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Web 2.

0 Weekly
“World Cup of Financings as ROW Participates”
June 29, 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) – Worldwide Financings – World Cup Related?
 Alloy, a provider of news and commentary concerning New Media, was acquired by
ZelnickMedia for $127 mm.
 Facebook’s implied valuation rose to $24 bn as Elevation Partners purchased 5 mm
shares of the company for $120 mm in the secondary market.
 Danish Skype competitor, Vopium, received $16.5 mm in financing from Indian
financier, Raghuvinder Kataria.
 Social networking software developer based in France, Pearltrees, raised $1.6 mm.
 PapayaMobile, mobile application software company based in China, raised $4 mm.
 Two Israeli mobile developers received funding this week, including Perfecto Mobile ($4
mm) and Snaptu ($6 mm).
Financial Results/Guidance/Partnerships/Product
 Multiplied Media (TSXV:MMC) announced the availability of local weather functionality
for the iPhone version of its Poynt local search mobile application.

2 www.mackieresearch.com
Public Company Data

3 www.mackieresearch.com
Aggregate Public Data

Web 2.0 Public Companies Total Median Max Min


# Companies 101 - - -
Market Cap (US$ mm) 76,167.1 73.3 30,613.7 1.2
Revenue (US$ mm) 23,488.2 56.7 3,057.7 0.0
1 Year revenue growth 5.7% 8961.6% -100.0%
EBITDA as % of revenue - 13.3% 63.1% -99.5%
Net cash (US$ mm) 9,046.6 2.3 1,836.0 -670.8
TEV/Revenue - 1.9x 47.4x 0.0x
TEV/EBITDA - 8.8x 49.3x 0.5x
P/E - 16.8x 94.5x 0.0x
Relative to 52 week high -40.9% -1.6% -95.6%

Source: CapitalIQ

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

28
Social Networking

16
Media

10

8
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

Hong Kong

Germany

Poland

Australia

United Kingdom
By Country

Italy

Finland

Sweden

India

Russia

Malaysia

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

Flat
7% Flat
2%

Rising
25% Rising
23%
Falling
75%
Falling
68%

EV/EBITDA P/E

Flat Flat
4% 0%
Rising
28% Rising
32%

Falling
68%
Falling
68%
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
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
Median EV/Revenue

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

Median
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010

Long-term average
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
average

3/29/2010
4/5/2010
well below LT

4/12/2010
4/19/2010
down slightly, still
Revenue multiples

4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
383839393940394042424445464646464749515151535456616161616366666666666670717073747069727272747476807880808181808282858384

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

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
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
Median EV/EBITDA

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

Median
11/16/2009
11/23/2009
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

Long-term average
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
EV/EBITDA multiples down,
depressed below LT average

5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
20 20 22 22 23 23 22 22 24 24 23 23 24 24 26 26 26 26 25 25 26 28 30 30 34 33 36 36 38 38 39 40 39 41 41 39 39 39 43 43 41 42 43 43 42 43 43 45 46 45 50 50 50 53 52 52 51 51 49 51

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

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
35. 0x
5/11/2009
5/18/2009
5/25/2009
Median P/E

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

Median
11/16/2009
11/23/2009
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

Long-term average
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
and below LT average

4/19/2010
P/E multiples also down

4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
19 18 19 18 19 19 19 19 20 20 19 18 19 19 20 20 21 25 24 25 25 27 28 27 30 31 32 32 32 33 33 35 37 39 39 39 40 39 40 41 42 40 40 40 38 37 38 34 33 32 35 35 35 35 35 35 35 34 34 34

www.mackieresearch.com
10
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0

# Companies 1
Virtual World
36.3

2
Infrastructure

13.4

7
Diversified

9.9

1
Learning

8.4

8
Social Networking

5.3

2
Music

4.7

1
Vertical Communities

4.3

1
Search

4.2
Gaming

21
3.7

4
Mobile
3.5

3
SMS/Voice
3.3

6
Marketing
3.2
Average EV/Revenue – by Sector

1
Podcasting
2.8

3
Advertising
2.7

1
Collaboration
2.5

Media
2.3

Internet Retail
2.0

Video
1.9

Enterprise
1.8

Dating
1.4

Financial Services
0.4

www.mackieresearch.com
Average EV/EBITDA – by Sector

60.0

49.3
50.0
45.4

40.0

30.0

20.0 18.2
15.6
11.7 11.7 11.7 11.0
9.7 9.3 8.9
10.0

Diversified

Advertising
Financial Services

Internet Retail
Search

Enterprise

Mobile

Gaming

Social Networking

Media

Collaboration
# Companies 1 1 2 2 14 2 5 6 1 6 1

11 www.mackieresearch.com
Average P/E – by Sector

100.0
93.0

90.0

80.0

70.0

60.0 56.3

50.0

39.1
40.0
34.9

29.0
30.0
25.5

20.0
15.0
13.6 13.2

10.0

-
Internet Retail Enterprise Collaboration Diversified Marketing Social Advertising Media Gaming
Networking

2 3 1 8 6 16 3 10 28
# Companies

12 www.mackieresearch.com
13
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
NeXplore C orporation

47

Source: CapitalIQ
36
Worlds .com Inc.

33
S oc ialG O P L C

26
S pectrumDNA, Inc.

16
T encent H oldings Ltd.

13
P aid Inc.
G eoS entric O yj
B ey ond C ommerce, Inc .

11 11 11
G ree, Inc.

