Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

ist klar, denn würde der Markt die enormen Chancen von Freeborders, die im Bereich des IT-Outsourcing die Nr. 1 oder Nr. 2 in China sind, in den Kurs von Internet Capital einpreisen, käme es zu einem Kurssprung. Und den will Buckley zum jetzigen Zeitpunkt vermeiden. Denn ein Bestandteil seiner Entlohung sind Optionen auf Aktien, deren Bezugspreis nach dem Durchschnittspreis in einer Referenzperiode vor dem Bezugstermin festgelegt

Workforce in China by 1000  (Not rated)      23-Oct-06 10:27 am     Number 1 or 2 on a 30 billion-market

China Software Outsourcing - A 29.5 Billion Market by 2009
Filed in archive Outsourcing News by Danny on February 18, 2006
According to a new research, China's domestic software outsourcing market will develop rapidly with a growth rate of 35.6% from 8.71 billion in 2005 to 29.43 billion in 2009.

Analysys International said that the cost saving pressure has forced the USA, Japan and the EU to accelerate outsourcing of their software production and IT service to developing countries. This has allowed countries like India and China to promote the industry level, form international outsourcing centers, and drive the global market up.

Yang Qingfeng, research director of Analysys International, said Northeast China and East China will be the main drivers of the China software outsourcing market in 2005 to 2009. Eastern China's placement advantage and close ties with Japan, the USA and EU will help to accelerate growth. The outsourcing revenue of Eastern China (centered around Shanghai and the Yangtse River Delta) will surpass Northeast China by 2009.

Image Source: www.newdimtours.com...


Sentiment : Strong Buy

 

Internet Capital hält 33% an Freeborders,

IT OUTSOURCING
Cultural fit should be top criterion for choosing an outsourcing partner

Russell Stover is a household name in the candy business. In fact, the three brands made by the Kansas City, Mo.-based company—Russell Stover, Whitman's, and Pangburn's—account for 60 percent of all boxed chocolates sold in the U.S.

But when Russell Stover decided to outsource its IT operations, it learned that name brands aren't always the best choice. "Dreadful" is how Russell Stover VP Dick Masinton described the experience of working with a well-known outsourcing firm he declined to name. "Anything that could go wrong, did," he says.

Many problems were serious, such as frequent network failures, and an inability to process invoices or close the quarterly books in a timely fashion. And if that wasn't enough, Masinton recalls, "Every time we called them about a problem, they'd refer to the contract to see if our request was within the scope."

Starting over with OneNeck

After a new outsourcing partner search, Russell Stover signed an agreement in July 1999, under which OneNeck IT Services would manage the candy maker's Baan ERP system. In August 2005, OneNeck began managing the JDA Software demand-chain solution that Russell Stover adopted to support expansion of its retail business. And this past June, the company inked a new four-year deal to have OneNeck manage its IT functions, including support for Windows-based servers and desktops.

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"Our latest contract renewal and nearly seven-year partnership with OneNeck speak for themselves," says Masinton. "The OneNeck team excels in managing our enterprise systems and, as a result, we awarded them the final pieces of our information technology requirements."

Russell Stover's own story doesn't mean companies should rule out large providers when choosing an IT outsourcing partner, but it does mean they should look for one that understands—and is responsive to—their particular needs, regardless of size.

Masinton says its original outsourcing firm was a poor match from the start because it didn't understand Russell Stover's business, which combines process manufacturing in candy production with discrete production in packaging the product. That lack of knowledge led to multiple problems, including a poorly designed interface between the ERP and warehouse management systems.

OneNeck made a good first impression by rebuilding that interface and enabling smooth transition of the ERP system over to its operations center in Arizona. More important, Masinton says, OneNeck's staff didn't continually refer to the 72-page contract when problems arose.

"Our people are instructed never to discuss the contract with the customer," says OneNeck CEO Chuck Vermillion. "We fix the problem first, and deal with the contract later. We'll provide the service within the regular fee structure, without charging extra, whenever we can."

Encountering Freeborders

A willingness to put customer needs first also cemented the relationship between Freeborders, an outsourcing firm specializing in multicountry engagements, and Wichita, Kan.-based Invista, which makes resins and fabrics such as Lycra and nylon.

Invista first encountered Freeborders in 2001, when the company wanted to launch a Web portal through which apparel manufacturers could quickly locate and place orders for fabric from any manufacturer, not just Invista. When it became clear that Invista's in-house IT staff could not build the portal in time for its scheduled launch at a major trade show in Paris, bids for the job were sent to outsourcing firms.

Freeborders was not the winning bidder, but that didn't stop it from courting Invista.

"I knew we had the best value proposition to deliver the portal by the deadline," says Mike Keating, a Freeborders project leader. "We worked flat-out for two weeks for free and showed them a prototype."

Freeborders literally worked around the clock, and around the world. While its headquarters is in San Francisco, Keating is based in North Carolina, and he directed team members in the U.K., China, and Switzerland. Ultimately, that effort won Freeborders the contract.

"I liked their can-do approach," says Norman Beveridge, Invista's global apparel manager. "They completed the project about three weeks ahead of schedule, only because of their willingness to work at both ends of the day."

The portal's official launch at the Paris trade show was a success, and it has since become a profit center for Invista, with fabric vendors paying to list their products. And Freeborders still handles the portal's upkeep.

Connecting the dots

While both IT and industry knowledge were crucial to these relationships taking off, their long-term success is probably due more to what industry experts often refer to as cultural fit.

"Russell Stover is an old-fashioned company with an old-fashioned work ethic," says Masinton. "We value hard work, quality, and long-term relationships with suppliers. I think OneNeck shares those values."

