Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

Internet Capital Group, Inc. (ICGE)

Q1 2008 Earnings Call

May 8, 2008 10:00 am ET

Executives

Walter Buckley - ICG’s Chairman and CEO

Kirk Morgan - Chief Financial Officer

Karen Green - VP of Investor Relations


Analysts

[Justin Reid] - Craig Hallum

Swanson Nate – Think Equity

[Frank Gimino] - Henry and Co

Presentation


Operator

Welcome to the Internet Capital Group first quarter 2008 results. (Operator Instructions) It is my pleasure to introduce your host Karen Green; VP of Investor Relations.

Karen Green

This is Karen Green with Investor Relations and I want to welcome you to Internet Capital Group’s first quarter conference call. I’d like to remind everyone that we are going to use presentation sides to accompany our prepared remarks toady. These slides can be found on our website at internetcapital.com. Go to the Investor Information tab and you will see an icon for our first quarter conference call. The slides can we accessed through that icon. For those of you without immediate access to our website, the conference call and presentation sides will remain on our website and be available for future reference.

On the call this morning we will be discussing certain non-GAAP financial measures. For additional information on these non-GAAP financial measures, including a reconciliation of these measures to the most comparable GAAP measures please refer to the press release we put out this morning including the attachments to the press release. The press release is also available on our website which again is internetcapital.com. To access the press release on our website go to the ICGE press release tab and select the May 8 press release. The attachments to the release can be accessed by clicking on the PDF file contained within the release itself.

Before we begin I’d like to briefly review our safe harbor language. The statements contained in our press release and the rest that we make in the conference call as well as the accompanying slide presentation that are not historical facts are forward-looking statements that involve certain risks and certainties, including but not limited to risks associated with the uncertainty of future performance of our partner companies, acquisitions or dispositions of interests in partner companies, the affect of economic conditions generally, capital spending by customers, development of the e-commerce and information technology market and other uncertainties detailed in the company filings with the Securities and Exchange Commission. These and other factors may cause actual results to different materially from those projected.

With that let me turn the call over to Walter Buckley; ICG’s Chairman and CEO.

Walter Buckley

I’ll begin by providing you with an update on ICG and discuss Q1 highlights. Kirk Morgan our Chief Financial Officer will follow with ICG’s finance results and our view of part of the company’s performance for the first quarter.

2008 got off to a solid start as both ICG and our partner companies continue to execute well against our goals during the first quarter. Listed on slide four, the main take away from the quarter; our eight co-partner companies had aggregate revenue growth of 29% in the first quarter of 2008 versus the first quarter of 2007.

We deployed approximately $27 million of capital primarily to increase ownership stake in some of our best companies and facilitate important M&A activity. Specifically, we increased our ownership stake in StarCite from 26% to 32%. We increased ownership stake in Channel Intelligence from 40% to 46% and we help facilitate Go Industry’s transformational acquisition of DoveBid.

Now turning to slides five through nine let me share some part of the company highlights from the quarter. Starting with Channel Intelligence, it was an industry leader and web based commerce solutions. CI had a great first quarter; the company added many new retailers and manufactures towards CII network which currently includes over 2000 retailers and over a 100 manufacturers across 20 countries. This program provides product level pricing and inventory availability to customers.

Channel Intelligence also added several new retailers to it’s list of customers with SellCast Retailer Solution, including Coldwater Creek, Omaha Steaks, West Marine and Partselect to name a few. Through CI Solutions the company is continuing to raise the bar for what retailers can achieve online in growing their online presence to add product sales to cost effective average hiking hedge with shopping engines and other programs and platforms.

Freeboarders, our leading provider of IT outsourcing from China had a strong first quarter signing a number of new customers including entertainment publications, lending trade, US Bank and Ticket Master. The company also expanded this relationship with SACADA, ALIAL and HSBC. Also during the quarter Freeboarders closed the sale of its product lifecycle management division or PRM to loss in software. Currently the deal we have not announced, but the sale enables Freeboarders to concentrate on its core competency of providing IT outsourcing solutions to its clients.

Finally, the company was recognized by a number of industry associations as a leading provider off shore outsourcing solutions, including Frost & Sullivan which named Freeboarders as a 2008 Chinese Outsourcing Company of the Year. ICG commerce, a leading provider; become a services provider had another good quarter and signed a significant determined BPO agreement with the Hertz Corporation in the fist quarter. Multi year, multi million dollar contract which is one of ICGE’s largest contract to date engages ICGE to manage a majority of Hertz’s indirect spend, cost of company’s North American and European locations.

