Web 2.

0 Weekly
“Apple+Siri=Mobile Search Madness”
May 4, 2010

David Shore, CFA, MBA 416.860.6784

dshore@mackieresearch.com
Damian Wojcichowsky, CFA 416.860.7652

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.
www.mackieresearch.com

Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved www.mackieresearch.com
 Key Developments (past week)
Deals (M&A, Finance) – Apple Delves into Content, DST at It Again

Siri (mobile personal assistant app developer) was acquired by Apple for a rumoured
$225 mm – initiating a flurry of prognosticating over what this means for Apple –
potentially building a mobile search business around its market leading mobile devices?

DST, the Russian diversified Web and telecom concern, acquired instant messaging
company, ICQ, for $187.5 mm.

Tremor Media (online Hollywood media source) raised $40 mm in late-stage financing.

Crowdsourced retail competitor to Groupon, LivingSocial, raised $14 mm – this
following on the heels of Groupon’s $135 mm injection from DST.

Financial Results/Guidance

Open Text Corp. (NasdaqGS:OTEX) reported Q3/F10 revenue of $212.8 mm (vs.
$192.0 mm in Q3/F09) and Adjusted EPS of $0.70 (vs. consensus: $0.74 and Q3/F09 of
$0.59). Management noted its comfort with current Q4/F10 consensus estimates, which
pegs Q4/F10 revenue expectations at $246-$278 mm.

Sohu.com (NasdaqGS:SOHU) reported Q1/F10 revenue of $129.5 mm vs. $115.7 mm
a year ago (+12% Y/Y), with $0.86/share non-GAAP EPS compared with $1.13/share in
the same period last year.
2 www.mackieresearch.com
 Public Company Data

3 www.mackieresearch.com
 Aggregate Public Data

Web 2.0 Public Companies Total Median Max Min

# Companies 99 - - -
Market Cap (US$ mm) 83,388.0 78.4 38,745.0 1.4
Revenue (US$ mm) 22,599.1 60.2 3,057.7 0.0
1 Year revenue growth 4.2% 857.0% -91.4%
EBITDA as % of revenue - 13.4% 67.7% -75.0%
Net cash (US$ mm) 8,523.1 1.8 1,754.4 -732.7
TEV/Revenue - 2.0x 46.4x 0.0x
TEV/EBITDA - 9.0x 49.6x 0.1x
P/E - 17.4x 96.9x 0.0x
Relative to 52 week high -32.7% 1.9% -98.5%

Source: CapitalIQ

4 www.mackieresearch.com
 5
0
5
10
15
20
25
30
Gaming

27
Social Networking

16
Media

10

7
Diversified

6
Marketing

5
Mobile

Source: CapitalIQ
3
Infrastructure

3
SMS/Voice

3
Enterprise

3
Advertising

2
Internet Retail

2
Virtual World
By Sector

2
Dating

2
Music

1
Vertical Communities

1
Collaboration

1
Podcasting

1
Learning

1
Video

1
Search

1
Payment

1
Financial Services
Public Company Distribution

0
5
10
15
20
25
30
35
40
45

United States

Canada

China

South Korea

Japan

Taiwan

Germany

Australia

United Kingdom

Hong Kong

Poland

Russia
By Country

Finland

Sweden

Malaysia

India

Italy

Switzerland

Israel
www.mackieresearch.com
 Valuation Dashboard – 1 Week
Market Cap EV/Revenue

Flat Flat
12% 3%

Rising
24% Falling Rising
46% 51%

Falling
64%

EV/EBITDA P/E

Flat Flat
2% 0%

Falling
41%
Falling Rising
47% 51%
Rising
59%

6 www.mackieresearch.com
 7
Source: CapitalIQ
Multiple (x)

0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x

# companies
3/16/2009
3/23/2009
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
Median EV/Revenue

7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009

Median
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009

Long-term average
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
recovering, but

2/22/2010
below LT Average
Revenue multiples

3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
383738394039403940424344444645444647484949485253545858585963636362636367676767706969647170707471747476787777777979808280

www.mackieresearch.com
 8
Source: CapitalIQ
Multiple (x )

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
3/16/2009
3/23/2009
3/30/2009
4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
Median EV/EBITDA

6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009

Median
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009

Long-term average
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
below LT average

2/15/2010
remain depressed

2/22/2010
EV/EBITDA multiples

3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
20 19 21 22 23 23 22 22 22 24 23 25 23 24 24 26 27 27 26 25 25 26 28 29 28 31 32 33 35 37 37 37 38 37 39 40 37 37 37 41 40 40 40 42 41 42 42 42 43 43 46 48 48 50 50 50 50 49 48 47

www.mackieresearch.com
 9
Source: CapitalIQ
Multiple (x )

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
3/16/2009
3/23/2009
3/30/2009
Median P/E

4/6/2009
4/13/2009
4/20/2009
4/27/2009
5/4/2009
5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009

Median
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009

Long-term average
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
below LT average
P/E multiples also

3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
17 19 19 18 18 19 18 19 18 20 20 19 18 19 19 20 21 22 25 24 24 25 26 27 26 29 30 30 28 32 31 30 34 35 37 37 36 37 37 37 39 36 37 37 38 36 36 35 31 31 31 33 33 34 33 33 34 33 32 34

www.mackieresearch.com
 10
-
5.0
10.0
15.0
20.0
25.0

# Companies 2
Infrastructure

3
SMS/Voice

7
Social Networking

1
Vertical Communities

2
Music

5
Diversified

1
Learning

4
Mobile

6
Marketing

Gaming

21
1
Search

1
Podcasting
EV/Revenue

9
Media

3
Advertising

1
Collaboration

1
Video

2
Internet Retail

3
Enterprise

2
Dating

1
Financial Services

1
Virtual World

-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Average Valuation – By Sector

