ong 334. 2 Ita ly 31. 0 R us s ia 13. 1%
S witzerla nd 1 Hong K ong 237. 5 R us s ia 193. 9 Ita ly 236. 1 R us s ia 20. 4 Hong K ong 6. 0%
India 1 S witzerla nd 205. 8 U nited S ta tes 188. 5 G erma ny 171. 4 Hong K ong 20. 0 S witzerla nd 5. 4%
F inla nd 1 R us s ia 193. 9 Ita ly 136. 8 R us s ia 156. 3 G erma ny 9. 7 G ermany -7. 4%
United K ingdom 1 Ita ly 136. 8 G ermany 106. 0 Ma lays ia 78. 5 Aus tralia 4. 9 C anada -10. 6%
Ita ly 1 F inland 51. 3 F inland 51. 3 S witzerla nd 63. 0 S witzerla nd 3. 4 U nited S ta tes -15. 4%
Hong K ong 1 Malays ia 36. 4 Malays ia 36. 4 India 47. 7 United K ingdom -2. 7 F inland NA
S weden 1 Aus tralia 29. 4 India 20. 2 Aus tralia 17. 8 F inla nd -18. 5 India NA
R us s ia 1 India 20. 2 Aus tralia 14. 7 F inla nd 4. 5 India -51. 2 U nited K ingdom NA
Ma lays ia 1 U nited K ingdom 5. 6 U nited K ingdom 5. 6 United K ingdom 0. 0 Ma lays ia -85. 2 Mala ys ia NA
G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%
Figure 24. Comparison by Country

Source. Capital IQ

S ummary by E xc hange
C ompany Name US D Market C ap ($m) Avg US D Market C ap ($m) US D L TM Total R ev ($m) US D L TM Total E B ITDA ($m) E B ITDA %
OT C B B 16 S E HK 40, 705. 3 S E HK 13,568. 4 OM 1,942. 0 Na s daqG S 1, 918. 2 NY S E 68. 2%

Na s daqG S 14 Nas da qG S 22, 230. 0 OM 3,266. 2 S E HK 607. 9 S E HK 897. 1 AS X 42. 8%
K OS E 8 TS E 4, 129. 4 NY S E 1,594. 3 Na s daqG S 508. 5 OM 274. 4 S E HK 40. 6%
T S XV 5 OM 3, 266. 2 Nas da qG S 1,587. 9 CM 236. 1 TS E 187. 1 GTS M 37. 3%
TS E 5 K OS E 1, 799. 1 TSE 825. 9 NY S E 202. 3 NY S E 137. 9 Nas da qG S 30. 7%
Na s daqG M 4 NY S E 1, 594. 3 GTS M 684. 0 RTS 156. 3 K OS E 115. 4 TSE 24. 7%
TS X 3 GTS M 1, 368. 0 OS E 311. 5 OS E 116. 4 GTS M 65. 0 OS E 22. 3%
XT R A 3 XT R A 318. 0 K OS E 224. 9 TS E 112. 9 CM 31. 0 K OS E 18. 2%
OT C P K 3 OS E 311. 5 SWX 205. 8 GTS M 110. 5 OS E 25. 9 OM 14. 1%
S E HK 3 TS X 253. 3 R TS 193. 9 Na s daqG M 97. 3 Na s daqG M 25. 2 CM 13. 1%
AME X 2 Nas da qG M 237. 6 CM 136. 8 K OS E 86. 1 RTS 20. 4 R TS 13. 1%
AS X 2 SWX 205. 8 XT R A 106. 0 K LS E 78. 5 XT R A 9. 7 T S XV 9. 0%
GTS M 2 R TS 193. 9 TSX 84. 4 SWX 63. 0 AME X 6. 0 Nas da qG M 8. 6%
SWX 1 OT C B B 166. 1 Nas da qG M 59. 4 XT R A 57. 1 AS X 4. 9 S WX 5. 4%
HL S E 1 CM 136. 8 HLS E 51. 3 BSE 47. 7 SWX 3. 4 XT R A -7. 4%
CM 1 T S XV 97. 3 AME X 40. 0 TS X 46. 5 AIM -2. 7 A ME X -27. 7%
BS E 1 AME X 79. 9 K LS E 36. 4 AME X 26. 4 TS X -7. 0 TSX -35. 8%
OS E 1 HLS E 51. 3 BS E 20. 2 AS X 8. 9 T S XV -7. 2 OTCB B -48. 2%
NY S E 1 OT C P K 48. 8 T S XV 19. 5 T S XV 8. 6 OT C P K -17. 9 OTCP K NA
AIM 1 K LS E 36. 4 OT C P K 16. 3 HL S E 4. 5 HL S E -18. 5 A IM NA
OM 1 AS X 29. 4 AS X 14. 7 OT C B B 2. 4 BSE -51. 2 BSE NA
RTS 1 BS E 20. 2 OT C B B 10. 4 OT C P K 0. 6 OT C B B -58. 3 HLS E NA
K LS E 1 AIM 5. 6 AIM 5. 6 AIM 0. 0 K LS E -85. 2 K LS E NA
G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%
Figure 25. Comparison by Exchange