ICG commerce was selected in the highly competitive process based upon the depth of expertise and their strong customer references. In addition the company expanded the relationships with several existing clients including a professional service to the company and a large software provider. ICG commerce enters the second quarter with a strong pipeline of customer prospects.

StartCite a provider of on demand and global meeting solutions continue to expand its corporate client base signing First Data Corporation, Lincoln Financial Group and Great West Life as well as one of the world’s largest consumer electronic manufacturers and a global sporting goods maker. StartCite also experienced growth in the supplier side of its business signing new contracts with Hilton, Hyatt and Kempton Hotels that will allow StartCite to provide real time rates and inventory for booking small meetings.

StartCite partnership with American Express, are in recognition in Business Week’s 50 most innovative companies list and it’s solutions for enterprise meetings management are featured in several national and procurement oriented publications.

Finally, sessile to the quarter StarCite announced that it secured $15 million in funding from current investors including ICG, TPG Ventures and Norwest Venture Partners and finally WhiteFence a leader in online service transactions for home services grew a revenue of 70% and increased new customer signings over 30% for the first quarter.

During the quarter the company signed 43 new contracts consisting of 31 new service providers and 12 new channel partners. Rights and service offerings continue to expand including the addition of Stars Premium Movie Service, new credit card offerings and several new energy companies including a higher natural gas, NStar, Accent, Comers and MX Energy. The channel partner initiatives were launched with echo start advantage resulting in a significant new flow of customers and revenue and finally the company was able to increase the commission rate received from a number of providers including several in the top five.

Now in terms of deploying capital we felt that focusing our resources in the quarter on acquiring additional stakes in our existing companies was the best use of our capital. Valuations remain high in a private side, especially when compared against public comparables and we believe the opportunity to put our capital in the businesses we know well like Go Industry, StarCite and Channel Intelligence at attractive valuations was a compelling and opportunistic use of our capital.

As a brief update on Go Industry have closed the transaction during the quarter the newly combined company is the clear international leader in the sale and valuation of used industrial machinery and equipment. Integration has gone well and the company is on track to deliver cross sales of approximately $8 million in 2008. They always have the strong sales pipeline including deals of Eli Lilly, Atlas Aluminum as well as two valuation contracts with GE commercial finance, an advisory from Alex Partners.

Economic trends are in Go Industry’s favor given that many options are conducted as a result of insolvency and the fact that business is our hungry to realize value from our used and surplus assets. As a result we believe the combined company is well position for growth in 2008 and beyond.

In addition to this activity we acquired an interesting Commerce 360, a software based search marketing company that approves paid and organic search campaigns for clients including internet retailer and fortune 1000 companies. Their technology click equation uses advanced mathematics and statistical analysis to optimize campaigns across the entire search chain that delivers campaign efficiency and performance.

 

http://seekingalpha.com/article/...c-q1-2008-earnings-call-transcript  

Procurement Outsourcing Market Redefining Itself, says Everest Research Institute
Everest Research Institute - April 9, 2008

Outsourcing of procurement functions is on a "see-saw" growth path fueled by an enhanced value proposition and strong movement towards global sourcing and offshoring, according to an Everest Research Institute study of the procurement outsourcing (PO) market. The analysts also find procurement outsourcing redefining itself with the emergence of a "phased" sourcing approach. Free whitepaper explaining Everest's updated PO market definition, in addition to standard study report.

See-Saw Growth Path

Companies signed fewer procurement outsourcing deals in 2007, a number slightly below the landmark 2006 figures; however, market growth was evident as managed, non-core PO spend crossed $50 billion (US) last year, according to the Institute’s study, Procurement Outsourcing (PO) Annual Report. The study explores and defines three key factors that are enhancing the value proposition for PO and driving market growth: expansion of existing engagements, a shifting adoption pattern away from “big bang” contracts towards more “phased-approach” engagements, and an increased focus on the operational components of procurement that appeals to a broader set of potential PO buyers.

“Procurement outsourcing is redefining itself with the emergence of a ‘phased’ sourcing approach that benefits both buyers and suppliers,” said Katrina Menzigian, Vice President, Everest Research Institute. “This phase-in approach is allowing the opportunity for testing of synergies, scaling up operations, developing industry-specific capability which, in turn, delivers better results and savings. Buyers are also able to ‘experiment’ with procurement outsourcing as they potentially migrate towards a full Source-to-Pay (S2P) strategy.”

New "Value Proposition"

The study also identifies strong movement towards global sourcing and offshoring, thereby providing buyers with new levers for addressing issues that are related to operational costs, technology management costs, and enhanced analytics, among other factors. The newly emerging PO value proposition also represents the convergence of the traditional PO value proposition around sourcing efficiencies with the traditional Finance & Accounting Outsourcing (FAO) value proposition centered upon operational effectiveness.