# Companies
2
Mobile
2

Enterprise
5

Diversified
6

Media
2

Internet Retail

Gaming
14
5

Social Networking
1

Collaboration
EV/EBITDA

Financial Services
3

Marketing
1

Dating
1

Advertising

Vertical
0

Communities
www.mackieresearch.com
 11
0. 0
5. 0
10. 0
15. 0
20. 0
25. 0
30. 0
35. 0
40. 0
45. 0
50. 0
C yberplex Inc .
As k net AG
Ngi G roup Inc.
J umbuck E ntertainment L imited

Source: CapitalIQ
T ree.C om, Inc .
R ealNetwork s Inc .
G ameO n C o L td.
O penwav e S ys tems Inc.
U nis erv e C ommunic ations C orp.
Ac toz S oft C o. , L td.
G igaMedia L td.
G lu Mobile, Inc.
Northgate T ec hnologies L imited
DADA S pA
AO L, Inc.
P oints International L td.
IAC /InterAc tiveC orp.

0.10.10.3 0.40.40.40.4 0.50.50.50.50.6 0.70.70.70.70.80.8

Internet G roup S A
C DC C orp.
T he New Y ork T imes C ompany
U nited O nline, Inc.
T heS treet. com, Inc.
C ornerWorld C orporation
AQ Interac tive, Inc .
O AO R B C Information S y s tems
infoG R O UP , Inc.
EV/Revenue Ranking

H anbitS oft, Inc.

G amania Digital E ntertainment C o. , L td.
Hutchis on T elec ommunications H ong K ong
Y D O nline C orp.
S park Network s , Inc .
NetDragon WebS oft, Inc .
Y nk K orea Inc.
0.80.90.90.91.0 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.5 1.5 1.7 1.7

V alueC lick , Inc .

1.8

S hutterfly, Inc .
UO MO Media, Inc
S core Media Inc .
S NAP Interactiv e, Inc.
XING AG
P NI Digital Media Inc.
V elti P lc
Modern T imes G roup Mtg AB
NeuL ion Incorporated
O riented Media G roup B erhad
S ohu. c om Inc .
Webz en Inc.
G ungH o O nline E ntertainment, Inc.
Myriad G roup AG
O pen T ex t C orp.
2.02.0 2.12.22.2 2.32.32.42.4 2.52.6 2.72.72.7

F rogs ter Interactiv e P ictures AG

is eemedia Inc .
Wiz z ard S oftware C orporation
NE O WIZ G ames C orporation
S K C ommunications C o. , L td.
3.0 3.23.2 3.43.4
4.0

T aleo C orp.
Lingo Media C orporation
revenue multiple at 46.4x
SpectrumDNA has highest

DigitalP os t Interac tive, Inc .

C hangy ou.c om L imited
4.9 5.0 5.1 5.4

K ings oft C orporation L imited

Acc eleriz e New Media, Inc .
WebMediaB rands Inc
5.6 5.7 5.7

Unilava C orporation
6.3

Mix i, Inc .
7.5

G ree, Inc .
F luid Mus ic C anada, Inc .
9.1

H U G HE S T elematic s , Inc.
T rans G aming, Inc .
11.211.5

C hines e G amer International

B eyond C ommerce, Inc .
13.614.3

G eoS entric O yj
15.4

MO K O .mobi L imited
18.2

P aid Inc .
19.2

T encent H oldings L td.

23.3

B right T hings plc

27.8

S pectrumDNA, Inc.
46.4

www.mackieresearch.com
 12
0.0
10.0
20.0
30.0
40.0
50.0
60.0
G ameO n C o L td.

AO L , Inc .

Source: CapitalIQ
Ac toz S oft C o., L td.

1. 9 2.2 2. 4
United O nline, Inc .

T he New Y ork T imes C ompany

H utc his on T elec ommunications H ong K ong H oldings

4.5 5. 3 5.6
L td.
V alueC lic k , Inc.
S ohu.c om Inc.

DADA S pA
Y D O nline C orp.

S park Network s , Inc.

C DC C orp.

5. 9 6. 0 6. 6 6. 8 7.0 7. 2
infoG R O U P , Inc .
7.5
EV/EBITDA Ranking

7.
G amania Digital E ntertainment C o., L td.
9

C hangy ou.c om L imited

8.1 8.

XING AG
1 8.

NetDragon WebS oft, Inc.

1

U nis erve C ommunic ations C orp.

P NI Digital Media Inc.

T ree. C om, Inc.

O pen T ex t C orp.
IAC /InterAc tiveC orp.
8. 9 9. 0 9.1 9. 7 9.8

V elti P lc

G ungH o O nline E ntertainment, Inc .

11.1 12. 0

NE O WIZ G ames C orporation

S c ore Media Inc.

K ings oft C orporation L imited

G ree, Inc.
group at 49.6x

S hutterfly , Inc.
12.6 12.9 12. 9 13.0 13. 7
Myriad Group leads the

H anbitS oft, Inc .

14.5

Y nk K orea Inc .
Modern T imes G roup Mtg AB
15. 9 16.6

O penwave S y s tems Inc .

F rogs ter Interactive P ic tures AG
17. 5 18. 5

Mix i, Inc.
20. 9

C hines e G amer International

25. 2

T aleo C orp.
29.6

T heS treet.c om, Inc .