Meanwhile, Invista and Freeborders have opposite personalities that complement one another perfectly. Invista, once a unit of DuPont and now owned by Koch Industries, is a large, well-established, conservative company. Freeborders, founded in 1997, embodies the fast-moving, passionate ethos of a young company. "Ours is a culture of burning desire for success," says Keating. "Conservative companies love the infusion of energy and enthusiasm we bring."

 

Internet Capital hält 79% an ICGCommerce.

Logistics

Goodyear leverages outsourcing partners in modal shifts
Goodyear optimizes its logistics operations by giving responsibilities to both outsourcing services provide ICG Commerce as well as 3PL providers.

By David Hannon
Purchasing
October 5, 2006





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The key to outsourcing business processes is knowing when outsourcing will add value and when it will simply add complexity. Goodyear’s logistics organization has a firm grasp of that concept and has leveraged outsourcing partnerships in processes that have a direct impact on bottom line—namely, modal shifts—and worked to ensure the outsourcing process does not overcomplicate business flow.

It won’t surprise anyone to know Akron, Ohio-based Goodyear buys and ships a lot of rubber and moves a lot of tires. The vast majority of its raw rubber is shipped from Asia to the U.S. in bulk freighters, but that is changing. Ted Augustine, director of logistics and product supply for Goodyear’s North American tire unit, says because of various dynamics in the logistics industry, Goodyear is shifting 25% of its inbound rubber shipments from bulk to containers.

Augustine explains that a typical bulk shipment from Asia takes almost twice as long as a typical container shipment.

“Right now, it takes 75-85 days to ship rubber in bulk,” Augustine says. “A container can cut that in half. So there’s value in terms of cash flow there.”

Another advantage is that moving containers from port to destination is much more expeditious than unloading bulk shipments onto the rails. But Augustine points out that, “Rubber is a dense material and 20 metric tons fills a 20-ft container.” So the major challenge in making the move is lining up capacity of tri-axle chassis to carry the containers when they are unloaded.

Finding, evaluating and contracting new carriers in today’s market in a short time is no easy task. It’s basically dropping a second workload onto an existing one for members of the logistics organization with the ROI hanging in the balance. To help speed the supplier discovery and evaluation process in this case, Goodyear is leveraging its relationship with procurement services provider ICG Commerce, which can focus on this project exclusively to keep it moving without sacrificing other processes.

The one caveat Augustine provides about over-accelerating the supply chain, is that when transit times for inbound raw materials are cut in half, buyers need to be alerted and adjust their ordering appropriately. Otherwise, it will simply create a glut of inventory which offsets the cash flow benefits.

On the outbound finished goods side of its supply chain, Goodyear ships roughly 5 billion lbs of tires a year in 135,000 truckload shipments across 19,000 lanes. With truckload and fuel rates at record levels for much of the past year, Goodyear has been looking to transfer more of its truckload volume to intermodal. Again, it brought in ICG Commerce to help perform a detailed lane analysis and determine which lanes were ripe for intermodal.

The analysis (and to some extent, past experience) showed that any shipments going direct to customers either from a Goodyear warehouse or manufacturing facility were not well suited for intermodal because of customers’ demand for delivery times. But longer hauls from Goodyear manufacturing sites to warehouses showed more flexibility and were clearly the area to target for intermodal.

“We’re now moving 18-19% of our finished goods from the manufacturing site to our warehouses via intermodal, which has produced a real cost savings.”


Ted Augustine: “With the right data, you can make very logical decisions.”
Goodyear also uses a third-party logistics provider, Exel, to manage its Logistics Planning Center (LPC), a central logistics operation that focuses on contract and dedicated fleet management as well as fulfillment operations at distribution centers. The LPC also tracks carrier performance and identifies new potential providers for bidding events. ICG also works closely with this organization—one outsourcing provider working with another—to streamline Goodyear’s processes.

One of the most important things outsourcing providers bring to the table, says Augustine, is data. “With the right data, you can make very logical decisions,” Augustine points out. Goodyear collects shipment data with a transportation management system, which it feeds to ICG Commerce prior to bidding events. ICG is responsible for ensuring that bidding events provide return on investment—what Goodyear expected to save it did, in fact, save through data collection and bidding.

“We’ve designed and redesigned our network based on the demand from customers and the available capacity in the market,” Augustine says. “We need to balance the cost of transportation and the cost of having a closer facility to customers. We could service all of Florida from our Atlanta distribution center, but we’d lose a day in service level and it would increase our transportation costs. We’ve got to consider all the factors.”

One of the more recent challenges in data collection is centered on the evaluation of truckload carriers. Logistics buyers and shippers today have to determine not only if the carrier has the equipment required to meet the shipper’s demand, but also the drivers available to operate the equipment. The continuing driver shortage (see story below) has added another metric for buyers to track.

Augustine acknowledges that there is some internal pushback when an outsourcing partner is brought in either for a specific project or on a long-term basis.

“Those with vision see it as an opportunity, but those without see it as someone else playing in their sandbox,” he says. “Companies like Goodyear typically have a lot of legacy mentality to overcome and we do work at it every day.”

 

und ICGCommerce ist der Marktführer mit zuletzt 2&% der gewonnenen Kontrakte vor IBM Global Services mit 24%, Accenture mit 16% und Ariba mit 15%.

Internet Capital hält 79% von ICGCommerce.

The New BPO Sensation: Indirect Procurement

With CFOs focused on the bottom line, all areas of cost savings, including procurement activities, are under the magnifying glass. The good news is that providers are finding innovative ways of saving money beyond the usual group buying approach.

By Andy Teng

With cost reduction a greater priority than ever before, businesses are seeking new and inventive ways to achieve this goal. As a result, the CFO continues to expand his role, overseeing functions that once resided largely outside the finance department. A clear example is the CFO’s growing involvement in indirect procurement activities, a function that until now has been handled largely by procurement specialists.