The top five suppliers are Accenture, IBM, Ariba, ICG Commerce, and Xchanging.
While the top five PO suppliers continue to command 75 percent of market share, PO “specialists” (such as buyingTeam, DSSI and Provade) and offshore-centric suppliers (such as Genpact, HCL, Infosys BPO and Wipro) have captured a growing number of new contracts over the past two years.

About ICGCommerce in the quarterly report

ICG commerce, a leading provider; become a services provider had another good quarter and signed a significant determined BPO agreement with the Hertz Corporation in the fist quarter. Multi year, multi million dollar contract which is one of ICGE’s largest contract to date engages ICGE to manage a majority of Hertz’s indirect spend, cost of company’s North American and European locations.

ICG commerce was selected in the highly competitive process based upon the depth of expertise and their strong customer references. In addition the company expanded the relationships with several existing clients including a professional service to the company and a large software provider. ICG commerce enters the second quarter with a strong pipeline of customer prospects.  
 

oder vielleicht sogar mehr, könnt Ihr bei Google erklicken, wenn Ihr "Creditex sale will set record" eingebt. Das lässt sich leider nicht kopieren, sodass ich Euch das auf diesem Umweg präsentieren will.

Go to Google with     28-May-08 12:17 pm     Creditex sale will set record


Sentiment : Strong Buy
Rating :
(No ratings) flankenking


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  Re: Go to Google with     28-May-08 12:20 pm     About Creditex in the quarterly report

Again as a remind the core company information excludes Credit Ex which is reflected as another holding given that we own less than 20% of the outstanding equity of Credit Ex.

I need to again provide some color around our holdings in Credit Ex. Credit Ex continues to benefit from the market volatility related to sub-prime issues generally increasing credit derivative activity in the market. Additionally, according to the International Swaps and Derivatives Association with no shown amount outstanding, our credit default swaps grew at an annual rate of 81% to over $62 trillion at the end of 2007. The effect on Credit Ex continues to be quite positive; growing volume, increased transaction size, our broadening market base and record revenue for the quarter.

We believe this Credit Ex continuous to execute in the market for credit derivatives continuous to grow, Credit Ex is creating significant value to ICG.


Sentiment : Strong Buy

 

Scheich Badir al-Saad, Chef der Kuweit Investment Authority (Herr über 875 Milliarden): "Wir glauben an Zyklen in der Wirtschaft und bei Währungen. Ein Euro von 1,60 zum Dollar wird nicht nachhaltig sein. Deshalb wollen wir derzeit eigentlich nicht in Europa investieren - es sei denn, es gibt echte tiefe und atrraktive Preise."

Libuda sieht das mit der Asset Allocation ählich.  
 

Last exact numbers we heard from Creditex for 2006. After the merger with Credittrade in 2006, they reported from revenues of about 135 million in 2006, a grwoth-rate of revenues of about 50% in each year from 2004-2006 and profitabilty. After the strong growth in 2007 and 2008 the revenues in 2008 will be about a quarter billion and the net-income must explode, because most of the costs are constant. That means: Most of the additonal revenues in 2007 and 2008 was additional net income. My estimate of the net-income of Creditex in 2008 is 80-90 million.  

Das vorstehende Posting war dort ebensowenig anbringbar, wie die nachstehende abgewandelte zweite Version:

Base of estimate of a net income of 80 million in 2008: In 2006 Creditex reported in a statement by the merger with Credittrade from a revenues of 135 million, a net income and growth-rates of 50% in every year from 2004-2006.

Revenues in 2008 will be after the strong growth in the last both year a quarter billion. The costs are most constant and therefore the greastest part of the growthing revenues are an increase of the net-income.

Das war heute nicht das erste Mal, dass positive Postings zu Internet Captial nicht platziert werden konnten. Offensichtlich liest dort im Vorfeld jemand permanent mit - und dieser Webmaster scheint sich im Jahr 2000 kräftig verzockt zu haben. Wenn das nicht nur so scheint, sondern auch so ist, dass da jemand allen negativen Unsinn zulässt und positive Postings fernhält, ist das ein Fall für die SEC und die zuständige Presseaufsicht.  

Monetization will come, I am sure     29-May-08 01:57 pm     Swanson Nate – Think Equity

In terms of monetization, no change to your guidance. Continue to expect to monetization this year?

Walter Buckley

Yes that’s correct.

Operator

Your next question comes from Frank Gemino - Henley & Co.