32. 4

T enc ent H oldings L td.

45.5

My riad G roup AG
49. 6

www.mackieresearch.com
Excluding EV/EBITDA > 100x
 13
0.0
20.0
40.0
60.0
80.0
100.0
120.0

Source: CapitalIQ
J umbuck E ntertainment L imited

4.3
C y berplex Inc .

5.0
G igaMedia L td.

6.4
Y D O nline C orp.

8.2
P/E Ranking

DADA S pA

9.7
U nited O nline, Inc.

AO L , Inc.

C hangy ou.c om L imited

G ameO n C o L td.

V alueC lick , Inc . 10.5 11.2 11.4 11.5

S ohu.c om Inc .
14.2 15. 4

T he New Y ork T imes C ompany

Hutchis on T elec ommunic ations Hong K ong Holdings
L td.
K ings oft C orporation L imited

C DC C orp.
17. 0 17. 7 18.6 18. 7

F rogs ter Interac tive P ic tures AG

V elti P lc
21.3 22.7

G amania Digital E ntertainment C o., L td.

NetDragon WebS oft, Inc .

G ree, Inc .
Actoz Soft has the

24.6 25.3 25. 8

highest P/E at 96.9x

C hines e G amer International

32.5

NE O WIZ G ames C orporation

36. 9

O pen T ex t C orp.
42.4

Mix i, Inc .
55.9

T enc ent H oldings L td.

58.9

G ungH o O nline E ntertainment, Inc .

67.9

H anbitS oft, Inc.

76. 2

S hutterfly, Inc .
86.2

Ac toz S oft C o. , Ltd.

96. 9

www.mackieresearch.com
 14
Source: CapitalIQ
(U S $m)

# companies
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000

5/11/2009
5/18/2009
5/25/2009
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
Total Market Capitalization - $80 BN

12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
95 95 94 95 95 95 95 95 95 95 95 95 95 95 95 95 95 94 95 95 95 95 95 95 95 95 95 96 96 98 98 98 98 98 98 98 98 98 98 98 98 99 99 99 99 99 99 99 99 99 99 99

www.mackieresearch.com
 15
-

# Companies
5,000.0
10,000.0
15,000.0
20,000.0
25,000.0
30,000.0
35,000.0
40,000.0
45,000.0
50,000.0

7
Diversified

Gaming

27
Media

10
Social Networking

16
1
Collaboration

6
Marketing

3
Enterprise

2
Internet Retail

1
Search

5
Mobile

3
Total Market Cap – By Sector

SMS/Voice

1
Financial Services

2
Music

1
Video

2
Dating
2
Virtual World
3

Advertising
over $17 bn in market cap

Vertical Communities
27 Gaming companies totaling

Payment
3

Infrastructure
1

Podcasting
1

Learning
www.mackieresearch.com
 16
0
1,000
2,000
3,000
4,000
5,000
6,000
UOMO Media, Inc
BroadWebAsia Inc.
CornerWorld Corporation
Uniserve Communications Corp.

Source: CapitalIQ
Mobile Data Corp.
Beyond Commerce, Inc.
En2Go International, Inc.
DigitalPost Interactive, Inc.
Bright Things plc
Kent International Holdings Inc.
Worlds.com Inc.
Real Value Estates, Inc.
Oriented Media Group Berhad
Kiwibox.Com, Inc.
SpectrumDNA, Inc.
Lingo Media Corporation
iseemedia Inc.
Sahara Media Holdings, Inc.
SNAP Interactive, Inc.
IAS Energy, Inc.
MOKO.mobi Limited
VOIS, Inc.
Jumbuck Entertainment Limited
Internet Group SA
Northgate Technologies Limited
Wizzard Software Corporation
Accelerize New Media, Inc.
Dolphin Digital Media, Inc.
Ynk Korea Inc.
Asknet AG
NeXplore Corporation
Socialwise, Inc.
Market Cap Ranking

LookSmart, Ltd.
Cyberplex Inc.
Multiplied Media Corporation
TransGaming, Inc.
Unilava Corporation
WebMediaBrands Inc
Glu Mobile, Inc.
GeoSentric Oyj
DigitalTown, Inc.
Gravity Co., Ltd
Frogster Interactive Pictures AG
PNI Digital Media Inc.
Quepasa Corp.
Moggle, Inc
Score Media Inc.
Spark Networks, Inc.
Ngi Group Inc.
NeuLion Incorporated
YD Online Corp.
Points International Ltd.
HanbitSoft, Inc.
DADA SpA
Paid Inc.
Tree.Com, Inc.
Fluid Music Canada, Inc.
AQ Interactive, Inc.
GameOn Co Ltd.
Actoz Soft Co., Ltd.
TheStreet.com, Inc.
Webzen Inc.
GigaMedia Ltd.
The9 Limited
Myriad Group AG
XING AG
Velti Plc
Openwave Systems Inc.
OAO RBC Information Systems
Gamania Digital Entertainment
CDC Corp.
dominates group

NetDragon WebSoft, Inc.