10
MO K O .mobi Limited

9
C hines e G amer International

8
Lingo Media C orporation
F luid Mus ic C anada, Inc .
DigitalP os t Interactive, Inc .

7 7 7
Dena C o. Ltd.
T rans G aming, Inc .

7 6
Ac celeriz e New Media, Inc.

5
HU G H E S T elematics , Inc .
WebMediaB rands Inc
S K C ommunications C o. , L td.
C hangy ou.c om Limited

4 4 4 4
T aleo C orp.
Mix i, Inc.

4 3
F rogs ter Interactiv e P ic tures AG
K ings oft C orporation L imited
Wiz z ard S oftware C orporation

3 3 3
is eemedia Inc.
O pen T ex t C orp.
EV/Revenue Ranking

NE O WIZ G ames C orporation


eP ro Ltd.
Modern T imes G roup Mtg AB
XING AG
G ungH o O nline E ntertainment, Inc .
S hutterfly, Inc.
S ohu.com Inc.
V elti P lc
S core Media Inc.
U O MO Media, Inc
P NI Digital Media Inc .
NeuLion Incorporated 2 2 2 2 2 2 2 2 2 2 2 2 2
V alueC lic k , Inc.
Myriad G roup AG
H anbitS oft, Inc.
Webz en Inc.
U nilav a C orporation
P latforma Mediowa P oint G roup S . A.
S park Network s , Inc.
Y D O nline C orp.
NeXplore has highest
revenue multiple at 47x

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


2 2 2 2 2 2 1 1 1 1

H utchis on T elec ommunic ations Hong


infoG R O U P , Inc .
S NAP Interac tiv e, Inc.
NetDragon WebS oft, Inc.
Y nk K orea Inc.
O riented Media G roup B erhad
C ornerWorld C orporation
O AO R B C Information S ys tems
Internet G roup S A
AQ Interac tiv e, Inc.
T he New Y ork T imes C ompany
C DC C orp.
T heS treet. com, Inc.
Northgate T echnologies Limited
IAC /InterAc tiv eC orp.
P oints International L td.
C yberplex Inc.
United O nline, Inc.
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

U nis erv e C ommunic ations C orp.


AO L, Inc.
DADA S pA
G lu Mobile, Inc.
G igaMedia Ltd.
Ac toz S oft C o., Ltd.
T ree.C om, Inc.
O penwav e S y s tems Inc.
G ameO n C o L td.
R ealNetwork s Inc.
J umbuc k E ntertainment Limited
1 1 1 1 0 0 0 0 0 0 0

As k net AG
0

Look S mart, L td.


www.mackieresearch.com
14
0. 0
10. 0
20. 0
30. 0
40. 0
50. 0
60. 0

Source: CapitalIQ
T ree. C om, Inc .

49.3
S K C ommunic ations C o. , Ltd.

45. 4
HanbitS oft, Inc .

38. 0
T enc ent Holdings Ltd.

30.7
T aleo C orp.

29.1
F rogs ter Interac tive P ic tures AG

21.3
G ree, Inc .
C hines e G amer International

19.018. 3
My riad G roup AG

17. 6
Modern T imes G roup Mtg AB
Mix i, Inc .
S hutterfly , Inc .

16. 315.915.3
Dena C o. Ltd.
T heS treet. c om, Inc .
EV/EBITDA Ranking

AQ Interac tive, Inc .


14.814. 614. 0

O penwave S y s tems Inc .


S c ore Media Inc .
13. 612.8

Y D O nline C orp.
12.0

IAC /InterAc tiveC orp.


C y berplex Inc .
at 49.3x

G ungHo O nline E ntertainment, Inc .


O pen T ex t C orp.
P latforma Mediowa P oint G roup S .A.
10.0 9.7 9.2 8.9 8. 8

G amania Digital E ntertainment C o., Ltd.


DADA S pA
Tree.com leads the group

NE O WIZ G ames C orporation


XING AG
P NI Digital Media Inc .
V elti P lc
Unis erve C ommunic ations C orp.
8. 6 8. 4 8.3 8.3 8.1 7.9 7. 6

N etDragon WebS oft, Inc .


K ings oft C orporation Limited
C DC C orp.
S park Network s , Inc .
infoG R O UP , Inc .
V alueC lic k , Inc .
7. 6 7.5 7.4 7.2 6.7 6. 7

C hangy ou. c om Limited


Hutc his on T elec ommunic ations Hong K ong Holdings Ltd.
T he New Y ork T imes C ompany
6. 4 5.6 5.4

S ohu.c om Inc .
United O nline, Inc .
4.8 3.7

Ac toz S oft C o., Ltd.


AO L, Inc .
2. 5 2. 2

G ameO n C o Ltd.
1. 1

www.mackieresearch.com
Excluding EV/EBITDA > 100x
15
Source: CapitalIQ
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
eP ro Ltd.

S hutterfly , Inc. 94.5 93.0

P oints International Ltd.

C DC C orp.

57.2 55. 4
P/E Ranking

Mix i, Inc .

48. 8
infoG R O U P , Inc .

46. 9
T enc ent H oldings Ltd.

O pen T ex t C orp. 40. 9


39. 1
G ree, Inc .
37. 0

Dena C o. Ltd.

NetDragon W ebS oft, Inc .

G amania Digita l E ntertainment C o., Ltd.


32.5 32.4 31.2

C hines e G amer Internationa l

V elti P lc

F rogs ter Intera ctive P ictures AG


24.7 24.6 24.3

NE O W IZ G ames C orporation
P/E at 94.5x

19.5

Hutc his on T elec ommunications H ong K ong H oldings Ltd.


ePro has the highest

T he New Y ork T imes C ompany

V alueC lic k , Inc.