Frank Gemino - Henley & Co.

Buck, in the area of monetization we are on target for the two hopefully this year, but how much is the market conditions affecting that, you see any problems?

Walter Buckley

You never know, but I think that the businesses we have and the companies that are sort of in the mature category they are all experiencing very good revenue growth. I think they are really emerging as leaders in their markets and creating value, so from our prospective we think as we said it, we will have two monetization events unless the world really deteriorates from here and at valuations that we feel are fair or favorable and remember a couple of businesses actually benefit from this Credit Ex and Go specifically. So that said if we don’t get companies of these kind of -- valuated at levels that we are comfortable with, we are not going to -- we don’t feel we need to do anything, but to think to do a monetization. With that said I think today where we see things that we still believe we will see to monetization this year at attractive valuations.


 

http://www.commerce360.com/

Internet Capital hält 30% an Commerce360.  

dass neben den schon sehr hohen offiziellen Shortselling-Zahlen von 10% gigantisches Nacktes Shorten existieren muss, das durchaus noch einmal 20% und mehr der ausstehenden Aktien betragen kann. Das Glück der nicht legalen nackten Shortseller, die ohne Wertpapierleihe agieren, ist bisher, dass die SEC keinerlei Kontrollen durchführt.

Obwohl sie das könnte, aber sie will offenbar nicht, da die Bush-Krieger mit dieser kriminellen Mafia eng verbandelt sind. Schließlich hatte Bush selber und sein Vize Cheney erst recht mit Wertpapiergeschäften erheblichen Dreck am Stecken. In der Nach-Bush-Ära, ob nun republikanisch oder demokratisch, wird die Tolerierung von Gesetzesverstößen bei kriminellen Aktiengeschäften ein Ende haben. Und jeder neue Tag ist ein Tag weniger, an dem die SEC die Kriminellen toleriert.

"Manipulation     2 minutes ago     seems the shorts have built a rather large short position in and around this level. The shorts meaningless bantor is usually followed by some more irrational supply. naked shorting is still illegal and one day the sec will enforce the law. Until then you can get some interesting facts from flank. Flank provides information and that seems to irritate most of the bashers."  
 

deutschsprachige Stimme an eine Empfehlung von Internet Capital heran und schreibt im Grunde das, was Libuda schon seit Jahren schreibt und eigentlich für jeden der keine Tomaten auf den Augen hat erkennbar ist:

"Aktie mit viel Luft nach oben

Der Börsenwert von ICG ist durch die genannten vier Beteiligungen (Metastorm, ICGCommerce, Blackboard und GoIndustry) und die vorhandenenen Barreserven komplett abgedeckt. Den Rest (32% an Freeborders, 48% an VCommerce, 33% an Starcite, 15% an Creditex, 36% an Channelintelligence, 35% an Whitefence, 9% an Anthem Venture, 5% an Emptoris, 80% an Investorforce, 30% an Commerce360 u.a) gibt es umsonst. Für risikofreudige Anleger sind Aktien auf dem aktuellen Niveau ein klarer Kauf."

Bis auf einen Punkt stimme ich der Argumentation auch von den Zahlen her zu. Aus meiner Sicht ist die Aktie nicht nur für risikofreudige Anleger geeignet, sondern auch für konserative: durch Streuung auf viele Beteiligungen, die extreme niedrige Bewertung, Schuldenfreiheit und hohe Kassen-/Wertpapierbestände. Ein Vergleich mit der Situation vor acht Jahren ist daher nicht möglich, denn bei einem hochgezockten Kurs von sage und schreibe 4,280 war die Aktie ein gigantisches Risiko aber nicht bei einem Kurs, der ein Vierhunderstel des ehemaligen Höchsstandes beträgt, obwohl die heutige fundamentale Lage wesentlich besser ist als die damalige.  

Nun werden eingie fragen, warum der Kurs nicht noch stärker ansteigt als zuletzt. Die Antwort konnte man gestern in der letzten Viertelstunde erkennen. Ein shorter Investor oder mehrere, die zusammenarbeiten, haben vermutlich über die offiziellen schon sehr hohen Shortselling-Zahlen zusätzlich gigantische Mengen nackt geshortet und hoffen immer noch auf ein Wunder (z.B. ein generellen Kurssturz in den USA), damit sie eindecken können. Aber sie reiten sich immer tiefer in die Scheisse und der Shortsquezze wird um so heftiger ausfallen.