Source. Capital IQ
Page 21
Financing - L as t Three Months (US $ m)

F in. Amount (Million) Type of financing
Month C ompany Name C ountry Angel/S eed Debt financ ing S eries A S eries B S eries C S eries D S eries E G rand Total
J an-10 Quantcas t US A 27. 5 27.5
P aymo US A 25. 0 25.0
Yelp US A 25. 0 25.0
Vis ible Technologies US A 22. 0 22.0
G uvera A us tralia 20. 0 20.0
6 W aves C hina 17. 5 17.5
S piceworks US A 16. 0 16.0
S MS G upS hup India 12. 0 12.0
Aggregate K nowledge US A 9. 0 9. 0
F lurry US A 7. 0 7. 0
B uyWithMe US A 5. 5 5. 5
G aikai Netherla nds 5. 0 5. 0
L ivingS oc ial US A 5. 0 5. 0
Apis phere US A 4. 6 4. 6
E yeka F ra nce 4. 3 4. 3
B eezag US A 2. 5 2. 5
J elli US A 2.0 2. 0
S way US A 2. 0 2. 0
OneF orty US A 2. 0 2. 0
B lippy US A 1.6 1. 6
G raphic .ly US A 1. 2 1. 2
XIHA F inla nd 1.0 1. 0
S oc ialG O US A 0.8 0. 8
J oonto US A 0. 6 0. 6
Drimmi R us s ia
J an-10 Total 5.4 40.9 28.3 97.5 22.0 25.0 219.1
F eb-10 Ngmoc o US A 25. 0 25.0

B lue K ai US A 21. 0 21.0
W ebVis ible US A 20. 0 20.0
TidalTV US A 16. 0 16.0
Avvas i C a na da 14. 1 14.1
F lixs ter US A 12. 5 12.5
Yodle US A 10. 0 10.0
B rightR oll US A 10. 0 10.0
Yammer US A 10. 0 10.0
C urrens ee US A 8. 0 8. 0
TuneWiki US A 7. 0 7. 0
Vivox US A 6. 8 6. 8
Moons hoot US A 6. 6 6. 6
F ynanaz US A 6. 5 6. 5
E verys c ape US A 6. 0 6. 0
P urs way Is ra el 6. 0 6. 0
E ffec tive Meas ure A us tralia 4. 0 4. 0
C ognitive Match UK 2. 5 2. 5
Vook US A 2.5 2. 5
S crapblog US A 2. 5 2. 5
S milebox US A 2. 0 2. 0
P ros per.c om US A 2.0 2. 0
K ODA US A 1.5 1. 5
B ackupify US A 0.9 0. 9
R anker US A 0.8 0. 8
Apps F ire F ra nce
F eb-10 Total 5.7 2.0 23.1 59.6 103.8 10.0 204.1
Mar-10 L ivingS oc ial US A 25. 0 25.0