But with CFOs watching every penny, slashing indirect procurement costs can have a significant impact on the bottom line. It’s a fact that hasn’t gone unnoticed by F&A leaders, as demand for outsourced procurement services is projected to grow rapidly during the next three years, according to findings recently reported by NelsonHall analyst Rachael Stormonth. In a webinar the firm recently hosted, Stormonth predicted that procurement outsourcing—a market estimated at $420 million this year—will grow to $900 million by 2009, a sizzling compound annual growth rate of 28 percent.


“Procurement BPO is the fastest growing back-office area of BPO and will be a $1 billion market by 2010. There have been some interesting new contract awards in the first half of 2006 with more deals in the pipeline,” Stormonth said. “NelsonHall research indicates that the deals will accelerate in 2008. Our recent survey confirms our predictions that growth over the next few years will come from North America and Europe over the next few years.”

DEFINING INDIRECT PROCUREMENT BPO?  
While the overall indirect procurement market is much larger than NelsonHall’s estimates, the research group narrows its definition to exclude major segments such as IT outsourcing, which is an already established market. Instead, its definition of indirect procurement BPO is:

“An external service provider having responsibility for managing some or all of a client’s procurement activities for an agreed set of indirect spend categories. The contract requires the vendor to manage categories, processes, and procurement infrastructure.”


The firm also makes clear distinctions in procurement BPO from plain procurement outsourcing. It requires BPO contracts to cover more than one type of indirect spend category; it discounts e-procurement and hosted applications; no standalone sourcing services; procurement embedded within other forms on outsourcing in a single category don’t qualify, including print procurement; defense sector- managed procurement as well as consortia buying are not included; and integrated supply chain service for maintenance and repair outsourcing by industrial distributors also don’t count.


“In order to qualify under this definition, BPO contracts must involve BPO vendors taking an over all responsibility for the business process and not just applying IT or applications that facilitate the process,” she added.


What indirect procurement BPO does encompass include strategic sourcing (including spend analysis, sourcing strategy, supplier identification and selection, contract negotiations, category management); supplier management (contract and supplier management); requisition and order management (requisitions, PO issuance, inventory management, spot purchases); settlement payment and fulfillment (receiving/distribution, invoice reconciliation, payment validation/authorization, accounts payable).


Although indirect procurement BPO covers a wide range of activities, few existing contracts cover all of these areas, she said. However, as the market continues to grow and mature, more contracts with a broader scope covering myriad services are expected.

DRIVERS OF PROCUREMENT BPO
Many of the drivers propelling the broader BPO markets are also behind the procurement outsourcing phenomenon. For instance, cost reduction, process improvements, greater control, access to best practices, and freeing up internal resources are often cited by buyers of FAO and HRO as the reason for outsourcing. Beyond these foundational drivers, procurement BPO buyers also are seeking to have greater monitoring of vendors, employ the service provider as a change agent, and integrate their purchasing activities with other outsourced services.


Stormonth noted that often companies are seeking procurement outsourcing as a way to garner faster delivery of goods, improve access to specialized services, and transfer risk to the outsourcers. Additionally, reduction of capital expenditure on procurement systems—a reason often cited by other FAO and HRO buyers—is a motivator for indirect procurement BPO.


Beyond the customers’ wish list, procurement services also have expanded with provider capabilities. Stormonth said initially, many focused on bulk purchasing to leverage economies of scale, but increasingly they are looking to other ways to bring value to clients, including:


• Savings on costs of goods and service procured;


• Transformation of the procurement function across the organization;


• Process improvement, improved compliance, spend visibility and management;


• Freeing up internal resources to focus on strategic functions;


• Transformation of the back-office;


• Process standards and platform consolidation.


These and other value-added propositions have helped to draw more buyers into the procurement BPO market. In fact, according to a NelsonHall survey, 15 percent of organizations said they plan to extend outsourcing of indirect procurement by 2008.

While a variety of benefits help make outsourcing a compelling sell, in the end, hard-dollar savings are why companies of all look to BPO.


“We’re also seeing financial healthy organization expressing a desire to stay ahead of the competition in terms of their margins.”


Although procurement BPO is being adopted across all industries, a few appear especially eager to jump on the outsourcing bandwagon, according to Stormonth. These sectors include consumer product goods, industrial manufacturing and automotive, high tech and communications, financial services, and utilities. Limited niche outsourcing is also taking place in the construction field as well.


She explained that many companies outsourcing in these sectors share common challenges: a need to reduce costs while centralizing its activities. “Very often the decision to outsource aspects of procurement is part of a corporate program aimed at improving bottom-line performance,” she said.


This interest is being raised in the C-level suite, NelsonHall found. For instance, the CFO is exploring outsourcing for cost savings and control reasons, while the COO sees the benefits of process improvement.


She added that buyers often have multiple facilities within a region that operate independently. Some of these organizations are mid-market sized and lack procurement capabilities. A number of industries also already outsource some or numerous F&A and/or HR functions.

 

zwar nicht alle vom Kaliber von Goodyear, aber eine große Anzahl von den 80 schon.


Re: How ICGCommerce helps Good Year  (Not rated)      25-Oct-06 03:25 pm     Not only Goodyear:

ICG Commerce at a Glance:


- Over 80 active customers


- Sourcing expertise in more than 300 categories

- Actively managing over $5B in spend across a wide range of categories

- Most experienced procurement outsourcing provider, with dozens of long-term outsourcing customers

Internet Capital hält 79% an ICGCommerce.
 

letzten Wochen kein Abbau der extrem hohen Short-Position gelungen:

Great surprise: High short interest lasting  (Not rated)      26-Oct-06 09:57 am     October 2006
Short
Interest Percent
Change Average Daily
Share Volume Days to
Cover
ICGE Internet Capital Group, Inc. - Common Stock 3,136,996 (0.86) 263,355 11.91

The shortseller was not able, to reduce the extreme shortselling position (additional 62,8% instiutional holding).