 

Übersehen hat der Autor der Analyse im Aktionär, die ansonsten weitgehend ordentlich gemacht wurde, die Nichtkernbeteiligung Creditex - er hat sich nur auf die sogenannten Kernbeteiligungen konzentriert. Die Bezeichnung Kernbeteiligung besagt aber lediglich, dass bei diesen Beteiligungen der Prozentsatz der Beteiligung von Internet Capital besonders hoch liegt. Bei Creditex hält Internet Capital aber nur 15% auf - daher tauchen die nicht bei Kernbeteiligungen. Trotzzdem dürfte Creditex die wertvollste Beteiligung sein oder zumindest zu den drei wertvollsten Beteiligungen, die für mich die 15% an Creditex, die 65% an ICGCommerce und die 32% an Freeborders sind, gehören.

Die Deutsche Börse hat vor einigen Monaten für 2,8 Milliarden Dollar die US-Terminbörse ISE gekauft, die in 2008 den gleichen Umsatz habe dürfte wie Creditex - nur wächst Creditex schneller. Entgegen den ersten Annahmen hat Creditex durch die Ereignisse auf den Kreditmärkten keine Nachteile, sondern das Umgekehrte hat sich herausgestellt: Die Umstäze sind 2007 und 2008 regelrecht explodiert und die Gewinne wohl noch stärker, denn die meisten Kosten sind fixe Kosten, sodass steigende Erlöse weitgehend steigende Gewinne sind. In 2006 waren sie bei Umsätzen von 135 Millionen schon dick in der Gewinnzone, sodass in 2008 bei Umsätzen von einer Vierelmilliarde der Gewinn bei 80 bis 100 Millionen liegen dürfte.

 

Der Aktionär schreibt dazu: "Der bevorstehende Börsengang des Softwareentwicklers Metastorm könnte der Aktie von Internet Capital neues Leben einhauchen. Der Softwareentwickler, an dem ICG 32% der Anteile hält, ist auf dem Sprung auf das Börsenparkett. Nach der Platzierung könnte Metastorm eine Marktkapitalisierung von bis zu 350 Millionen haben (sechsfacher Umsatz von 2007) erreichen - allein der Anteil von ICG an Metastorm entspräche in diesem Fall 115 Millionen."

Dass der IPO von Metastorm den Kurs nach oben ziehen wird ist unvermeidlich. Zwar können es etwas weniger als die 115 Millionen werden, denn durch den IPO in Form einer Neuausgabe von Aktien dürfte sich der Anteil von Internet Capital auf ca. 25% verringern und beim jetzigen Börseumfeld vielleicht auch nur 100 Millionen wert sein, aber Metastorm ist auch nur die fünfwertvollste Beteiligung von Internet Capital. Die 15% an Creditex können durchaus 300 Millionen wert sein, die 65% an ICGCommerce sind 180-200 Millionen wert, die 32% an Freeborders mindestens 150 Millionen und die 33% an Starcite 110 Millionen. Zusammen mit 130 Millionen Csah und Wertpapiere (Papiere von Blackboard und Goindustry) und einem Wert der restlichen Beteiligungen von ca. 200 Millionen ergibt sich ein Fair Value von 1,1 bis 1,2 Milliarden - ein Verdreifachungspotenzial für die Kurse.  

für einzelne Beteiligungen:

Investorforce > 20%

ICGCommerce = 30%

Vcommerce = 43%

Channelintelligence > 20%

Whitefence = 90%

Freeborders = 100%

Metastorm = 43%

Starcite = 36%


Ich weiss nicht, wo die diese Zahlen her haben, aber so ungefähr könnten sie stimmen - auch wenn sie mir in bestimmten Einzelfällen etwas zu hoch erscheinen. Aber selbst wenn sie im Schnitt 5%-10% niedriger liegen sollten, sind da exzellente Zahlen, die sich im Kurs auch nicht ansatzweise widerspiegeln.

 

dessen IPO nach dem S1-Filing jetzt jeden Tag über die Bühne gehen kann.

http://www.metastorm.com/library/reports/...etastorm_BPMS_Profile.pdf  

Es dauert 51 Minuten zeigt aber eindringlich, mit welchen kriminellen Methoden
Anleger abgezockt werden...

http://www.netcastdaily.com/broadcast/fsn2008-0531-3b.mp3  

http://www.canada.com/vancouversun/columnists/...c32-c732035c2947&p=1
 

About monetizations in the last quarterly report    

Swanson Nate – Think Equity

In terms of monetization, no change to your guidance. Continue to expect to monetization this year?

Walter Buckley

Yes that’s correct.

Operator

Your next question comes from Frank Gemino - Henley & Co.

Frank Gemino - Henley & Co.