HUGHES Telematics, Inc.
GungHo Online Entertainment,
infoGROUP, Inc.
RealNetworks Inc.
Tencent’s $39 bn market cap

Shutterfly, Inc.
SK Communications Co., Ltd.
United Online, Inc.
NEOWIZ Games Corporation
ValueClick, Inc.
Kingsoft Corporation Limited
Mixi, Inc.
Chinese Gamer International
Taleo Corp.
Hutchison Telecommunications
The New York Times Company
Changyou.com Limited
Perfect World Co., Ltd.
Giant Interactive Group, Inc.
Sohu.com Inc.
AOL, Inc.
Open Text Corp.
Gree, Inc.
IAC/InterActiveCorp.
Shanda Interactive
Modern Times Group Mtg AB
Netease.com Inc.
Tencent Holdings Ltd.
www.mackieresearch.com
 Price Performance – 1 week
• Negative momentum with 62% of
stocks falling or flat over past week Price Momentum
(following on last week’s 61% decliner
figure).

Rising
28%
Falling
62%

Flat
10%

17 www.mackieresearch.com
 Average Price Performance – 1 Week, By Sector

30.0%
25.0% Infrastructure shows
biggest gains
20.0% 17.0%
14.0% 13.7%
15.0% 12.4%
9.7%
10.0% 6.3%
3.9%
5.0%
0.0%
-5.0% -1.8% -2.6% -2.8% -2.9%
-4.1% -4.3% -4.7%
-5.7% -6.0% -6.5% -6.5%
-10.0% -7.7%
-10.9%
-15.0% -12.9%-13.2%
-20.0%
Internet Retail
Infrastructure

Virtual World

Networking

Collaboration
Financial

Payment
Communities

Advertising

Learning
Music
Search

Marketing

Dating

Diversified

Gaming

Mobile

Podcasting

Enterprise
Services
SMS/Voice

Media
Video

Social
Vertical

# companies

Source: CapitalIQ

18 www.mackieresearch.com
 19
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
BWBA
IASC.A
TSXV:USS
VOIS
AOL

Source: CapitalIQ
UOMO
OPWV
DPDM
GLUU
TSXV:LM
OTEX
NXPC
FRG
TSX:CX
GRVY
MYRN
UNLA
XTRA:A5A
NYT
TSE:3632
CHIN.A
WSE:IGR
NTES
CM:DA
AIM:BGT
KIWB
TSX:PTS
SCLW
SOHU
WZE
TREE
A052790
MKB
SFLY
UNTD
DB:M0C
3765
CYOU
590057
A052770
TSXV:TNG
ACLZ
NCTY
TLEO
GA
TSCM
PWRD
Price Performance – 1 Week

IACI
A023770
GIGM
ASX:JMB
TSX:FMN
O1BC
HUTC
777
2121
RNWK
A047080
KNTH
IUSA
MTG B
RVLU
SHHD
ETGI
CWRL
DGTW
GEO1V
TSXV:PN
700
DGLP
IEE
3888
3812
6180
KOSE:A069080
SNDA
VEL
GTSM:3083
PAYD
RBCI
LOV
STVI
VCLK
A095660
SPXA
TSXV:MMC
OMEDIA
2497
TSX:SCR
TSX:NLN
BYOC
A066270
WEBM
SEHK:215
3838
QPSA
WDDD
LOOK
MBYL
www.mackieresearch.com
 20
0%
20%
40%
60%
80%
100%
120%
140%

0%
500%
1000%
1500%
2000%
2500%
3000%
OAO RBC Beyond
Information Commerce, Inc.
Systems

Quepasa Corp. LookSmart, Ltd.

Source: CapitalIQ
SNAP DigitalTown, Inc.
Interactive, Inc.

SK
AQ Interactive, Communications
Inc. Co., Ltd.

SK
Communications Quepasa Corp.
Co., Ltd.

6 Month
1 Month

Uniserve
Communications Glu Mobile, Inc.
Corp.

Oriented Media AQ Interactive,

Group Berhad Inc.

Ngi Group Inc. IAS Energy, Inc.

Velti Plc GeoSentric Oyj

Points Kiwibox.Com,
International Ltd. Inc.
Price Performance (Top 10)

0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
4000%
4500%
5000%
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
4000%

OAO RBC OAO RBC

Information Information
Systems Systems

Beyond
Quepasa Corp. Commerce,
Inc.

TransGaming, Unilava
Inc. Corporation

AQ Interactive, IAS Energy,

Inc. Inc.

Fluid Music Ngi Group

Canada, Inc. Inc.
1 Year
3 Month

DigitalPost AQ
Interactive,
Interactive, Inc.
Inc.

Quepasa
VOIS, Inc.
Corp.

Uniserve SNAP
Communications Interactive,
Corp. Inc.

LookSmart,
Velti Plc
Ltd.

Tencent Shutterfly,
Holdings Ltd. Inc.
www.mackieresearch.com
 21
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%

-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Northgate Lingo Media
Technologies Corporation
Limited

Lingo Media

Source: CapitalIQ
Glu Mobile, Inc.
Corporation

NeXplore Dolphin Digital

Corporation Media, Inc.

Openwave
DADA SpA Systems Inc.

Wizzard UOMO Media,

Software Inc
Corporation
1 Week

6 Month
Cyberplex Inc. AOL, Inc.

CornerWorld
VOIS, Inc.
Corporation

En2Go Uniserve
International, Communications
Inc. Corp.

UOMO Media,
IAS Energy, Inc.
Inc

BroadWebAsia BroadWebAsia
Inc. Inc.
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Price Performance (Bottom 10)

-120.0%
-100.0%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%

Mobile Data DADA SpA

Corp.

Lingo Media
SpectrumDNA,
Corporation
Inc.

Wizzard Oriented Media

Software Group Berhad
Corporation

Cyberplex Inc.
Cyberplex Inc.

CornerWorld iseemedia Inc.