Quora US A 11. 0 11.0
DataXu US A 11. 0 11.0
W ix US A 10. 0 10.0
L uc id Imagination US A 10. 0 10.0
Hunc h US A 10. 0 10.0
NetB as e US A 9. 0 9. 0
P las tic J ungle US A 7. 4 7. 4
TripIt US A 7. 0 7. 0
S eaWell Networks C a na da 6. 8 6. 8
B rightE dge US A 6. 5 6. 5
MetroG ames A rgentina 5. 0 5. 0
P os terous US A 4. 4 4. 4
Made.com UK 3. 8 3. 8
P lacecas t US A 3. 0 3. 0
Trada US A 2. 2 2. 2
S martdate F ra nce 2.2 2. 2
P anvidea US A 2. 0 2. 0
C homp US A 2. 0 2. 0
B it.ly US A 1.5 1. 5
P ayvment US A 1.2 1. 2
C ardagin Networks US A 1. 0 1. 0
S ec ond Porch US A 1. 0 1. 0
J ibe US A 0.9 0. 9
W is tia US A 0.8 0. 8
B urbn US A 0.5 0. 5
Mar-10 Total 5.5 1.5 39.2 79.9 19.0 145.1
G rand Total 16.6 3.5 103.2 167.8 220.3 32.0 25.0 568.3
Figure 26. Financing, Last Three Months