Buck, in the area of monetization we are on target for the two hopefully this year, but how much is the market conditions affecting that, you see any problems?

Walter Buckley

You never know, but I think that the businesses we have and the companies that are sort of in the mature category they are all experiencing very good revenue growth. I think they are really emerging as leaders in their markets and creating value, so from our prospective we think as we said it, we will have two monetization events unless the world really deteriorates from here and at valuations that we feel are fair or favorable and remember a couple of businesses actually benefit from this Credit Ex and Go specifically. So that said if we don’t get companies of these kind of -- valuated at levels that we are comfortable with, we are not going to -- we don’t feel we need to do anything, but to think to do a monetization. With that said I think today where we see things that we still believe we will see to monetization this year at attractive valuations.


 

ICG Announces Execution of Merger Agreement between Creditex and IntercontinentalExchange
Tuesday June 3, 8:30 am ET


WAYNE, Pa.--(BUSINESS WIRE)--Internet Capital Group, Inc. (Nasdaq: ICGE - News) today announced that its partner company, Creditex Group Inc., has entered into a definitive merger agreement under which it will be acquired by IntercontinentalExchange, Inc. (NYSE: ICE - News), a leading operator of global derivatives exchanges and over-the-counter (OTC) markets. The closing of the transaction is subject to a number of conditions and is expected to occur during the late third quarter of 2008.


The total purchase price to be paid to Creditex stockholders in the merger is $625 million, plus a working capital adjustment to be finalized at closing. ICG will receive its portion of the purchase price, which is expected to be approximately $85 million, in shares of ICE common stock. The value of the merger consideration received by ICG may fluctuate based on the price of ICE’s stock. The historical carrying value of ICG’s ownership stake in Creditex, which it acquired in November 2006, is approximately $25 million. ICG does not expect any income tax expense associated with this transaction.

“This merger is a testament to the strength of Creditex’s brand and dedicated team, and it provides significant value to ICG and its stockholders,” said Doug Alexander, Managing Director at Internet Capital Group. “We are proud of our success with Creditex. We see this event as a prime demonstration of ICG’s ability to acquire good companies, build them into market leaders and capture the value ultimately created.”

Creditex is a credit market leader and innovator in the execution and processing of credit default swaps (CDS) with markets spanning the US, Europe and Asia. Creditex is prominent in the most liquid segments of the CDS market, including CDS indexes, single-names and standardized tranches.

About Internet Capital Group

Internet Capital Group (www.internetcapital.com) acquires and builds Internet software 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 on-demand software and service applications to customers worldwide.

About IntercontinentalExchange

IntercontinentalExchange® (NYSE: ICE - News) is a leading operator of global exchanges and over-the-counter (OTC) markets. ICE offers futures and OTC markets on a single trading platform, including markets for crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities and financial products such as canola, cocoa, coffee, cotton, ethanol, orange juice, wood pulp, sugar, foreign currency and equity index futures and options. ICE® conducts its energy futures markets, including the leading oil benchmark contracts, through its London-based exchange, ICE Futures EuropeTM. ICE conducts its global agricultural commodity, foreign exchange and equity index futures markets through its U.S. and Canadian exchanges, ICE Futures U.S.TM and ICE Futures CanadaTM, and offers clearing services through ICE Clear U.S.TM and ICE Clear CanadaTM. ICE’s state-of-the-art electronic trading platform serves market participants in more than 55 countries. ICE is included in the Russell 1000® Index and the S&P 500 Index. Headquartered in Atlanta, ICE has offices in Calgary, Chicago, Houston, London, New York, Singapore and Winnipeg. For more information, please visit www.theice.com.

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 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.



Contact:
Internet Capital Group
Karen Greene, 610-727-6900
ir@internetcapital.com

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Source: Internet Capital Group


gruß
MadX  

nicht gedacht. 85 Millionen sind zwar weniger als ich erhofft habe, aber viel mehr als bisher vom Kurs reflektiert wurden und auch nach dem heutigen Anstieg reflektiert werden.

Hier die Darstellung aus der Sicht des Käufers von Creditex:

IntercontinentalExchange Announces Acquisition of Creditex Group Inc.

Submitted by Newswire on 3 June 2008 - 7:33am.

ATLANTA, June 3 /PRNewswire/ --

- **Transaction Brings Together Innovators in OTC Products and Services**

- **Ground-breaking Combination Best Positioned to Address Calls for Enhanced CDS Processing Scale and Services**

- **Investor Call and Presentation Scheduled for 9 A.M. ET**

IntercontinentalExchange (NYSE: ICE), a leading operator of global derivatives exchanges and over-the-counter (OTC) markets, today announced that it has entered into a definitive merger agreement to acquire Creditex Group Inc. (Creditex), a credit market leader and innovator in the execution and processing of credit default swaps (CDS) with markets spanning the U.S., Europe and Asia. Creditex is a leader in the most liquid segments of the CDS market including CDS indexes, single-names and standardized tranches.