17.3 16.3 15.5

C y berplex Inc .
15.0

S ohu.com Inc .

DADA S pA

K ings oft C orpora tion L imited


13.2 13.1 12.9

AO L , Inc.

G ameO n C o Ltd.
11.1 9.5

C hangy ou. com L imited


9.4

U nited O nline, Inc .


8.8

Unis erve C ommunic ations C orp.


6.0

J umbuc k E ntertainment Limited


3.3

N etea s e.com Inc .


2.2

G iant Intera ctive G roup, Inc .


2.0

S ha nda Interac tive E ntertainment Ltd.


1.9

www.mackieresearch.com
16
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

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
Total Market Capitalization

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
3/1/2010
3/8/2010
3/15/2010
Total market cap decreases to $76 bn

3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
98 98 98 98 98 98 98 98 98 97 98 98 98 98 99 99 99 99 99 99 99 100100100100100100100100100100100100101101101101101101101101101101101101101101101101101101101

www.mackieresearch.com
17
-

# 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

8
Diversified

Gaming

28
Media

10
Social Networking

16
1
Collaboration

6
Marketing

3
Enterprise

2
Internet Retail

1
Search

5
Mobile
Total Market Cap – by Sector

2
Music

3
SMS/Voice

3
Advertising

2
Dating

1
Financial Services
1
Video
2

Virtual World
1

Vertical Communities
Eight Diversified companies
totaling $35 bn in market cap

Payment
3

Infrastructure
1

Podcasting
1

Learning
www.mackieresearch.com
18
0
1,000
2,000
3,000
4,000
5,000
6,000
Tencent Holdings Ltd.
Dena Co. Ltd.
Netease.com Inc.
Gree, Inc.

Source: CapitalIQ
Modern Times Group Mtg AB
IAC/InterActiveCorp.
Shanda Interactive Entertainment Ltd.
AOL, Inc.
Open Text Corp.
Giant Interactive Group, Inc.
Sohu.com Inc.
The New York Times Company
Changyou.com Limited
Perfect World Co., Ltd.
Hutchison Telecommunications Hong Kong Holdings
Taleo Corp.
ValueClick, Inc.
NEOWIZ Games Corporation
SK Communications Co., Ltd.
Chinese Gamer International
Mixi, Inc.
Shutterfly, Inc.
Kingsoft Corporation Limited
United Online, Inc.
infoGROUP, Inc.
RealNetworks Inc.
CDC Corp.
GungHo Online Entertainment, Inc.
Gamania Digital Entertainment Co., Ltd.
NetDragon WebSoft, Inc.
Velti Plc
Myriad Group AG
XING AG
Market Cap Ranking

Openwave Systems Inc.


Fluid Music Canada, Inc.
OAO RBC Information Systems
GigaMedia Ltd.
Webzen Inc.
The9 Limited
AQ Interactive, Inc.
TheStreet.com, Inc.
HUGHES Telematics, Inc.
Actoz Soft Co., Ltd.
Points International Ltd.
HanbitSoft, Inc.
GameOn Co Ltd.
Cyberplex Inc.
DADA SpA
Paid Inc.
Tree.Com, Inc.
Spark Networks, Inc.
Score Media Inc.
Frogster Interactive Pictures AG
NeuLion Incorporated
YD Online Corp.
Quepasa Corp.
PNI Digital Media Inc.
Moggle, Inc
Ngi Group Inc.
Gravity Co., Ltd
Platforma Mediowa Point Group S.A.
Glu Mobile, Inc.
WebMediaBrands Inc
DigitalTown, Inc.
TransGaming, Inc.
ePro Ltd.
dominates group

Multiplied Media Corporation


Socialwise, Inc.
LookSmart, Ltd.
GeoSentric Oyj
Accelerize New Media, Inc.
Ynk Korea Inc.
Tencent’s $31 bn market cap

Asknet AG
NeXplore Corporation
VOIS, Inc.
Northgate Technologies Limited
Wizzard Software Corporation
Lingo Media Corporation
Dolphin Digital Media, Inc.
Jumbuck Entertainment Limited
iseemedia Inc.
Unilava Corporation
Internet Group SA
SocialGO PLC
Kent International Holdings Inc.
DigitalPost Interactive, Inc.
MOKO.mobi Limited
Worlds.com Inc.
SNAP Interactive, Inc.
Beyond Commerce, Inc.
YouBlast Global, Inc.
En2Go International, Inc.
SpectrumDNA, Inc.
Kiwibox.Com, Inc.
IAS Energy, Inc.
Uniserve Communications Corp.
Oriented Media Group Berhad
CornerWorld Corporation
BroadWebAsia Inc.
UOMO Media, Inc
Mobile Data Corp.
www.mackieresearch.com
Price Performance – 1 Week
• Negative price momentum, with 66% of
stocks falling over the past week. Price Momentum

• The market has oscillated between up


and down weeks fairly consistently in
the last two months.
Rising
25%

Falling
Flat
66%
9%

19 www.mackieresearch.com
Average Price Performance – 1 Week, by Sector

20.0%
14.6% 13.7% Video sector shows
15.0% highest weekly returns
10.0% 7.4%
5.9%
5.0% 3.3%
1.5% 0.7%
0.0%
0.0%
-0.4% -0.6%
-2.0% -2.4%
-5.0% -3.1% -3.2%
-4.5% -4.7% -4.9%
-6.0%
-10.0% -8.3% -8.8%
-10.5%
-15.0% -13.3%
Internet Retail
Infrastructure
Virtual World