Page 22
C ompany Des c riptions - C urrent Month C apital Market Ac tivity

C ompany HQ Webs ite Des cription
Adenyo C a nada www. adenyo. com O ur s olutions enable our cus tomers to integrate the mobile cha nnel into their marketing a nd advertis ing mix and capitalize on its unique
opportunities . T hrough the integration of leading-edge technologies and s pecialized expertis e, Adenyo enables high-performa nce, interactive
mobile marketing and advertis ing for agencies , media companies , brands and corporate ma rketers and s mall to medium-s iz ed bus ines s es .
Ad S ummos US A www. ads ummos . com Helping online publis hers a nd marketers engage cons umers of interes t acros s the lea ding web des tinations .
Avatar R eality US A www. avatar-reality. com Ava tar R ea lity was founded in December of 2006 by interactive enterta inment vis ionaries Henk R ogers and K az uyuki Has himoto to create a
next-generation virtual world platform dedicated to bringing people together on a mas s ive global s ca le. T heir creation, B lue Mars , offers
revolutionary levels of interactivity, fidelity, a nd s cale. Unlike lega cy 3D virtual worlds , the B lue Mars pla tform s ca les to s upport thous ands of
s imultaneous us ers per region along with s tate of the a rt graphics , ga meplay, a nd s ocia l engagement.
B it.ly US A bit. ly B itly, Inc. operates a s an utility that allows us ers to s horten the length of an uniform res ource loca tor and then track the res ulting us age. It
a llows us ers to s horten, s ha re, and track links . T he company was founded in 2007 and is bas ed in New Y ork, New Y ork.
B rightE dge US A www. brightedge. com B right E dge des igns a nd develops web bas ed s earch engine optimiz ation (S E O ) s olutions . B right E dge is bas ed in F os ter, C alifornia.
B urbn US A www. burbn. com B urbn, Inc. offers internet bas ed s ocia l networking s ervices . T he company was founded in 2009 and is bas ed in the United S tates .
C $ cMoney US A www. cmoney. com C $ cMoney, Inc. is a Hous ton-bas ed company that has developed a new and innovative way to s end money and pay for goods and s ervices
us ing a cell phone and the text mes s aging s ys tem. It can be us ed anywhere tha t cas h, check s or credit cards are accepted. C $ cMoney
protects and reduces ris k of identity theft and credit cards that could be s tolen from a purs e or wallet.
C &C Media J apan www. cc-media. co. jp C & C Media C o. , Ltd. publis hes and operates a n online game portal s ite. It offers online games , as well a s grants licens es for its online game
titles . T he company als o provides net cafe/online ga me publis hing s olutions for Internet cafes , as well a s digital content rela ted s ervices . In
a ddition, it offers titles of domes tic online games . C &C Media C o., Ltd. wa s founded in 2001 and is bas ed in T okyo, J apan.
C ardagin Networks US A www. cardagin. com C arda gin Networks Inc. develops mobile marketing platform for cons umers and retailers . T he company, through its mobile advertis ing
platform, enables s ma ll and local bus ines s es to digitiz e their loyalty programs , dis s eminate targeted advertis ements to exis ting and repeat
cus tomers , monitor cus tomer habits , and collect da ta for bus ines s us es . T he compa ny is bas ed in C harlottes ville, V irginia .
C homp www. compapps . com C homp Inc. promotes and reviews iP hone/iP od T ouch applications . It offers C homp C onnect that lets application developers prompt their
us ers to review their applications . T he company was founded in 2009 and is ba s ed in S an F rancis co, C a lifornia .
DataXu US A www. dataxu. com DataX u, Inc. provides an advertis ement optimization and bidding platform for online dis pla y advertis ers . T he company’s platform engages in
valuing, bid managing, and buying advertis ements on an impres s ion-by-impres s ion bas is acros s the advertis ement exchanges operated by
G oogle, Y ahoo, and others . It als o offers advertis ers with cons umer and bra nd ins ights , including na nos egment reports that identify the key
context, a nd cons umer a nd creative attributes ; performance reporting and a nalys is s ervices ; and real-time bidding s ervices . DataXu, Inc. wa s
founded in 2007 and is bas ed in C a mbridge, Ma s s achus etts with an additional office in New Y ork, New Y ork.
F orms pring.me US A www. forms pring. me F orms pring. me provides an online application that allows us ers to as k ques tions of friends and follow res ults on the Internet.
G yPS ii Netherlands www. gyps ii. com G yP S ii connects people, places , communities , content a nd advertis ing a cros s network s and devices , with patented and patent applied-for
technologies for the trans fer and publis hing of location bas ed informa tion between mobile devices . G yP S ii provides apps and Open AP I
s olutions to a wide range of companies , s uch as S ams ung, LG , R IM, W ind R iver, G a rmin, C hina Unicom, C hina Mobile, C hina T elecom, and
others . G yP S ii apps are ava ilable on Apple’s iP hone, S ymbian, W indows Mobile, R IM B lackberry, Android, J ava, MID/L inux, P a lm webOS ,
a nd acces s ible via mos t well-k nown mobile app s tores .
Hunch US A www. hunch. com Hunch, Inc. operates a decis ion-ma king s ite that cus tomiz es decis ion res ults for the us er. It as ks ques tions and cus tomiz es res ult to make
various decis ions . T he company was incorporated in 2007 and is bas ed in New Y ork, New Y ork.
J ibe US A www. jibe. com J ibe, Inc. develops media delivery technologies that enable content and enterta inment companies to deliver video, audio, and ga me files via
the Internet. J ibe, Inc. was founded in 2000 and is bas ed in T ampa, F lorida .
L ivingS oc ial US A www. livings ocial. com L ivingS ocial offers a collection of us er-review apps acros s the mos t popular s ocial networks (F a cebook, MyS pace, Hi5, B ebo, and O rkut).
T he apps are des igned to let people organize and dis cover their favorite book s , movies , mus ic, res taurants , games , a nd beer.
L ucid Imagination US A www. lucidima gination. com L ucid Imagination, Inc. provides s upport, training, cons ulting, and s oftwa re s olutions . It offers certified dis tributions , s upport s ubs criptions ,
training and certification, and education programs through the Lucid Imagination knowledge portal. T he company als o provides LucidG az e
for S olr, an open s ource vis ual framework for monitoring S olr performance; and Lucid S earch Health C heck, a s et of s ervices that
periodically a s s es s es the us e of Lucene or S olr in a s earch application. It offers its s ervices for the Apache Lucene s earch library and
Apache S olr s earch s erver, which a re us ed in commercial, government, and educational ins titutions . Lucid Ima gination, Inc. was founded in
2007 and is bas ed in S an Mateo, C alifornia.
Made.com UK www. ma de. com Made. com offers des ign items / concepts manufactured directly by furniture makers (from As ia and E urope) without middlema n involvement.
T he s ervice is open to the UK market mainly with s ourcing team in As ia.
Figure 27a. Company Descriptions

Source. Company reports, Capital IQ, Crunchbase
Page 23
C ompany Des c riptions - C urrent Month C apital Market Ac tivity