Corporation
1 Year
1 Month

En2Go UOMO Media,

International, Inc
Inc.

UOMO Media, Mobile Data

Inc Corp.

Sahara Media BroadWebAsia

Holdings, Inc. Inc.

Beyond En2Go
Commerce, International,
Inc. Inc.

BroadWebAsia CornerWorld
Inc. Corporation
www.mackieresearch.com
 Capital Market Activity (Financing, M&A)

22 www.mackieresearch.com
 23
(US$m)

0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Oct-04
Dec-04
Feb-05
Apr-05
Jun-05
Aug-05
Oct-05
Dec-05
Feb-06
Apr-06
Jun-06
Aug-06
Financing Momentum

Oct-06
Dec-06

Total (LTM)
Feb-07
Apr-07
Jun-07
Aug-07
Oct-07
Dec-07
Feb-08
Apr-08
Jun-08
Aug-08

Average Size (LTM)

Oct-08
Dec-08
Feb-09
Apr-09
Jun-09
transactions
by large DST

Aug-09
Sharp rise driven

Oct-09
Dec-09
Feb-10
Apr-10
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0

(US$m)
www.mackieresearch.com
 Financing Activity – Current Month
Month C om pany Nam e C ountr y S e ctor Ange l/S e e d De bt financ ing PIPE S e rie s A S e r ie s B S e r ie s C S e rie s D Gr and T otal
Apr -10 Digital S k y T e c hnologie s R us s ia Divers if ied 300.0 300.0
Gr oupon US A S ocial Commerce 135.0 135.0
T r e m or Me dia US A V ideo 40.0 40. 0
V idyo US A V ideo 25.0 25. 0
L e ndingC lub US A Fina ncial S erv ices 24.5 24. 5
Mok aFive US A Enterpris e 21.0 21. 0
Diape r s .com US A Internet R etail 20.0 20. 0
Black Ar row US A A dv ertis ing 20.0 20. 0
Xobni US A S ocial Netw orks 16.2 16. 2
Zong US A Mobile Payment 15.0 15. 0
Box.ne t US A Colla bora tion 15.0 15. 0
Pr os pe r .c om US A Fina ncial S erv ices 14.6 14. 6
L ivingS oc ial US A S ocial Netw orks 14.0 14. 0
Kne w ton US A Online Lea rning 12.5 12. 5
Br ightc ove US A V ideo 12.0 12. 0
Edge C as t C DN US A Media 10.0 10. 0
T ynt Canada Inf ras tructure 8.0 8.0
PubMatic US A A dv ertis ing 7.5 7.5
Ove r tone US A A naly tic s 7.0 7.0
Mojiva US A Mobile A d 7.0 7.0
S e arc handis e C om m e r ce US A A dv ertis ing 7.0 7.0
Ope nS k y US A S ocial Commerce 6.0 6.0
S titc he r US A Media 6.0 6.0
C r am s te r US A V ertica l Communities 6.0 6.0
quirk y US A S ocial Netw orks 6.0 6.0
58.com China Cla s s if ied 5.8 5.8
Ne tw ork e d Ins ights US A A naly tic s 5.0 5.0
T um blr US A S ocial Netw orks 5.0 5.0
T e llApar t US A A naly tic s 4.8 4.8
Wildfir e US A A dv ertis ing 4.0 4.0
Daily Gr om m e t US A S ocial Commerce 3.4 3.4
gdgt US A V ertica l Communities 3.2 3.2
T w e e tPhoto US A Micromedia 2.6 2.6
As s is tly US A Enterpris e 2.2 2.2
T he Wrap.c om US A Media 2.0 2.0
Wibiya Is rael B log 2.0 2.0
Acade m ia.e du US A S ocial Netw orks 1.6 1.6
S pr e dfas t US A A naly tic s 1.6 1.6
Klout US A A naly tic s 1.5 1.5
Fr e s hPlane t US A G aming 1.5 1.5
DIYS EO US A S ea rc h 1.0 1.0
Ne arV e r s e US A Location-ba s ed S NS 1.0 1.0
Zoom S afe r US A Mobile 1.0 1.0
Kontage nt US A A naly tic s 1.0 1.0
As s ur e d L abor US A S ocial Netw orks 1.0 1.0
C ur re ns e e US A Fina ncial S erv ices 0.8 0.8
MyL ik e s US A A dv ertis ing 0.6 0.6
Plyce Fra nce Location-ba s ed S NS 0.4 0.4
Apr -10 T otal 5.0 20.0 300.0 47.2 56.8 312.7 66.6 808.2

24 www.mackieresearch.com
 Financing Activity – Current Month, By Sector
# Deals $ Raised

Travel
Location-based 2% Diversified
SNS 18%
Music 3% Search
2% 2%
Micromedia
DiversifiedMobile Mobile
Blog 2%
Mobile AdClassified
2% 5% Collaboration 13%
2% 2% 3%
2%
Gaming
Infrastructure
6%
2%
Vertical
Communities Social Commerce
6% 5%
Crowdsourced
Online Learning Content
2% 2% Collaboration
Mobile Payment Media 12%
2% 6%
Internet Retail
2%

Analytics
Video
10%
8%

Enterprise
3%
Social Networks
Widget
2% 10%
Financial Services Other
Advertising 5%
57%
8%

25 www.mackieresearch.com
 Financing Activity – Last Three Months

900.0 18.0
16.8
$508M ex-DST, averaging
800.0
$9.6M per deal 16.0

700.0 14.0
12.5 12.5

600.0 12.0
10.5
500.0 9.1 10.0
(US$m)