 

heute ging es bergauf. Nur täglich noch einige Papiere zulegen und der (die?) Misepeter hat keine Chancen.
Bin zuversichtlich, irgendwann muss auch der vorsichtigste Trader bei ICGE einsteigen, schlussendlich geht es ja auch darum Geld zu verdienen und nicht nur um Berichte zu verfassen und den Brokern Gebührengeld nachzuwerfen.

in etwa so  penski  

zum Beispiel die Bekanntgabe des endgültigen Zusammenschlusses von Starcite und Onvantage:

News to Starcite will come soon  (Not rated)      27-Oct-06 05:41 am     about the merger with Onvantage:

Q&A WITH DOUG ALEXANDER ON THE STARCITE/ONVANTAGE MERGER

What are some key projections and data points for the combined company?

• Projected proforma revenues in excess of $40 million for 2006, with growth of over 40% per
year

•$5 billion of projected revenue opportunities brought to suppliers in 2006. (>50% growth from
2005).

•
2.5 million projected attendee registrations in 2006 (50% growth from 2005).

• Market penetration of approximately 3%.

• More than 400 total clients, including 135 multinational clients.

• A Global presence with offices in USA, UK, Germany, Hong Kong, Shanghai and Singapore.

• Strong customer ROI, with average customer savings between 10%-15%.

• ICG primary ownership of approximately 27%.

Can you explain the recently announced StarCite transaction?

In early August, ICG announced that its partner company, StarCite, Inc., and OnVantage, Inc. entered
into an agreement to merge. The merger will result in the largest on-demand meetings management
company in the global marketplace for meetings and events. ICG expects to own approximately 27
percent of the combined company and will designate three of the combined company's seven board seats
upon completion of the transaction. The merger is expected to close in the fourth quarter, subject to
regulatory approval and customary closing conditions.

What is the corporate meetings market?

When most people think of online travel, they think of firms such as Travelocity, Expedia and Orbitz.
These firms handle what’s known as ‘transient’ travel, which basically means “get me a plane, a hotel and
a car.” Transient travel represents about 60% of the corporate travel budget. StarCite operates in the
remaining 40% of the corporate travel budget – the corporate meetings and events space. This sector is
estimated to be about $300 billion of global combined spend for corporations per year.
Managing a corporate meeting can be a highly complex workflow process. A typical meeting might
involve getting 50 people to a location for 4 days, 9 months from now. The meeting has specific corporate
objectives that must be met and complex itineraries that must be managed, as well as agendas, business
rules, compliance and policy mandates, space requirements, entertainment, and a myriad of other details
that often have to be managed in real time, up to the actual meeting date. One StarCite client has
approximately 100,000 meeting participants per year.

What do StarCite and OnVantage do?

Over the last few years, two companies have been successfully tackling this corporate meetings
management process: OnVantage and StarCite. Historically, companies have had very little visibility into
their meeting spend, both in terms of what they are actually spending as well as how this ties into
corporate objectives and ROI. The vision of both StarCite and OnVantage is to give corporations visibility
into their spend, implement process control to enforce compliance and drive significant savings across
their enterprises, resulting in the greatest ROI for their customers. The platform helps companies manage
the process starting with planning a meeting through a structured approval process, budgeting for the
meeting, sourcing the event (including choosing a property through an RFP process), managing the
attendee registration process (including managing changes and communications up to the meeting date),
facilitating airline reservations and tracking spend during the meeting and measuring ROI after the
meeting. Without using a process like that offered by StarCite or OnVantage, each of these steps is highly
manual, if done at all.


Sentiment : Strong Buy

 

Very important from last posting:


- We believe that this merger is a classic case of the whole being greater than the sum of its parts.

- We believe that clear market leaders in on-demand markets are rewarded with premium valuation metrics. This combination creates the clear market leader in its space with very strong growth potential.

- The combined company is expected to benefit from economies of scale and create a clear choice for the 97% of the market that doesn’t currently use any solution.

- This is good for customers and suppliers and should reduce execution risk for the stockholders of the combined company.

- We believe the deal will increase the speed at which value can be created in the combined company.

- The combined company is of a size today that StarCite and OnVantage would each have taken two years to achieve at current growth rates.


 

der Nr. 1, die 26% der neuen Kontrakte gewann, IBM Global Services 24%, Accenture 16% und Ariba 15%. eine zweite Studie.

Internet Capital hält 79% an ICGCommerce.

IDC - Press Release

The Procurement BPO Wave Swells with More Players and Double-Digit Growth Through 2010, IDC Finds

08 Jun 2006

FRAMINGHAM, Mass., June 8, 2006 – According to a newly released IDC study, interest in procurement business process outsourcing (BPO) is at an all-time high as the worldwide procurement BPO market continues to grow. IDC estimates that the worldwide procurement BPO market reached $627 million in 2005, and will expand at a five year compound annual growth rate (CAGR) of 22.3% to reach $1.7 billion by 2010. The study reveals that growth in customer spending is accompanied by a more crowded and diverse competitive landscape, with more aggressive activity coming from newer entrants such as services procurement BPO providers and Indian offshore BPO providers.


"Procurement BPO is quickly coming into its own as one of the fastest-growing horizontal opportunities within the global BPO market, and has become accepted as a strategic business tool to help companies achieve competitive positioning and growth objectives," said Shruti Yadav, analyst for BPO Services at IDC. "IDC predicts a continuing trend of double-digit market growth and an increasingly diverse base of adopters. All the same, vendors need to be prepared for long sales cycles, an exacting buyer base, mounting expectations, and ever-increasing competition."


The study finds that the Americas region currently hosts the largest share of spending in the global procurement BPO market, with the U.S. driving an overwhelming majority of spending in the region. The EMEA region is the second-largest contributor of market spending, followed by Asia/Pacific.