Collaboration

Networking
Financial
Payment

Communities
Advertising

Learning
Music
Enterprise

Search

Marketing

Podcasting

Gaming

Mobile

Diversified

Dating

Services

Media

SMS/Voice
Video

Social
Vertical
Source: CapitalIQ

20 www.mackieresearch.com
21
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
YBLT
BWBA
IASC.A
BYOC
UNLA

Source: CapitalIQ
VOIS
TSXV:TNG
2497
DPDM
MKB
TSXV:MMC
SEHK:8086
PWRD
OMEDIA
NXPC
KIWB
UOMO
WSE:IGR
ASX:JMB
HUTC
AIM:SGO
TSXV:LM
TSE:2432
DGTW
CYOU
SOHU
RNWK
GRVY
WEBM
A052770
KOSE:A069080
STVI
VEL
AOL
GTSM:3083
TREE
WSE:PGM
NTES
VCLK
3888
3812
XTRA:A5A
RBCI
IEE
6180
NYT
LOV
UNTD
Price Performance – 1 Week

GA
LOOK
TSXV:PN
MTG B
TSE:3632
IACI
DGLP
SCLW
GIGM
TSX:CX
700
A023770
SNDA
MYRN
A052790
A095660
OTEX
OPWV
IUSA
GEO1V
MBYL
TSX:PTS
CWRL
ETGI
WZE
SEHK:215
DB:M0C
O1BC
TSX:FMN
TSCM
A066270
TLEO
SFLY
777
GLUU
NCTY
2121
CM:DA
TSX:SCR
3838
PAYD
A047080
FRG
CHIN.A
KNTH
TSXV:USS
3765
590057
QPSA
TSX:NLN
SPXA
ACLZ
WDDD
www.mackieresearch.com
22
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%

0%
500%
1000%
1500%
2000%
2500%
3000%
Uniserve
OAO RBC Communications
Information Corp.
Systems

SNAP
ePro Ltd. Interactive, Inc.

Source: CapitalIQ
Beyond Gree, Inc.
Commerce, Inc.

AQ Interactive, HanbitSoft, Inc.


Inc.

SK
Score Media Inc.
Communications
Co., Ltd.

6 Month
1 Month

Uniserve Actoz Soft Co.,


Communications Ltd.
Corp.

Velti Plc Cyberplex Inc.

AQ Interactive,
Quepasa Corp. Inc.

SNAP NeuLion
Interactive, Inc. Incorporated

Frogster
Points
Interactive
International Ltd.
Pictures AG
Price Performance (Top 10)

0%
20%
40%
60%
80%
100%
120%
140%
160%
180%

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

OAO RBC
Beyond
Information
Commerce, Inc.
Systems

ePro Ltd. ePro Ltd.

SK
Quepasa Corp. Communications
Co., Ltd.

Points
Velti Plc
International Ltd.

Uniserve
Fluid Music
Communications
Canada, Inc.
Corp.
1 Year
3 Month

Dena Co. Ltd. Glu Mobile, Inc.

AQ Interactive,
Velti Plc
Inc.

SK
Communications Gree, Inc.
Co., Ltd.

AQ Interactive,
Gree, Inc.
Inc.

TransGaming,
LookSmart, Ltd.
Inc.
www.mackieresearch.com
23
-70.0%
-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%
MOKO.mobi
SpectrumDNA,
Limited
Inc.

Multiplied
Media
Lingo Media

Source: CapitalIQ
Corporation
Corporation

Dolphin Digital
Media, Inc.
VOIS, Inc.

Ngi Group Inc.


YouBlast
Global, Inc.
TransGaming,
Inc.
MOKO.mobi
Limited
1 Week

6 Month
VOIS, Inc.
En2Go
International,
Inc. Unilava
Corporation

UOMO Media,
Inc Beyond
Commerce,
Inc.
CornerWorld
Corporation IAS Energy,
Inc.

Unilava
BroadWebAsia
Corporation
Inc.

BroadWebAsia YouBlast
Inc. Global, Inc.
-90.0%
-80.0%
-70.0%
-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%

Lingo Media
Moggle, Inc Corporation

Beyond
Lingo Media Commerce,
Corporation Inc.

Dolphin Digital VOIS, Inc.


Media, Inc.

Dolphin Digital
SpectrumDNA,
Media, Inc.
Inc.

IAS Energy, GeoSentric Oyj


Inc.
1 Year
1 Month

Beyond BroadWebAsia
Commerce, Inc.
Inc.

CornerWorld Mobile Data


Corporation Corp.

UOMO Media, CornerWorld


Inc Corporation

En2Go
YouBlast
International,
Global, Inc.
Inc.