(US$m)
8.9
8.2
400.0 8.0
6.4
5.8
300.0 5.5 5.5 5.4 6.0
4.6

200.0 4.0

100.0 2.0

0.0 0.0
Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10

*May-09 includes $200m FB investment

Dec-09 includes $180m Zynga investment
Total Average
Apr-10 includes $300m DST investment

26 www.mackieresearch.com
 27
(US$m)

0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0

# companies
1
Diversified

8
Mobile

9
Gaming

Video

12
2
Collaboration

7
Media
Crowdsourced

5
Content
Social

4
Commerce
Advertising

17
Social

13
Networks

8
Search
Financial

8
Services

3
Internet Retail

8
Analytics

3
Mobile Ad

2
Widget
Mobile

2
Payment

2
Enterprise

3
Music
Vertical

7
Communities
2 Online
Learning
Location-
4

based SNS
3

Virtual World
2

Microblog
Advertising has most
deals in last 3 months

Infrastructure
3

Travel
1

SMS/Voice
2

Blog
1

Classified
Online
1

Calendar
1

Micromedia
Capital Market Activity Ranking – By Sector, Last Three Months

Online Dating
1

Aggregation
www.mackieresearch.com
 Financing by Type (LTM)
# Deals $ Raised

Financing by T ype -L T M Financing by T ype - L T M

(# deals ) S eries C (amount rais ed)
17.3% S eries E
S eries D
4.7%
14. 8%

A ngel/S eed
S eries D 5. 4%
5. 6%
Debt f inancing
1.3%
S eries E
1. 0%

PIPE
9. 7%
S eries B
26. 5%

A ngel/S eed S eries C

19. 8% 30. 9%

S eries A
12. 1%

Debt financing
S eries A PIPE 2.8%
25. 4% 1. 5%
S eries B
21. 1%

28 www.mackieresearch.com
 Financing by Geography (LTM)
# Deals $ Raised

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

UK
7.4% China Russia
3.9% 3.6%

Canada
3.9%
Israel
Luxembourg 3.2%
23.8%

Canada
China 2.1%
3.0%

UK ROW
2.8% 2.8%

Israel
2.4%
USA
80.3%
ROW
7.5%

USA
53.4%

29 www.mackieresearch.com
 Financing, By Type
# Deals $ Raised

Financing by Type Financing by Type

(Number of Deals) (Amount raised)

120 1,000.0

900.0 880.0

100 98
95
6 800.0 161.0
9 87
704.3
7 700.0 679.6
78
80
3 618.1
94.2
70 587.9
40 600.0 227.3
7 Late Stage (D/E) 57.0 Late Stage (D/E)
42

(US$m)
Mid-Stage (B/C) 183.9 488.2 Mid-Stage (B/C)
39
(#)

60 500.0
36 Early Stage (Angel/A) 450.4 Early Stage (Angel/A)
548.8 66.6
Total Total
76.5
400.0
43 401.0
3 342.2
42 2 38 268.8
40 301.3 407.6
35
3 33 32 300.0 19.0
3 30 301.1
29 28 18 2 2 24 230.8
27 -
2 2 13 24 24 24
205.0
201.2 207.4 210.1 219.5 219.1
202.1 369.5
23 2 52 193.7 184.6 313.4
15 12 17 1 12 200.0 10.3 179.9 47.0 10.0 166.6
4 44 20 2 191.1 161.0 31.0 32.0 52.5
18 3 9 41 48.2 27.0 19.8 133.1
20 13 2 39 12.0 -
20 2 9 111.7
15 99.8
13 14 10 74.6 208.2 123.8 111.5 125.8 163.4 118.4
9 21 23 22 100.0 100.0 110.0 184.5 82.6 121.2
170.2
17 18 18 19
16 15 80.2 133.1 123.3
12 13 91.2
7 7 7 8 8 74.4 79.2 76.6 60.5
6 45.6 47.7 54.6 39.0 17.5 54.3 55.5 46.3 48.2 52.2
28.8
- -
Jan-09

Feb-09

Mar-09

Q1/09

May-09

Jun-09

Q2/09

Jul-09

Q3/09

Oct-09

Nov-09

Dec-09

Q4/09

Jan-10

Feb-10

Mar-10

Q1/10
Sep-09

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

Apr-10
Apr-09

Aug-09

Apr-10

30 www.mackieresearch.com
 Top 10 Deals (2010 YTD)
Financings Acquisitions

350.0 250

225.0
300.0
300.0

200
187.5
250.0

160.0
200.0
150 142.0

150.0 135.0
100.0
100
100.0
80.0

50.0 44.0 40.0 50.0

27.5 25.0 25.0 25.0 24.5 50
36.5 33.0
0.0 25.0
0.0
Technologies

LendingClub
Yelp
Quantcast
LivingSocial
Groupon

Tremor Media

Vidyo

Ngmoco

Paymo
Digital Sky

0
Siri ICQ Turbine Jigsaw Ankeena Mochi Aardvark StudioNow Saf-T-Net LabPixies
Networks Media

DST involved in 2 largest

financing deals YTD and 2nd
largest acquisition

31 www.mackieresearch.com
 Upcoming Events/Earnings
Company Date Time Quarter Conf Call Details
Glu Mobile, Inc. (NasdaqGM:GLUU) 4-May-10 1:30 PM (PST) Q1/10 877-311-0653, #70056318
TheStreet.com, Inc. (NasdaqGM:TSCM) 5-May-10 4:30 PM (EST) Q1/10 866-770-7129, p/w 13839355
LookSmart, Ltd. (NasdaqGM:LOOK) 5-May-10 5:00 PM (EST) Q1/10 1-877-407-4018
United Online, Inc. (NasdaqGS:UNTD) 5-May-10 2:30 PM (PST) Q1/10 888-510-1783, #3384050
RealNetw orks Inc. (NasdaqGS:RNWK) 6-May-10 5:00 PM (EST) Q1/10 800-857-5305
CDC Corp. (NasdaqGS:CHIN.A) 11-May-10 9:00 AM (EST) Q1/10 888-603-6873, #68538655