From a vertical perspective, the majority of procurement BPO spending will continue to be driven by a few industries, such as manufacturing, financial services, retail, and utilities. In addition, the study reveals the potential for experimental adoption of procurement BPO in verticals such as non-profit and government.


"The ability to grow and sustain share in this market will depend on depth of procurement domain expertise, global presence and delivery capabilities, ability to successfully manage outsourcing relationships, and demonstration of the actual business impact of Procurement BPO," Yadav added. "Vendors should continue efforts to substantiate and quantify the business impact of procurement outsourcing to the customer as well as the broader market."


The study, Worldwide and U.S. Procurement BPO 2006 – 2010 Market Forecast and Analysis (IDC #201603), provides a five-year forecast for the worldwide and U.S procurement business process outsourcing (BPO) services market. The study identifies and quantifies the market opportunity for service providers, key demand and supply trends, and reviews 2005 and Q1 2006 deal activity influencing the market. The study also presents essential guidance and strategies for service providers in order to establish and expand their service mixes and competitive positioning.


To purchase this document, call IDC's Sales hotline at 508-988-7988 or email sales@idc.com.


About IDC

IDC is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. IDC helps IT professionals, business executives, and the investment community make fact-based decisions on technology purchases and business strategy. Over 850 IDC analysts in 50 countries provide global, regional, and local expertise on technology and industry opportunities and trends. For more than 42 years, IDC has provided strategic insights to help our clients achieve their key business objectives. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. You can learn more about IDC by visiting www.idc.com....


 

We know the important numbers of the next week quarterly report, because the change in third quarter against the second quarter wouldn't be great, if the both mergers (Starcite/Onvantage and Creditex/Credittrade) are placed in the fourth quarter.

In the second quarter we could read:

"ICG Core Partner Company Information

Set forth below is pro forma information relating to ICG’s current nine private Core companies: CreditTrade, Freeborders, ICG Commerce, Investor Force, Marketron, Metastorm, StarCite, Vcommerce and WhiteFence. Our ownership positions in these nine companies averages 48%.

Aggregate pro forma revenue of ICG’s nine private Core companies grew 12% year over year, to $55.0 million in the second quarter of 2006 from $48.9 million in the first quarter of 2005."

A part of investorforce was sold from the company, not from Internet Capital. The 10 million was a gain of investorforce. As the result, the base of revenues of 55 million in second quarter will be a little bit lower: 54 million. The annual growth rate of the revenues is about 25% - that's 6% in a quarter. Therefore I believe, we will see: Aggregate pro forma revenue of ICG’s nine private Core companies grew to $57.5 million in third quarter of 2006 from $54 million in the second quarter of 2006.

The proportional revenues of Internet Capital by the average ownership on this 57.5 million are 28 million. In the addition of the proportional revenues of nine core companies in all four quarters in 2006 will be about 110 million.

I believe, a estimate of proportional revenues in 2006 of the 9 other private hold companies of 20 million is a realistic number. Greatest numbers come from: Emptoris: 5% from 120 million revenues/estimate = 6 million, eCrecit.com: 29% from 13 million revenues/estimate = 3.8 million, Computerjobs: 46% from 8 million revenues/estimate = 3.6 million, Anthem Venture = estimate very difficult = an incubator like Internet Capital.

The result is: We will have in 2006 about 130 million proportional revenues from the 18 private hold companies.

Acutal market cap is 415 million. If we subtract the 170 million cash/securities we have 245 million market cap for the 130 million proportional revenues. That is a 1.9-times revenue - when we compare with the average of the tech-stocks in the S+P 500 of more than 6, a great undervalue.

If the 1.9-times-revenues increase to a 3-times revenues the market-cap will growth 390 million + 170 million = 560 million. The price of the share will be higher than $14.

If the 1.9-times-revenues increase to a 6-times revenues the market-cap will growth 780 million + 170 million = 950 million. The price of the share will be higher than $24.

If the 1.9-times-revenues increase to a 9-times revenues the market-cap will growth 1,170 million + 170 million = 1,340 million. The price of the share will be higher than
$34.

I believe, the fair value of today are 6-times-revenues, if we compare with public companies in the same sectors - that a fair value of $24/share. But if we see high market-caps by ipo's or take-overs of companies like Freeborders, the fair value will be higher - extremly am my third example: a fair value of 1.34 billion and a price of the share higher than $30.


Sentiment : Strong Buy

 

allein wenn ich mir ansehe, welche Kriminellen BIG SHORT da auf den US-Boards angeheuert hat - auch wenn es teilweise freiwillige Chaoten aus Deutschland sind, die im Jahre 2000 schon die deutschen Anlegern um viel Geld gebracht haben. Insofern teile ich die Meinung des nachstehenden Posters auf dem Yahoo-Board:

SHORTS ARE STARTING TO HIT  (Not rated)      9 minutes ago     TOTAL PANIC MODE!
Rate it:      
 

WATCH FOR FLANKLN VS FLANKIN  (Not rated)      30-Oct-06 03:48 pm     He is the paid basher trying to get the stock down for the big short. The big short is now in a frenzy as his position continues to ruin his life. Count how many times this short attempts to disrupt info flow. Desperation is setting in. I think Flanking is right, a bibilical size short squeeze is coming.
Rate it:        
buylow2001



 

Waiting for information about the new Creditex, the merger between Credittrade and Creditex. What we want to know, is the percentage of Internet Capital at the new company. I believe, that's more and more important, because the pace of growth get faster, when we read the newest numbers:


"By Shannon D. Harrington

Oct. 27 (Bloomberg) The total face amount of contracts outstanding worldwide more than doubled in the past year to $26 trillion, outpacing the growth of all other derivatives markets since their creation less than a decade ago, according to the International Swaps and Derivatives Association, or ISDA.