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

24 www.mackieresearch.com
Financing Activity – Current Month
C om pany Nam e C ountr y S e ctor A cquis ition Ange l/S e e d De bt financing S e r ie s A S e rie s B S e rie s C S e rie s D S e rie s E NA Gr and Total
Zynga US A Gaming 147. 0 147.0
Alloy US A Media 126.5 126.5
Invite Me dia US A A nalytics 70. 0 70. 0
Fe tchBack US A A dvertis ing 40. 0 40. 0
Playdom US A Gaming 33.0 33. 0
Haute L ook US A Internet R etail 31.0 31. 0
C halle nge Gam e s US A Gaming 20. 5 20. 5
Mytopia Is rael Gaming 18. 0 18. 0
V opium Denmark S MS /V oice 16. 5 16. 5
Re putationDe fe nde r US A Comment/R eputation 15.0 15. 0
Br and.ne t US A A dvertis ing 14.0 14. 0
Mar in S oftw are US A A dvertis ing 11.2 11. 2
Ge tJ ar Ne tw ork s US A Mobile 11.0 11. 0
Book Re nte r US A S oc ial Commerce 10.0 10. 0
Appte r a US A Mobile A d 10. 0 10. 0
Rock You US A W idget 10.0 10. 0
Extr e m e Re ac h US A A dvertis ing 9.0 9. 0
Mac hinim a.com US A V irtual W orld 9. 0 9. 0
Safe tyWe b US A S ocial Netw orks 8. 0 8. 0
Kudzu Inte r active US A Fina ncial S ervices 7. 0 7. 0
Tr ans pe r a US A Mobile A d 7. 0 7. 0
C urs e US A S ocial Netw orks 6.0 6. 0
Snaptu Is rael Mobile 6. 0 6. 0
L ijit Ne tw or k s US A S ea rch 6. 0 6. 0
Adis n US A A dvertis ing 5. 5 5. 5
C onnotate US A A nalytics 5. 3 5. 3
Re s onate Ne tw or k s US A A dvertis ing 5. 0 5. 0
Be bo UK S ocial Netw orks 5. 0 5. 0
Me tacafe US A V ideo 5.0 5. 0
Be ac hMint US A S oc ial Commerce 5. 0 5. 0
BigDoor Me dia US A Media 5. 0 5. 0
Spons or Pay G ermany V irtual Goods 4. 6 4. 6
L ucidMe dia US A A dvertis ing 4. 5 4. 5
Tr iggit US A A dvertis ing 4.2 4. 2
Pe r fe cto Mobile Is rael Mobile 4.0 4. 0
PapayaMobile China Mobile 4.0 4. 0
Magne tic US A A dvertis ing 4. 0 4. 0
Gogobot US A Tra vel 4. 0 4. 0
Giiv US A S oc ial Commerce 3. 4 3. 4
Nuxe o F ranc e Enterpris e 3. 3 3. 3
Tr e fis US A A nalytics 3. 2 3. 2
Attr ibutor US A A nalytics 3. 2 3. 2
V iaC L IX US A V ideo 3.1 3. 1
He yz ap US A Gaming 3.0 3. 0
Me tam ar k e ts US A A dvertis ing 2. 5 2. 5
Snaptic US A Mobile 2. 3 2. 3
WOWIO US A Internet R etail 1. 7 1. 7
uC ir r us US A Infra s tructure 1. 7 1. 7
HitFix US A Media 1. 6 1. 6
Pe ar ltr e e s F ranc e S ocial Netw orks 1. 6 1. 6
C e llixis US A Comment/R eputation 1. 5 1. 5
Dilithium Ne tw or k s US A V ideo 1.5 1. 5
Sc hoology US A Online Learning 1. 3 1. 3
Thum btack US A Crow ds ourced Content 1. 2 1. 2
SoGe o Netherlands Loc ation-ba s ed S NS 0. 8 0. 8
Rum m ble UK Loc ation-ba s ed S NS 0.8 0. 8
Te am S nap US A V ertical Communities 0. 7 0. 7
285.5 6.0 1.5 58.4 70.2 76.0 181.9 10.0 55.6 745.1

25 www.mackieresearch.com
Financing Activity – Current Month, by Sector
$ Raised # Deals

Internet Retail
Internet Retail 3%
Analytics 4% Other Analytics
11% 24% 9%

Advertising
Advertising
17%
13%

Other
57%
Media
5%

Media Gaming Gaming


18% 30% 9%

26 www.mackieresearch.com
Financing Activity

June financing turning out to be one of


1000.0 16.0
the strongest aggregate deal value
900.0
months in the year 13.9
14.0

800.0 12.2
12.0
700.0 10.3
9.6 10.0
600.0 8.8 9.0
(US$m)

(US$m)
7.8
500.0 8.0
6.3 6.4
400.0 5.4 5.7 5.5 6.0
4.5
300.0
4.0
200.0

2.0
100.0

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

*Dec-09 includes $180m Zynga investment


Apr-10 includes $300m DST investment
Total Average per Deal LTM Total Average**
**Excludes Dec-09, Apr-
Jun-10 includes $147m Zynga investment 10

27 www.mackieresearch.com
28
(US$m)

0.0
100.0
200.0
300.0
400.0
500.0
600.0

# companies
Gaming

Media

15 11
1
Diversified

Mobile

13
5
Collaboration

9
Social Commerce

Advertising

20
Crowdsourced

3
Content
Analytics

14
9
Video

5
Internet Retail

Social Networks

11
5
Financial Services

5
Virtual World

5
Enterprise

2
Widget

9
Vertical Communities

3
Mobile Ad
quarter

5
Infrastructure

2
biggest area of

Comment/Reputation
Advertising the

interest in the past

1
SMS/Voice
1
Mobile Payment
2

Virtual Goods
5

Search
2

Online Learning
2

Music
1

Aggregation
4

Travel
1

Classified
1

Publishing
4

Location-based SNS
Capital Market Activity Ranking – by Sector, last three months

Microblog
1

Micromedia
1

Blog
www.mackieresearch.com
29
(US$ mm)