Source: CapitalIQ

32 www.mackieresearch.com
 Public Company Listing
T rading C urre nt US $ Mark e t
C om pany Nam e T ic k e r Exchange C urr e ncy HQ Price C ap (m m ) Em ploye e s
A ccelerize New M edia, Inc. A CLZ OTCB B USD United States 1 16.4 10
A cto z So ft Co ., Ltd. A 052790 KOSE KRW So uth Ko rea 13,800 108.8 NA
A OL, Inc. A OL NYSE USD United States 22 2,325.5 6,700
A Q Interactive, Inc. 3838 TSE JP Y Japan 172,400 99.1 NA
A sknet A G XTRA :A 5A XTRA EUR Germany 4 23.8 NA
B eyo nd Co mmerce, Inc. B YOC OTCB B USD United States 0 4.8 NA
B right Things plc A IM :B GT A IM GB P United Kingdo m 0 6.1 9
B ro adWebA sia Inc. B WB A OTCP K USD United States 0 1.7 46
CDC Co rp. CHIN.A NasdaqGS USD Ho ng Ko ng 3 278.2 NA
Changyo u.co m Limited CYOU NasdaqGS USD China 33 1,678.5 1,308
Chinese Gamer Internatio nal GTSM :3083 GTSM TWD Taiwan 385 1,037.8 NA
Co rnerWo rld Co rpo ratio n CWRL OTCB B USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CA D Canada 1 37.2 NA
DA DA SpA CM :DA CM EUR Italy 4 87.8 NA
DigitalP o st Interactive, Inc. DGLP OTCB B USD United States 0 5.2 NA
DigitalTo wn, Inc. DGTW OTCB B USD United States 2 48.0 3
Do lphin Digital M edia, Inc. DP DM OTCB B USD United States 0 17.6 NA
En2Go Internatio nal, Inc. ETGI OTCB B USD United States 0 4.8 NA
Fluid M usic Canada, Inc. TSX:FM N TSX CA D United States 2 99.1 NA
Fro gster Interactive P ictures A G FRG XTRA EUR Germany 18 60.8 NA
Gamania Digital Entertainment Co ., Ltd. 6180 GTSM TWD Taiwan 52 251.5 NA
GameOn Co Ltd. 3812 TSE JP Y Japan 98,600 100.8 NA
Geo Sentric Oyj GEO1V HLSE EUR Finland 0 47.3 NA
Giant Interactive Gro up, Inc. GA NYSE USD China 8 1,737.4 NA
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 3 162.5 751
Glu M o bile, Inc. GLUU NasdaqGM USD United States 1 44.0 479
Gravity Co ., Ltd GRVY NasdaqGM USD So uth Ko rea 2 55.6 469
Gree, Inc. TSE:3632 TSE JP Y Japan 5,210 2,492.0 NA
GungHo Online Entertainment, Inc. 3765 OSE JP Y Japan 282,300 342.6 NA
HanbitSo ft, Inc. A 047080 KOSE KRW So uth Ko rea 4,230 82.9 NA
HUGHES Telematics, Inc. HUTC OTCB B USD United States 3 295.3 276
Hutchiso n Teleco mmunicatio ns Ho ng Ko ng
SEHK:21
Ho ldings
5 Ltd. SEHK HKD Ho ng Ko ng 2 1,066.7 NA
IA C/InterA ctiveCo rp. IA CI NasdaqGS USD United States 23 2,534.1 3,200
IA S Energy, Inc. IA SC.A OTCP K USD Canada 0 9.2 NA
info GROUP , Inc. IUSA NasdaqGS USD United States 8 465.0 3,146
Internet Gro up SA WSE:IGR WSE P LN P o land 1 12.3 NA
33 www.mackieresearch.com
 Public Company Listing cont.
T rading C urre nt US $ Mark e t
C om pany Nam e T ick e r Exchange C urre ncy HQ Price C ap (m m ) Em ploye e s
iseemedia Inc. IEE TSXV CA D Canada 0.12 8.3 79
Jumbuck Entertainment Limited A SX:JM B A SX A UD A ustralia 0.25 11.1 NA
Kent Internatio nal Ho ldings Inc. KNTH OTCP K USD United States 1.80 6.4 NA
Kingso ft Co rpo ratio n Limited 3888 SEHK HKD China 6.26 878.1 NA
Kiwibo x.Co m, Inc. KIWB OTCB B USD United States 0.01 6.9 NA
Lingo M edia Co rpo ratio n TSXV:LM TSXV CA D Canada 0.59 7.3 65
Lo o kSmart, Ltd. LOOK NasdaqGM USD United States 1.59 27.3 NA
M ixi, Inc. 2121 TSE JP Y Japan 601,000.00 982.6 NA
M o bile Data Co rp. M B YL OTCB B USD United States 0.11 2.6 2,936
M o dern Times Gro up M tg A B M TG B OM SEK Sweden 450.10 4,073.0 2
M o ggle, Inc DB :M 0C DB EUR United States 1.14 70.2 NA
M OKO.mo bi Limited M KB A SX A UD A ustralia 0.09 9.9 NA
M ultiplied M edia Co rpo ratio n TSXV:M M C TSXV CA D Canada 0.18 40.5 405
M yriad Gro up A G M YRN SWX CHF Switzerland 3.70 165.3 NA