There are contracts on more than 3,000 companies in the U.S., Europe and Asia as well as indexes that seek to replicate the risk of investing in everything from emerging markets to mortgage-backed securities."

This numbers were a lot higher than the expetations.



 

Instituationals, die jetzt bei 64% angelangt sind. Das wird für die Shortseller ganz eng - ein Scheissspiel sozusagen.Holdings Summary

ICGE
Internet Capital Group, Inc. NASDAQ-GM


Institutional Holdings Description | Hide Summary



Company Details
Total Shares Out Standing (millions): 39

Market Capitalization ($ millions): $410

Institutional Ownership: 64%

Price (as of 10/27/2006) 10.49


Ownership Analysis # Of Holders Shares
Total Shares Held: 100 25,017,923

New Positions: 13 591,276

Increased Positions: 43 4,323,904

Decreased Positions: 39 3,372,534

Holders With Activity: 82 7,696,438

Sold Out Positions: 14 1,672,930



Click on the column header links to resort ascending () or descending ().


Owner Name
Select a name below for more information. Date Shares Held Change
(Shares) % Change
(Shares) Value
($1000)
GENDELL JEFFREY L 6/30/2006 3,262,780 15,470 0.48% $34,227

DIMENSIONAL FUND ADV... 9/30/2006 2,620,155 453,678 20.94% $27,485

MELLON FINANCIAL COR... 6/30/2006 2,448,037 126,971 5.47% $25,680

CAPITAL RESEARCH & M... 6/30/2006 1,890,775 1,190,775 170.11% $19,834

SCHNEIDER CAPITAL MA... 6/30/2006 1,669,092 944,800 130.44% $17,509



 

die ich aber noch genauer analysieren muss:

Internet Capital Group Announces Third Quarter Results

Wayne, PA – November 2, 2006 – Internet Capital Group, Inc. (Nasdaq: ICGE) today reported its results for the third quarter ended September 30, 2006.

Third Quarter Highlights:

Achieved strong quarterly Core company revenue growth;
Strong operating results at ICG Commerce, StarCite, and Metastorm;
Announced pending mergers of CreditTrade and StarCite with Creditex Group and OnVantage, respectively; and
Recruited two outstanding executives to fill CEO positions: Carl Guarino at ICG Commerce and Eric Danziger at WhiteFence.
“We saw strong momentum this quarter, as demonstrated by the underlying revenue growth, improved operating results and transforming M&A activity we are seeing at a number of our Core companies,” said Walter Buckley, ICG’s Chairman and Chief Executive Officer. “Specifically, the pending mergers between CreditTrade and Creditex Group and StarCite and OnVantage, represent important milestones toward growing and creating future value in these companies. In addition, as the on-demand sector continues to grow, we are building a robust pipeline of deal flow. Ultimately, we expect that this level of growth, M&A activity and deal flow will have a significant impact on value creation for ICG and its stockholders.

ICG Financial Results

ICG reported consolidated revenue of $16.6 million for the third quarter of 2006, versus $14.6 million for the 2005 period. The third quarter of 2006 included the results of three partner companies: ICG Commerce, InvestorForce and StarCite. The third quarter of 2005 included the results of four partner companies: CommerceQuest, ICG Commerce, InvestorForce and StarCite. ICG reported consolidated revenue of $47.7 million for the nine months ended September 30, 2006, versus $35.5 million for the comparable 2005 period.

ICG reported net income of $13.4 million, or $0.34 per diluted share, for the third quarter of 2006, versus net income of $87.3 million, or $1.97 per diluted share, for the 2005 period. Results for the 2006 quarter include $21.1 million in net after-tax gains, primarily related to gains from the release of the LinkShare escrow and the Investor Force database division sale, versus $100.4 million in net after-tax gains in the 2005 period, primarily from the sale of LinkShare. Additionally, results for the 2006 quarter include $1.9 million of stock-based compensation, versus $2.2 million in the prior year’s period. ICG reported net income of $0.7 million, or $0.02 per diluted share, for the nine months ended September 30, 2006, versus net income of $85.3 million, or $1.94 per diluted share, for the prior year period.

ICG’s corporate cash and short-term investment balance at September 30, 2006 was $108.6 million, excluding the $14.3 million LinkShare escrow proceeds received on October 2, 2006. Additionally, the value of its public securities was $85.1 million as of September 30, 2006.

Online versions of Q3 Release Earnings (PDF):

Internet Capital Group - Consolidated Statements of Operations
Internet Capital Group - Condensed Consolidated Balance Sheets
Internet Capital Group - 2006 Pro Forma Core Partner Company Information
Internet Capital Group - Supplemental Information - Description of Terms


ICG Core Partner Company Information

In July 2006, ICG announced that CreditTrade had entered into a merger agreement with Creditex Group. The merger is expected to close in November 2006, subject to customary closing conditions and regulatory approval. Upon the closing of the merger, ICG will acquire an ownership interest of less than 20% in the parent company, Creditex Group. Because our ownership interest in Creditex Group will be accounted for under the cost method of accounting, we have removed CreditTrade from our Core category. Set forth below is pro forma information relating to ICG’s current eight private Core companies: Freeborders, ICG Commerce, Investor Force, Marketron, Metastorm, StarCite, Vcommerce and WhiteFence. Our ownership positions in these eight companies average 51%.

Aggregate pro forma revenue of ICG’s eight private Core companies grew 29% year-over-year, to $42.2 million in the third quarter of 2006, from $32.6 million in the third quarter of 2005. Aggregate pro forma EBITDA (loss) for the Core companies improved to $(4.0) million in the third quarter of 2006 from $(6.8) million in the third quarter of 2005. Please refer to the supplemental financial data at the end of this release for a reconciliation of such amounts to the nearest comparable GAAP measures.