0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Social Networks
Dec-08

Jan-09

Feb-09

Gaming
Mar-09

Apr-09
$ Raised

May-09

Advertising
Jun-09

Jul-09

Video
Aug-09

Sep-09

Oct-09

Virtual World
Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10
Top 5 Sectors (2008-present)

(# Deals)
0
5
10
15
20
25
30

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08
Social Networks

Jan-09

Feb-09
Advertising

Mar-09

Apr-09

May-09
Gaming
# Deals

Jun-09

Jul-09

Aug-09
Virtual World

Sep-09

Oct-09
Video

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10
Top 5 sectors average $170 mm & 15 deals per month (aggregate)

May-10

Jun-10
www.mackieresearch.com
Financing Momentum
Approaching the
previous high set
in the summer of
5,000
2008 – just before 14.0
the crash!
4,500
12.0
4,000

3,500 10.0

3,000
8.0
(US$m)

(US$m)
2,500
6.0
2,000

1,500 4.0

1,000
2.0
500

0 0.0
Nov-04

Jul-05

Nov-05

Jul-06

Nov-06

Jul-07

Nov-07

Jul-08

Nov-08

Jul-09

Nov-09
Jan-05

May-05

Jan-06

May-06

Jan-07

May-07

Jan-08

May-08

Jan-09

May-09

Jan-10

May-10
Sep-04

Sep-05

Sep-06

Sep-07

Sep-08

Sep-09
Mar-05

Mar-06

Mar-07

Mar-08

Mar-09

Mar-10
Total (LTM) Average Size (LTM)

30 www.mackieresearch.com
Financing by Type (LTM)

# Deals $ Raised

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


(# deals ) (amount rais ed)S eries E
4.1%
A ngel/S eed
NA 15. 1% S eries D
16. 1% 11. 4%
NA
15.3%
Debt f ina nc ing
3. 0%

S eries E
1.0%
PIPE
S eries D 0. 4%
5.0%

A ngel/S eed
3. 2%
Debt f ina ncing
1. 0%

S eries C
28. 8% PIPE
7. 3%

S eries C
14. 9%

S eries A
11. 1%

S eries B S eries A
20. 7% 23. 9%

31 www.mackieresearch.com
Financing by Geography (LTM)

# Deals $ Raised

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


UK Israel
7.0% Russia 3.3%
3.3%

UK
China
3.3% Luxembourg
3.2%
22.0%

Canada
1.8%
Canada
2.9%
Israel ROW
2.2% 3.9%

China
2.2%
USA
81.0%

ROW
8.4%

USA
55.5%

32 www.mackieresearch.com
Financing by Type

# Deals $ Raised

Financing by Type Financing by Type


(Number of Deals) (Amount raised)

180 1,400.0

1,257.3
160 156
1,200.0 1,170.6
151.8

140 29
271.1
1,000.0
120 262.5
120 11

108 841.5
107
2 23 161.0
7 98 800.0 Other
100 Other 735.4
1 714.7 Late Stage (D/E)

(US$m)
7 27 5.1 235.4
9 Late Stage (D/E) 0.0 669.6 Mid-Stage (B/C)
(#)

53
Mid-Stage (B/C) 94.2 0.0
Early Stage (Angel/A)
80 74 3 Early Stage (Angel/A) 600.0 235.3 573.9 Total
44 183.9 57.0 540.2
1
7 41 116.4 45.5
45 60 458.1 664.6
60 554.8 66.6
38 55.6
11 50 429.0 363.7 76.5
46 46 46 400.0 360.0
43 44 3 5.1
0
3 10 313.1 284.6 314.2 425.5
45
40 34
37 36 8
8
34
8 0.0
19.0 355.8 282.4
255.4 259.0 191.9
13 1
31 18
0
3 1
2 2 31 3
29 25
7
205.0 210.7 227.6 237.8 84.2 226.1 157.9
28 2 203.7 197.9 204.2 70.6 374.8 50.7
1
2 24 2 25 10 - 16
63 0.0 0.0 316.4 5.0 72.5
0
2 55 13 12 7 18 4 12 200.0 0.0 0.0
199.1 48.2 161.0 0.0
18.3 0.0 19.8
31.0 32.0 52.5 47.0 10.0 - 4.0
19 0 17 0 2 49 2 1 13 27.0 133.1
3 9 17 4 43 0.0
12.0
20 0
2 10 39 111.7 143.6 146.2
21 11 15 99.8 168.8 123.8 114.5 127.8 163.4 134.3
14 25 15 108.0 122.0 191.5 74.6 98.4 210.4 183.7 178.5
10 21 21 21 21 21 21
17 16 17 18 95.0 87.2 129.9 123.6
13 11 13 74.4 55.3 80.7 73.4 39.0 56.0 63.1 64.6 53.4 60.7 64.4
7 7 7 6 8 47.6 48.9 17.5 46.3 28.8 48.6
- -

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

May-10

Jun-10

Q2/10
Feb-09

Mar-09

May-09

Feb-10

Mar-10

May-10
Jan-09

Q1/09

Jun-09

Q2/09

Jul-09

Q3/09

Oct-09

Nov-09

Dec-09

Q4/09

Jan-10

Q1/10

Jun-10

Q2/10
Sep-09
Apr-09

Aug-09

Apr-10

33 www.mackieresearch.com
Top 10 Deals (2010 YTD)
Financing Acquisitions

350.0 250

225.0
300.0
300.0

200
187.5
250.0

160.0
200.0
150 142.0

126.5
147.0
150.0 135.0
100.0
100
100.0
80.0
75.0
70.0
50.0 50.0 59.8
50.0 44.0 40.0 35.0 33.0 31.0
50