The transaction consideration will total US$625 million comprising approximately US$565 million in ICE common stock and US$60 million in cash, as well as a working capital adjustment to be finalized at closing. Approximately US$50 million of the cash component is intended to provide some liquidity to employees that hold Creditex stock, and the remaining cash will be provided to unaccredited Creditex shareholders in lieu of shares of ICE common stock. Upon the closing of the transaction, expected during late third quarter 2008, Creditex Group will be a wholly-owned subsidiary of ICE, operating under the Creditex name.

"We are pleased to announce this exciting strategic combination and for the opportunity to serve the interdealer CDS market by joining with an established market leader," said ICE's Chairman and CEO Jeffrey C. Sprecher. "We believe that together we can meet the demand for enhanced operational and risk management tools required by dealers and their clients today. The credit derivatives sector is one of the largest segments of the OTC market, and we expect that the highly regarded team at Creditex will continue to lead with innovative solutions to ensure that liquidity and risk management tools evolve with these markets."

"We are very excited about this transaction and look forward to the opportunities ahead in strengthening our position as a leader in CDS by partnering with ICE," said Creditex's Chairman and CEO Sunil Hirani. "Our companies have common origins in supporting dealers by providing the key infrastructure required to grow their businesses. ICE clearly represents the best fit in terms of innovation, global relationships and a culture of growth, as well as having the complementary ability to meet the execution and processing needs of our dealer clients in the fast-growing CDS markets. Creditex's products and services, together with ICE's management team, range of OTC expertise, and post-trade infrastructure, will enhance our CDS offering to best meet the needs of our clients in this expanding marketplace."

The transaction is expected to be accretive in 12 to 18 months from closing. Based on recent results and expected synergies, the transaction would yield US$9 million to US$14 million in total pretax synergies in 2009, comprising incremental revenues and expenses.

In addition to accretion and synergies, the transaction benefits are expected to include:

-- Revenue growth and diversification: ICE will offer OTC execution services to the US$60 trillion market for credit derivatives, which is one of the largest and fastest growing OTC markets today. As a leading CDS execution platform, Creditex employs a hybrid model that combines a leading brokerage team with a liquid electronic CDS platform. ICE will benefit from Creditex's strong revenue growth as well as from the diversification of ICE revenues into the CDS markets. -- Expansion into new OTC markets: ICE sees significant additional opportunities for expansion of Creditex's successful OTC trading model to other interdealer OTC markets beyond credit derivatives. Creditex's technology platform already supports a range of OTC asset classes and its proprietary block-trading technology can be applied to other markets where dealers require efficient, anonymous execution in large notional amounts. -- Addresses calls for improved OTC infrastructure: This combination positions the company to help address recent calls by the Operations Management Group (OMG), the President's Working Group, U.S. Treasury Secretary Henry Paulson and industry participants for improvements in the operational infrastructure of the OTC markets. In the credit derivatives space, ICE's significant post-trade assets will provide additional resources to expand the already widely adopted T-Zero platform. The transaction combines expertise from both T-Zero and ICE's successful eConfirm energy processing platform, positioning ICE to provide the robust, cross-asset class processing services needed for market scalability. -- Revenue and expense synergies: The acquisition is expected to facilitate continued growth in the popular CDS products, combine two significant post-trade service offerings and leverage Creditex's expertise in successful product development for the CDS market. The companies have identified expense synergies in a number of operational areas and expect incremental revenue synergies through new product and services offerings.

Agreement Terms and Company Structure

Under terms of the merger agreement, Creditex will become a wholly-owned subsidiary of ICE. ICE has invited senior Creditex management to continue with the combined company. ICE expects to finance the cash portion of the merger consideration with cash on hand. The number of shares of ICE common stock expected to be issued pursuant to the merger agreement will represent approximately 6% of the issued and outstanding share capital of ICE following the consummation of the merger. ICE has agreed to file a registration statement to allow non-employee stockholders to resell the shares of ICE common stock they receive in the merger.

The transaction is subject to the receipt of required government approvals, including the expiration of the applicable Hart-Scott-Rodino waiting period, the receipt of U.K. Financial Services Authority (FSA) approval and other regulatory approvals. Evercore Group L.L.C. was the exclusive financial advisor and Goodwin Procter LLP served as the legal advisor to Creditex. Morgan Stanley advised ICE on the transaction and Sullivan & Cromwell LLP served as ICE's legal advisor.