“We are very pleased with the growth we are seeing at a number of our companies,” said Kirk Morgan, Chief Financial Officer at ICG. “Based on this growth and the removal of CreditTrade from the Core category, we are projecting revenue growth of at least 25% for the year.”

ICG will host a webcast at 10:00 a.m. ET today to discuss results. As part of the live webcast for this call, ICG will post a slide presentation to accompany the prepared remarks. To access the webcast, go to http://www.internetcapital.com/investorinfo-preswebcast.htm and click on the link for the third quarter conference call webcast. Please log on to the website approximately ten minutes prior to the call to register and download and install any necessary audio software. The conference call is also accessible through listen-only mode at 877-407-8035. The international dial-in number is 201-689-8035.

For those unable to participate in the conference call, a replay will be available beginning November 2, 2006 at 11:00 a.m. ET until November 9, 2006 at 11:59 p.m. ET. To access the replay, dial 877-660-6853 (domestic) or 201-612-7415 (international) and enter the account code 286, followed by the conference ID number 217404. The replay and slide presentation can also be accessed on the Internet Capital Group web site at http://www.internetcapital.com/investorinfo-preswebcast.htm.


About Internet Capital Group
Internet Capital Group (www.internetcapital.com) owns and builds Internet software and services companies that drive business productivity and reduce transaction costs between firms. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of these platform companies, which are delivering software and service applications to customers worldwide.



Safe Harbor Statement under Private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future performance of our partner companies, acquisitions or dispositions of interests in additional partner companies, the effect of economic conditions generally, capital spending by customers and development of the e-commerce and information technology markets, and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.



 

 
Hier mal meine Zusammenfassung der Infos, die meiner Meinung nach ganz interessant waren.

Überblick:

- Die 8 Core Companies konnten den aggregierten Umsatz im Vergleich zum Vorjahresquartal um 29 Prozent steigern.
- ICG Commerce, Starcite, Freeborders und Metastorm hatten sehr erfolgreiche Quartale
- ICG Commerce, Starcite, Marktetron und Metastorm erzielen ein positives EBITDA

Firmen im Einzelnen:

- ICG Commercoe konnte den Umsatz im Vergleich zum Vorjahresquartal um mehr als 30 Prozent steigern
- Starcite hatte 41 Prozent mehr Registrierungen als in Q3 2005

Mergers:

- Kommt der Merger zwischen Credittrade und Creditex zustande, wird die neue Firma einen Umsatz in 2006 von mehr als 100 Millionen Dollar erzielen und in der Gewinnzone sein.
- Seit 2004 konnten die Umsätze hier jährlich um 50 Prozent gesteigert werden
- ICGE wird knapp 20 Prozent an der neuen Firma halten

- Kommt der Merger zwischen Starcite und OnVantage zustande, wird die neue Firma einen Umsatz von 40 Millionen Dollar in diesem Jahr erzielen
- Die jährliche Wachstumsrate beträgt hier 40 Prozent
- Starcite konnte die Registrierungen im Vergleich zum Vorjhar um 50 Prozent steigern und bekommt zwischen 3 und 5 Dollar pro Registrierung


Nun ein paar Anmerkungen von mir, leider war der CC sehr schlecht zu verstehen...

- Soweit ich es mitbekommen habe, rechnet man mit dem Abschluss des Credittrade-Mergers noch in diesem Jahr, mit dem von Starcite zu Beginn des nächsten Jahres
- Man hat zur Zeit 2 neue Firmen näher im Auge, ein Deal dürfte in den nächsten Wochen zustande kommen
- Slide 15 finde ich beeindruckend:

- Aggregate Revenue der Core Companies von 32,6 Millionen in 2005 auf 42,2 Millionen Dollar in 2006
- Aggregate EBITDA (Loss) von 6,8 auf 4 Millionen Dollar verbessert
- Aggregate Net Income (Loss)von 9,4 auf 6,2 Millionen Dollar verbessert

Ich finde, das kann sich alles durchaus sehen lassen. Schade, dass der Anteil von ICGE beispielsweise nach dem Credittrade-Merger nur mehr unter 20 Prozent beträgt. Trotzdem, besser als nichts ist es allemal...
Spinnt man die Zahlen ganz einfach weiter, könnten die Beteiligungen in 2 Jahren unterm Strich Break-Even erreichen.

Charttechnisch gab es heute einen schnellen Ausverkauf unter die 10 Dollar, von dem sich ICGE aber mittlerweile wieder erholt hat.
Es bleibt auf alle Fälle spannend, die Fundamentals sprechn aber meiner Meinung nach für sich.

Ich kann hier mit meinem Investment sehr gut schlafen.

Grüße an euch alle und ich hoffe, ihr denkt an die Winterreifen, wenn ich so aus dem Fenster schaue!
blb

 

Internet Capital gehören ungefähr ein Drittel der Aktien von GoIndustry, denn das ist wohl der weltweit günstigste Inernetwert - was zeigt, dass der Wert nach unten manipuliert wird. Einige werden sich noch Blackboard erinnern, die vor ca. 20 Monaten auch nur mit 50% des momenanten Kurses notieren. So wird es acuh mit GoIndustry sein, die senstionell günstig bewerten werden.

GoIndustry is dedicated to providing its clients a full range of asset sales and services. Our operating units worldwide have needs spanning from business generators, equipment experts, financial and marketing professionals, project managers, set up teams, to technology staff.