0.0
Technologies

Zynga

LivingSocial

Playdom

HauteLook
Groupon

Gilt Groupe
Glam Media

Tremor Media
Qiyi
Digital Sky

0
Siri ICQ Turbine Jigsaw Alloy Ankeena Mochi Tsavo Invite GameHi
Networks Media Media Media

34 www.mackieresearch.com
Upcoming Events/Earnings
Company Date Time Quarter Conf Call Details
The New York Times Company (NYSE:NYT) 22-Jul-10 11:00 AM (EST) Q2/10 888-293-6979
Tree.Com, Inc. (NasdaqGM:TREE) 29-Jul-10 11:00 AM (EST) Q2/10 877-874-1588

Source: CapitalIQ

35 www.mackieresearch.com
Public Company Listing T rading C urre nt US $ Mark e t
C om pany Nam e T ick e r Exchange C ur re ncy HQ Price C ap (m m ) Em ploye e s
A ccelerize New M edia, Inc. ACLZ OTCBB USD United States 1 20.3 10
A cto z So ft Co ., Ltd. A052790 KOSE KRW So uth Ko rea 12,250 90.3 NA
A OL, Inc. AOL NYSE USD United States 22 2,324.4 6,700
A Q Interactive, Inc. 3838 TSE JP Y Japan 158,800 96.7 NA
A sknet AG XTRA :A 5A XTRA EUR Germany 3 19.2 NA
B eyo nd Co mmerce, Inc. BYOC OTCBB USD United States 0 5.5 16
B roadWebA sia Inc. BWB A OTCPK USD United States 0 1.7 46
CDC Co rp. CHIN.A NasdaqGS USD Ho ng Ko ng 2 277.0 NA
Changyo u.co m Limited CYOU NasdaqGS USD China 27 1,389.2 1,308
Chinese Gamer Internatio nal GTSM :3083 GTSM TWD Taiwan 271 725.3 NA
Co rnerWorld Co rpo ratio n CWRL OTCBB USD United States 0 1.9 16
Cyberplex Inc. TSX:CX TSX CA D Canada 1 82.5 NA
DA DA SpA CM :DA CM EUR Italy 4 79.4 597
Dena Co . Ltd. TSE:2432 TSE JP Y Japan 2,591 4,136.6 NA
DigitalPo st Interactive, Inc. DGLP OTCBB USD United States 0 6.5 6
DigitalTown, Inc. DGTW OTCBB USD United States 1 33.0 NA
Do lphin Digital M edia, Inc. DP DM OTCBB USD United States 0 10.5 NA
En2Go International, Inc. ETGI OTCBB USD United States 0 4.8 NA
ePro Ltd. SEHK:8086 SEHK HKD Ho ng Ko ng 1 30.2 707
Fluid M usic Canada, Inc. TSX:FM N TSX CA D United States 2 178.4 NA
Fro gster Interactive P ictures A G FRG XTRA EUR Germany 21 64.8 NA
Gamania Digital Entertainment Co ., Ltd. 6180 GTSM TWD Taiwan 53 262.4 NA
GameOn Co Ltd. 3812 TSE JP Y Japan 76,600 82.9 NA
Geo Sentric Oyj GEO1V HLSE EUR Finland 0 22.2 120
Giant Interactive Gro up, Inc. GA NYSE USD China 7 1,603.9 1,575
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2 120.6 NA
Glu M o bile, Inc. GLUU NasdaqGM USD United States 1 39.2 479
Gravity Co ., Ltd GRVY NasdaqGM USD So uth Ko rea 2 43.2 455
Gree, Inc. TSE:3632 TSE JP Y Japan 7,480 3,788.6 NA
GungHo Online Entertainment, Inc. 3765 OSE JP Y Japan 212,600 273.2 NA
HanbitSo ft, Inc. A047080 KOSE KRW So uth Ko rea 4,875 88.8 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 3 91.0 276
Hutchison Teleco mmunicatio ns Ho ng KongSEHK:21
Ho ldings
5 Ltd. SEHK HKD Ho ng Ko ng 2 1,039.1 1,732
IA C/InterActiveCo rp. IA CI NasdaqGS USD United States 23 2,552.6 3,200
IA S Energy, Inc. IA SC.A OTCPK USD Canada 0 3.7 NA
infoGROUP , Inc. IUSA NasdaqGS USD United States 8 459.1 3,146
Internet Gro up SA WSE:IGR WSE P LN P o land 1 7.3 NA