C ompany HQ Webs ite Des cription
MetroG ames Argentina www. metrogames . com MetroG a mes S . A. develops and offers online games . T he company was founded in 2010 and is bas ed in B uenos Aires , Argentina.
Multicas t Media US A www. multicas tmedia . com Multica s t Media T echnologies , Inc. provides live Internet broadca s ts and on-demand video s olutions . T he compa ny provides online media
s olution for the deployment of linear, live or on demand, and interactive media channels . It adds live s treaming and on-demand video for the
iP hone and iP od T ouch to its hos ted Multicas t Media S uite s olution. T he company’s digital media infras tructure ena bles content producers to
dis tribute and monetiz e content via the Internet. It als o enables online channels to target audiences by offering an integra ted s ys tem for the
management of digital content, program s cheduling, and interactive audio/video broadca s t s ervices . Multicas t Media T echnologies , Inc. wa s
founded in 2000 and is headquartered in Atlanta , G eorgia .
NetB as e US A www. netbas e. com NetB as e’s C ontent Intelligence technology reads every s entence ins ide documents , linguis tically unders tands the content and powers s earch
experiences that deliver highly relevant ans wers and ins ights .
P anvidea US A www. panvidea. com P anvidea is a globa l leader in the prepa ration, proces s ing and dis tribution of profes s ional entertainment and advertis ing content acros s any
digital platform.
P ayvment US A www. payvment. com P ayvment des igns and develops online s hopping cart s olutions . T he company is bas ed in S an F ra ncis co, C alifornia.
P lacecas t US A www. 1020. com 1020, Inc. develops online a dvertis ing s olutions . It develops a nd owns P lacecas t Media, an online advertis ing s olution to ta rget highly s ought-
a fter a udiences us ing location-bas ed information acros s the W eb, mobile, a nd W i-F i. Its platform als o manages a publis her's W eb and
mobile inventory, a s well as s erves targeted ads and mes s ages into outgoing emails . T he company s erves compa nies in marketing,
branding, a dvertis ing, and P R indus tries . 1020, Inc. was founded in 2005 and is bas ed in S an F ra ncis co, C alifornia with an a dditional office in
New Y ork, New Y ork.
P las tic J ungle US A www. plas ticjungle.com P las tic J ungle, Inc. operates a webs ite for s elling, buying, and trading preloaded gift cards . It offers products in va rious categories , s uch as
a rts , crafts , fa brics , auto a nd gas , baby and maternity, beauty, health, s pa, books , C D's , movies , video games , child and toys , clothing,
college dining, dining a nd food, electronics , entertainment, floris ts a nd gifts , handbags , s hoes , acces s ories , home decor and furnis hings ,
home improvement a nd tools , jewelry, office s upplies , pet products , s ports and s porting goods , and travel. T he company was founded in
2006 and is bas ed in Mounta in V iew, C a lifornia.
P os terous US A www. pos terous .com P os terous , Inc. operates a W ebs ite to blog and s ha re photos on the Internet. It als o enables to s hare thoughts , photos , audio, video, and
files with friends and family. P os terous , Inc. was founded in 2008 and is bas ed in S an F rancis co, C alifornia.
P owerR eviews US A www. powerreviews . com P owerR eviews , Inc. provides s olutions for cons umer product reviews for brands and retailers . T he company offers cus tomer reviews
s ervices for retailers to capture, moderate, and dis play cus tomer reviews and recommendations to convert s hoppers , and attract new
s hoppers to the us er’s W ebs ite; and s ocial merchandis ing s olutions for convers ion at various s teps in the s hopper’s res earch proces s . T he
company was founded in 2005 and is bas ed in S a n F rancis co, C alifornia.
Quora US A www. quora. com Q uora is a continua lly improving collection of ques tions and a ns wers created, edited, and organiz ed by everyone who us es it. T he mos t
important thing is to have each ques tion page become the bes t pos s ible res ource for s omeone who wants to know about the ques tion.
R ed 5 S tudios US A www. red5s tudios . com R ed 5 S tudios , Inc. develops multiplayer online games and enterta inment. T he company was founded in 2005 and is headqua rtered in Alis o
V iejo, C alifornia.
S af-T-Net US A www. alertnow. com S af-T -Net develops and mark ets AlertNow, a technology for communicating with large audiences , s uch a s the parents of s chool children.
AlertNow delivers voice, e-mail and emergency S MS mes s ages a t a ra te up to 2. 5 million per hour – quickly keeping parents and s taff
informed on important a nd time-s ens itive informa tion. In addition to delivering routine mes s aging, AlertNow is a critical component to every
cris is pla n, ens uring accurate information is communicated immedia tely in the event of a lockdown, relocation, evacuation or other
emergency s ituation.
S eaWell Networks C a nada www. s eawellnetworks . com S eaW ell Networks Inc. provides technology for the dis tribution and delivery of Internet video. It offers video hos ting a nd dis tribution s olutions
for content delivery networks and other video hos ting companies . T he company is bas ed in Mis s is s auga, C a nada.
S econd Porch US A www. s econdporch. com S econd P orch Inc. operates a s a vaca tion-rental advertis ing s ite in the United S tates . It offers property lis ting, and lis t renting and trading