The company's mandate is to 'change the way business is done' by providing service levels never before achievable through leverage of technology, marketing, global coverage and, most importantly, an incomparable team of sector and functional experts in one firm
 

Wie zu erwarten war, hat sich weder nach 6 Monaten noch nach jetzt 11 Monaten eine Kursverdopplung bei ICGE eingestellt. Wer das völlige Versagen von Libudas Kursprognose zu ICGE vertiefen will, sollte sich mal seinen Beitrag zu ICGE vom 30.12.04 zu Gemüte führen. Auch damals hat er von Kursverdopplung (mindestens!) und mehr gesprochen. Auch nach fast 2 Jahren ein völliger Fehlschlag. Aber daran sind nur die Presse-, Analysten-, und Börsenhuren schuld. Der Shortseller, der nach Libudas Aussagen schon längst ruiniert sein sollte, muß immer noch für die traurige Kursentwicklung herhalten. Und mit Goindustry wird mal wieder versucht neue Deppen für ein sinnloses Investment zu finden.  

scheint unserem Hatschi oder Datschi oder wie immer er auch heißt ganz gehörig aufs Gemüt geschlagen zu sein, fast wie unserem BIG SHORT, für den es allerdings noch schlimmer kommt als für den Hatschi, der nur sein Auf-der-Seite stehen, um die Gewinne gekommen ist.

The short squeeze bomb has become more explosive, because BIG SHORT sold a lot of shares in days before earnings, to create a bearish technical situation. His fear was, that the good earnings will blow the share-price the new highs. But this a concept for only few days, because the more than 95% of the investors (100% of the institutionals investors, who owns more than 64% of the shares) only look at the fundamentals. But take a look on the low volume on thursday and friday - he had now chance, only BIG SHORT had sold some shares to investors. And the situation of BIG SHORT is more bad than ever.


Sentiment : Strong Buy
 
flankenking


 

Betsen Dank für Deine Analysen. Habe die letzte Woche gespannt auf ICGE geschaut. Leider ist auch bei mir keine Euphorie  ausgebrochen, aber ich mach mir überhaupt keine Sorgen um dieses Papier. Wie schon vor Wochen berichtet, kaufe ich jeweils in die regelmässigen Dellen hinein und bin damit ganz gut gefahren.
Bleibe nicht nur in NY sondern auch in Frankfurt investiert und baue die Depots gleichmässig und ständig aus.

strong buy too  

Hallo Penski, wenn Dein Depotanteil von Internet Capital nicht über das nach den Geboten der Risikostreuung sinnvolle Maß hinausgeht, ist das sicher keine schlechte Strategie.

Fair value of Internet Capital = $22/share

863 million worth is a very conserative estimate. Look at my last three postings.

worth of the percentages of 8 core companies = 493 million

worth of the percentages of 5 best of 10 other companies = 185 million

net-cash/securites = 175 million.

worth of the percentages of the 5 other companies with low worth = 10.

If you add 493 million and 185 million and 175 million and 10 million, the result = 863 million. By 39,4 million outstanding shares = $22/share.


 

Fair value of Internet Capital = $22/share  (1 Rating)      3-Nov-06 08:04 am    

First to the eight core companies. We know, that the revenues fo the 8 core companies in the third quarter was 42,2 million = about 170 million in 2006. The revenues of the 8 companies could be: ICGCommmerce 36 million, Freeborders 32 million, Metastorm 32 million, Starcite (before merger) 20 million, Marketron 20 million, Vcommerce 18 million, Whitefence 9 million, Investorforce 3 million = all together 170 million.

ICGCommerce: fair multiple 5, revenues 36 million, worth = 180 million, worth of 79% of ICGE = 142 million

Metastorm: fair multiple 4, revenue 32 million, worth 128 million, worth of 41% of ICGE = 52 million

Freeborders: fair multiple 12, revenues 32 million, worth 384 million, worth of 33% of ICGE = 108 million

Starcite (before merger): fair multiple 8, revenues 20 million, worth 160 million, worth of 61% of Internet Capital = 98 million

Marketron: fair multiple 4, revenues 20 million, worth 80 million, worth of 38% of ICGE = 30 million

VCommerce: fair multiple 4, revenues 18 million, worth 72 million, worth of 36% of ICGE = 26 million

Whitefence: fair multiple 5, revenues 9 million, worth 45 million, worth of 39% of ICGE = 18 million

Investorforce: fair multiple 8, revenues 3 million, worth 24 million, worth of 80% of ICGE = 19 million

An addition of the worth has a result of 493 million for the eight core companies.


Sentiment : Strong Buy

 

Fair value of Internet Capital = $22/share  (Not rated)       3-Nov-06 08:33 am     Worth of the 5 best of the other 10 private held companies:

Creditex: will have after the merger revenues of 110 million in 2006, fair multiple = 5, worth = 550 million, worth of 18% (estimate) of ICGE = 99 million

Emptoris: will have after the mergers revenues of 110 million in 2006 like Creditex, fair multiple = 5 too, worth = 550 million too, worth of 5% of ICGE = 28 million

Ecredit: revenues 12 million, fair multiple = 5, worth of Ecredit = 60 million, worth of 29% of ICGE = 17 million

Computerjobs: revenues 8 million, fair multiple = 4, worth of Computerjobs = 32 million, 46% of ICGE = 14 million

Anthem Venture Parnter is a incubator like Internet Capital: worth of companies = 300 million (very low estimate), 9% of ICG = 27 million.

An addition of the worth has a result of 185 million for the five best of the 10 other privat hold companies.


Sentiment : Strong Buy

 

Fair value of Internet Capital = $22/share  (Not rated)       3-Nov-06 02:20 pm     The net-cash/securities is about 175 millionh

We could read: "ICG’s corporate cash and short-term investment balance at September 30, 2006 was $108.6 million, excluding the $14.3 million LinkShare escrow proceeds received on October 2, 2006. Additionally, the value of its public securities was $85.1 million as of September 30, 2006."

When we add 108.6 million and 14.3 million and 85.1 million = 208 million.

Now we must subtract the 26 million convertible debt and litte bit more (notice over 100%).

The net-cash/securities is about 175 million, 5 million more than my estimate.


Sentiment : Strong Buy