36 www.mackieresearch.com
Public Company Listing cont.
T rading C urr e nt US $ Mark e t
C om pany Nam e T ick e r Exc hange C ur re nc y HQ Price C ap (m m ) Em ploye e s
Jumbuck Entertainment Limited A SX:JM B A SX A UD A ustralia 0.19 8.1 79
Kent Internatio nal Ho ldings Inc. KNTH OTCP K USD United States 1.95 6.9 NA
Kingso ft Co rpo ratio n Limited 3888 SEHK HKD China 4.15 581.5 2,735
Kiwibo x.Co m, Inc. KIWB OTCB B USD United States 0.01 4.5 6
Lingo M edia Co rpo ratio n TSXV:LM TSXV CA D Canada 0.44 12.4 NA
Lo o kSmart, Ltd. LOOK NasdaqGM USD United States 1.33 22.8 65
M ixi, Inc. 2121 TSE JP Y Japan 411,500.00 712.4 NA
M o bile Data Co rp. M B YL OTCB B USD United States 0.05 1.2 NA
M o dern Times Gro up M tg A B M TG B OM SEK Sweden 441.60 3,764.7 2,936
M o ggle, Inc DB :M 0C DB EUR United States 0.85 49.0 2
M OKO.mo bi Limited M KB A SX A UD A ustralia 0.06 6.2 NA
M ultiplied M edia Co rpo ratio n TSXV:M M C TSXV CA D Canada 0.12 29.0 NA
M yriad Gro up A G M YRN SWX CHF Switzerland 4.45 199.2 NA
NEOWIZ Games Co rpo ratio n A 095660 KOSE KRW So uth Ko rea 41,800.00 732.8 NA
NetDrago n WebSo ft, Inc. 777 SEHK HKD China 3.66 247.4 2,901
Netease.co m Inc. NTES NasdaqGS USD China 31.74 4,111.0 NA
NeuLio n Inco rpo rated TSX:NLN TSX CA D Canada 0.55 62.1 224
NeXplo re Co rpo ratio n NXP C OTCP K USD United States 0.32 17.8 NA
Ngi Gro up Inc. 2497 TSE JP Y Japan 32,300.00 44.8 NA
No rthgate Techno lo gies Limited 590057 B SE INR India 17.80 13.4 NA
OA O RB C Info rmatio n Systems RB CI M ICEX RUB Russia 37.06 161.5 2,523
Open Text Co rp. OTEX NasdaqGS USD Canada 38.50 2,186.0 3,700
Openwave Systems Inc. OP WV NasdaqGS USD United States 2.14 179.5 590
Oriented M edia Gro up B erhad OM EDIA KLSE M YR M alaysia 0.08 3.1 NA
P aid Inc. P A YD OTCB B USD United States 0.28 74.6 20
P erfect Wo rld Co ., Ltd. P WRD NasdaqGS USD China 22.16 1,109.3 2,896
P latfo rma M edio wa P o int Gro up S.A . WSE:P GM WSE P LN P o land 1.38 42.7 NA
P NI Digital M edia Inc. TSXV:P N TSXV CA D Canada 1.52 50.4 NA
P o ints Internatio nal Ltd. TSX:P TS TSX CA D Canada 0.62 89.9 93
Quepasa Co rp. QP SA OTCB B USD United States 4.15 53.8 71
RealNetwo rks Inc. RNWK NasdaqGS USD United States 3.39 458.5 1,754
Sco re M edia Inc. TSX:SCR TSX CA D Canada 0.87 68.4 230
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 39.98 2,373.9 5,721
Shutterfly, Inc. SFLY NasdaqGS USD United States 25.24 677.8 519
SK Co mmunicatio ns Co ., Ltd. A 066270 KOSE KRW So uth Ko rea 20,800.00 726.2 NA
37 www.mackieresearch.com
Public Company Listing cont.
T rading C urr e nt US $ Mark e t
C om pany Nam e T ick e r Exchange C ur re ncy HQ Price C ap (m m ) Em ploye e s
So cialGO P LC A IM :SGO A IM GB P United Kingdom 0.01 7.0 9
So cialwise, Inc. SCLW OTCB B USD United States 0.49 24.5 NA
So hu.co m Inc. SOHU NasdaqGS USD China 41.54 1,571.0 3,997
Spark Networks, Inc. LOV A M EX USD United States 3.43 70.6 155
SpectrumDNA , Inc. SP XA OTCB B USD United States 0.07 4.8 8
Taleo Co rp. TLEO NasdaqGM USD United States 26.02 1,034.6 916
Tencent Holdings Ltd. 700 SEHK HKD China 130.20 30,613.7 7,845
The New Yo rk Times Co mpany NYT NYSE USD United States 9.74 1,418.1 7,665
The9 Limited NCTY NasdaqGS USD China 4.18 106.6 1,010
TheStreet.co m, Inc. TSCM NasdaqGM USD United States 2.95 93.1 274
TransGaming, Inc. TSXV:TNG TSXV CA D Canada 0.55 31.6 28
Tree.Com, Inc. TREE NasdaqGM USD United States 6.54 73.3 700
Unilava Co rpo ratio n UNLA OTCB B USD United States 0.08 8.0 40
Uniserve Communications Co rp. TSXV:USS TSXV CA D Canada 0.13 3.6 NA
United Online, Inc. UNTD NasdaqGS USD United States 6.16 536.7 1,699
UOM O M edia, Inc UOM O OTCB B USD Canada 0.02 1.4 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 11.50 935.2 1,086
Velti P lc VEL A IM GB P United Kingdom 4.27 241.9 459
VOIS, Inc. VOIS OTCB B USD United States 0.01 14.2 2
WebM ediaB rands Inc WEB M NasdaqGS USD United States 0.94 35.2 83
Webzen Inc. KOSE:A 069080 KOSE KRW So uth Ko rea 11,050.00 108.9 326
Wizzard So ftware Corpo ratio n WZE A M EX USD United States 0.20 13.2 80
Wo rlds.co m Inc. WDDD OTCB B USD United States 0.10 5.7 1
XING A G O1B C XTRA EUR Germany 28.35 180.4 293
YD Online Co rp. A 052770 KOSE KRW So uth Ko rea 4,510.00 56.3 NA
Ynk Ko rea Inc. A 023770 KOSE KRW So uth Ko rea 2,900.00 19.2 NA
Yo uB last Glo bal, Inc. YB LT OTCB B USD United States 0.15 5.2 6

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