s ervices , as well as enables vacant home property owners to limit the vis ibility of their lis tings to s ocia l-networking platform, as well a s to
friends on F acebook, which allows us ers to rent and s wa p vaca tion homes and times hares . T he company wa s incorpora ted in 2009 and is
bas ed in P ortland, Oregon.
S ecret B uilders US A www. s ecretbuilders . com S ecretB uilders is a virtual world for children 5 to 14 years old powered by a web 2. 0 community of children, parents , educators , writers ,
a rtis ts and game developers .
S martdate F rance www. s ma rtdate. com S martdate S AS is an online dating pla tform. T he company enables us ers to s earch friends through F acebook and other s ocial networks
connectivity. It offers its s ervices in F rench, E nglis h, G erman, Italian, Dutch, and S panis h langua ges . T he company was incorporated in 2009
a nd is bas ed in P aris , F rance.
TellAP al US A www. tellapa l. com T ell-A-P al, Inc. provides a s ocial advertis ing platform for online marketing s ervices . T he compa ny was founded in 2006 and is bas ed in S an
F rancis co, C alifornia.
Trada US A www. tra da. com T rada has developed a P P C ma rketplace that allows agencies and in-hous e advertis ers to leverage the s kills of hundreds of the bes t P P C
experts in the world, who in turn earn money ris k free by generating low-cos t clicks and convers ions for advertis ers .
The Trade Des k US A thetradedes k. com W ith T he T ra de Des k, all forms of online advertis ing can be purchas ed effectively becaus e of real-time bidding (R T B ). However, to take
a dvanta ge of R T B , companies need real-time optimiz ation and valuation engines (and a whole s tack of other things ). T he T ra de Des k is the
firs t s ophis ticated real-time bidding platform for buyers .
TripIt US A www. tripit. com T ripIt, Inc. provides online travel itinerary organiz ation a nd trip planning s ervices . T he company offers online flights , hotels , rental ca rs , tra ins ,
a nd cruis es information and booking s ervices . T ripIt, Inc. was founded in 2006 and is bas ed in S an F rancis co, C alifornia.
Videoplaza S weden www. videoplaz a. s e V ideoP laza AB develops advertis ing s olutions for publis hers of online video. It offers Monetizer, an AS P ad s erver platform for managing,
dis playing, and tracking a dvertis ing around us er online video content, as well as providing out-of-the-box ad formats for flas h or s ilver light
video player a nd interface for ma naging a dvertis ing campaigns . T he company was founded in 2007 and is bas ed in S tockholm, S weden.
Weedle US A www. weedle. com W eedle Holdings Limited operates a platform tha t enables us ers to create a nd s hare profiles , conta cts , and other connections with friends .
T he company wa s founded in 2008 and is bas ed in Dublin, Ireland.
Wis tia US A www. wis tia. com W is tia, Inc. provides bus ines s video s haring, management, and collaboration tools for s ales , marketing, and training applications . Its
s olutions allow corporations , s mall bus ines s es , media a gencies , and non-profits to s hare video a nd eva luate its effectivenes s . T he company
wa s founded in 2006 and is bas ed in Lexington, Mas s a chus etts .
Wix US A www. wix.com W ix ha s developed a W ebT op publis hing platform; a llowing us ers to crea te any kind of web content (web s ites , widgets , blogs , mys pace
layouts ) a nd publis h that content anywhere they wa nt.
Figure 27b. Company Descriptions
Source. Company reports, Capital IQ, Crunchbase
Page 24
RELEVANT DISCLOSURES APPLICABLE TO: NONE
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the
recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii)
no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or
recommendations expressed in this research report.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
I n f o r ma t i o n a b o u t M a cki e Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y st e m , t h e d i s t r i b u t i o n o f o u r r e s e a r c h t o c l i e n t s a n d t h e p e r ce n t a g e o f r e c o mme n d a t i o n s wh i ch a r e i n
e a c h o f o u r r a t i n g ca t e g o r i e s i s a va i l a b l e o n o u r we b s i t e a t ww w. ma c k i e r e se a r ch . co m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e v e d t o b e r e l i a b l e b u t i t s a c c u r a c y o r c o mp l e t e n e s s i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t d o e s
M a c k i e R e se a r c h C a p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i li t y. M a c ki e R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e c t o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m
t i me t o t i me , h a v e p o si t i o n s i n t h e s e c u r i t i e s me n t i o n e d h e r e i n . C o n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e s se d p e r mi s si o n o f
M a c k i e R e se a r c h C a p i t a l Co r p o r a t i o n . ( U . S. I n st i t u t i o n a l Cl i e n t s — R e se a r ch C a p i t a l U. S . A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f M a c ki e R e s e a r c h C a p i t a l C o r p o r a t i o n )
a c c e p t s r e s p o n si b i l i t y f o r t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e c e i vi n g t h i s r e p o r t s h o u l d e f f e c t t r a n s a ct i o n s
i n s e cu r i t i e s d i s cu s s e d i n t h e r e p o r t t h r o u g h R e se a r c h C a p i t a l U. S . A . I n c. , a Br o ke r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e c u r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-6460
www.mackieresearch.com