NEOWIZ Games Co rpo ratio n A 095660 KOSE KRW So uth Ko rea 40,150.00 757.3 2,901
NetDrago n WebSo ft, Inc. 777 SEHK HKD China 4.19 285.3 NA
Netease.co m Inc. NTES NasdaqGS USD China 34.40 4,455.5 224
NeuLio n Inco rpo rated TSX:NLN TSX CA D Canada 0.68 78.4 NA
NeXplo re Co rpo ratio n NXP C OTCP K USD United States 0.44 24.5 NA
Ngi Gro up Inc. 2497 TSE JP Y Japan 57,800.00 75.7 160
No rthgate Techno lo gies Limited 590057 B SE INR India 17.95 14.1 2,523
OA O RB C Info rmatio n Systems RB CI M ICEX RUB Russia 46.08 212.3 3,411
Open Text Co rp. OTEX NasdaqGS USD Canada 41.81 2,374.0 590
Openwave Systems Inc. OP WV NasdaqGS USD United States 2.31 193.5 NA
Oriented M edia Gro up B erhad OM EDIA KLSE M YR M alaysia 0.17 6.9 20
P aid Inc. P A YD OTCB B USD United States 0.34 91.4 NA
P erfect Wo rld Co ., Ltd. P WRD NasdaqGS USD China 34.07 1,697.6 NA
P NI Digital M edia Inc. TSXV:P N TSXV CA D Canada 1.80 60.9 91
P o ints Internatio nal Ltd. TSX:P TS TSX CA D Canada 0.56 82.8 71
Quepasa Co rp. QP SA OTCB B USD United States 5.39 69.9 NA
Real Value Estates, Inc. RVLU OTCB B USD Israel 1.03 6.6 1,754
RealNetwo rks Inc. RNWK NasdaqGS USD United States 4.41 596.0 NA
Sahara M edia Ho ldings, Inc. SHHD OTCB B USD United States 0.25 8.4 220
Sco re M edia Inc. TSX:SCR TSX CA D Canada 0.88 70.6 NA
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 45.25 3,043.3 519
Shutterfly, Inc. SFLY NasdaqGS USD United States 23.42 627.6 NA
34 www.mackieresearch.com
 Public Company Listing cont.
T rading C urre nt US $ Mark e t
C om pany Nam e T ick e r Exchange C urre nc y HQ Pric e C ap (m m ) Em ploye e s
SK Co mmunicatio ns Co ., Ltd. A 066270 KOSE KRW So uth Ko rea 18,550.00 695.1 15
SNA P Interactive, Inc. STVI OTCB B USD United States 0.26 8.6 NA
So cialwise, Inc. SCLW OTCB B USD United States 0.56 27.2 3,997
So hu.co m Inc. SOHU NasdaqGS USD China 48.49 1,831.3 155
Spark Netwo rks, Inc. LOV A M EX USD United States 3.55 73.1 NA
SpectrumDNA , Inc. SP XA OTCB B USD United States 0.10 6.9 916
Taleo Co rp. TLEO NasdaqGM USD United States 26.48 1,050.1 7,515
Tencent Ho ldings Ltd. 700 SEHK HKD China 164.40 38,745.0 7,665
The New Yo rk Times Co mpany NYT NYSE USD United States 10.17 1,480.2 NA
The9 Limited NCTY NasdaqGS USD China 6.42 163.8 274
TheStreet.co m, Inc. TSCM NasdaqGM USD United States 3.80 119.9 28
TransGaming, Inc. TSXV:TNG TSXV CA D Canada 0.72 40.6 700
Tree.Co m, Inc. TREE NasdaqGM USD United States 8.63 95.0 39
Unilava Co rpo ratio n UNLA OTCB B USD United States 0.42 42.0 NA
Uniserve Co mmunicatio ns Co rp. TSXV:USS TSXV CA D Canada 0.11 2.6 1,699
United Online, Inc. UNTD NasdaqGS USD United States 8.11 702.0 NA
UOM O M edia, Inc UOM O OTCB B USD Canada 0.02 1.4 1,086
ValueClick, Inc. VCLK NasdaqGS USD United States 10.51 854.7 450
Velti P lc VEL A IM GB P United Kingdo m 3.38 193.2 2
VOIS, Inc. VOIS OTCB B USD United States 0.01 10.0 83
WebM ediaB rands Inc WEB M NasdaqGS USD United States 1.16 43.5 NA
Webzen Inc. KOSE:A 069080 KOSE KRW So uth Ko rea 12,150.00 128.8 80
Wizzard So ftware Co rpo ratio n WZE A M EX USD United States 0.24 15.6 NA
Wo rlds.co m Inc. WDDD OTCB B USD United States 0.12 6.4 NA
XING A G O1B C XTRA EUR Germany 26.90 182.9 NA
YD Online Co rp. A 052770 KOSE KRW So uth Ko rea 6,110.00 82.0 NA
Ynk Ko rea Inc. A 023770 KOSE KRW So uth Ko rea 3,120.00 22.3 -

35 www.mackieresearch.com
 Disclaimer
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
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