Web 2.0 Weekly First Quarter Deal Value Down, Volume Stable: David Shore, CFA, MBA 416.860.6784

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SOFTWARE & SERVICES 30 MARCH 2010

David Shore, CFA, MBA 416.860.6784

First Quarter Deal Value Down, Volume Stable

Financing by Type Financing by Type

449 Mid-Stage (B/C) Mid-Stage (B/C)

The Web 2.0 Universe

C omparable C ompany Analys is > Web 2.0

Figure 1. Web 2.0 Universe Summary

Capital Markets Activity (M&A and Financing)

Financing Activity Last Three Months

150.0 5.6 6.0

Figure 2. Financings, Last Three Months

Financing & M/A Summary - Last Three Months

Red 5 Studios, Inc.

Figure 3. Capital Market Activity, Last Three Months

Capital Market Activity by Sector - Last Three Months

Figure 4. Capital Market Activity, by Sector, Last Three Months

Web 2.0 Financ ing (c umulative)

Figure 5. Financing, Cumulative

Financing/M&A by Country - LTM (#)

Financing/M&A by Country - LTM ($)

Figures 6 & 7. Financing/M&A, by Country (LTM, $, # )

Capital Markets Activity (Price Performance)

Web 2.0 Index Price Performance

Figure 8. Web 2.0 Price Performance

1 Week P rice P erformance

Figure 9. 1-Week Price Performance

Public Company Industry News (Partnerships, Financial Results, New Products)

Figure 10a. Key Developments

Figure 10b. Key Developments

Figure 10c. Key Developments

Market C ap ($US mm)

Figure 11. Market Cap Ranking

Figure 12. TEV/Revenue Ranking

Figures 13 & 14. TEV/Revenue Ranking (Exchange, Country)

3.8 3.6 3.5 2.9 2.9 2.6

0.10.20.20.20.30.30.40.40.4 0.5 0.50.50.50.60.6 0.70.70.80.80.80.90.9 1.0 1.0

Average TEV/LTM Revenue - By Exchange

2.3 2.2 2.0 1.8 1.7

Finland UO MO Media, Inc

Neurotech P harmaceuticals C o., Ltd.

Acceleriz e N ew Media, Inc.

Lingo Media C orporation

F rogs ter Interactive P ic tures AG

South C hines e G amer International

T encent Holdings L td.

2.6 2.3 2.2 1.8

Average TEV/LTM Revenue - By Country

25. 0 21. 9 22. 7

20. 0 16. 6 17. 2

NE O WIZ G ames C orporation

G amania Digital E ntertainment C o. , Ltd.

P NI Digital Media Inc .

G ungH o O nline E ntertainment, Inc .

C hines e G amer International

C hangy ou. c om L imited

Neurotec h P harmac eutic als C o. , L td.

T ree. C om, Inc .

S K C ommunic ations C o. , L td.

S NAP Interac tive, Inc.

K ings oft C orporation L imited

NetDragon WebS oft, Inc.

V alueC lic k , Inc.