Creditex operates a hybrid model of voice and electronic execution, and was the first to successfully launch electronic trading for CDS in 2004. Creditex has maintained its leadership position in electronic trading and successfully launched several anonymous electronic execution products, such as VolumeClearing(TM), in North America, Europe and Asia. Creditex also acts as official co-administrator of cash settlement auctions sponsored by the International Swaps and Derivatives Association (ISDA), which are used to settle CDS contracts in connection with defaults. In addition to its core execution business, Creditex has two operating subsidiaries, T-Zero and Q-WIXX, which provide additional electronic processing and execution services in the CDS space.

T-Zero is the most widely adopted electronic affirmation platform for credit derivatives, with support from 17 dealers, 10 prime brokers and 196 buy-side participants. It offers two core products: straight-through-processing (STP) services for the interdealer market and trade affirmation services for the dealer-client market. T-Zero's affirmation platform includes its innovative GoldSync+(TM) and Novations+(TM) functionality, which are designed to meet industry targets set by the OMG and are compatible with the Depository Trust Clearing Corporation's confirmations platform. The OMG comprises ISDA members, dealers and buy-side participants, with the goal of finding solutions for addressing CDS processing issues.

Q-WIXX is an electronic dealer-client list execution platform, with support from 11 major credit derivative dealers and several of the world's largest hedge funds. The innovative platform was recently launched in partnership with major dealers to provide electronic OTC execution of large single-name CDS lists, a process that is typically time-consuming and prone to significant operational risk using traditional execution methods.

There will be an analyst and investor conference call conducted by management teams of both ICE and Creditex to discuss the transaction, today at 9:00 a.m. ET that will conclude no later than market open. A live audio Webcast of the call with accompanying presentation slides will be available on the Investor Relations section of ICE's website at http://ir.theice.com/events.cfm. A call-in number is also available: Domestic +1-866-362-4666, International +1-617-597-5313; Passcode 12463282. A replay of the call will also be available starting at 11:00 a.m.: Domestic +1-866-286-8010, International +1-617-801-6888; Passcode 80190215.

About IntercontinentalExchange

IntercontinentalExchange(R) (NYSE: ICE) is a leading operator of global exchanges and over-the-counter (OTC) markets. ICE offers futures and OTC markets on a single trading platform, including markets for crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities and financial products such as canola, cocoa, coffee, cotton, ethanol, orange juice, wood pulp, sugar, foreign currency and equity index futures and options. ICE(R) conducts its energy futures markets, including the leading oil benchmark contracts, through its London-based exchange, ICE Futures Europe(TM). ICE conducts its global agricultural commodity, foreign exchange and equity index futures markets through its U.S. and Canadian exchanges, ICE Futures U.S.(TM) and ICE Futures Canada(TM), and offers clearing services through ICE Clear U.S.(TM) and ICE Clear Canada(TM). ICE's state-of-the-art electronic trading platform serves market participants in more than 55 countries. ICE is included in the Russell 1000(R) Index and the S&P 500 Index. Headquartered in Atlanta, ICE has offices in Calgary, Chicago, Houston, London, New York, Singapore and Winnipeg. For more information, please visit www.theice.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange's business and the combination with Creditex Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties. The following factors, among others, could cause actual results to differ from those as set forth in the forward-looking statements: the ability to obtain governmental approvals and rulings on or regarding the transaction on the proposed terms and schedule; the risk that the businesses will not be integrated successfully; the risk that the revenue opportunities, cost savings and other anticipated synergies from the merger may not be fully realized or may take longer to realize than expected; disruption from the merger making it difficult to maintain relationships with customers, employees or suppliers; competition and its effect on pricing, spending and third-party relationships and revenues; regulatory changes or new interpretations of existing regulations could negatively impact the business, social and political conditions such as war, political unrest or terrorism; general economic conditions and normal business uncertainty. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2007, as filed with the SEC on February 13, 2008.

 

nach wir vor eklatant und man sollte den Shortsellern die Aktien abkaufen, denn sie haben keine Chancen gegen die extrem guten Fundamentals.

What does a market-cap of 410 million of today reflecting?      3-Jun-08 11:14 am     First we must subtract 215 million in cash and securieties (shares of Blackboard and GoIndustry and now 85 million of ICE) = 195 million for all the private hold companies together:

That are for example in the average only 35 million for each company of the BIG FOUR (65% of ICGCommerce, 33% of Starcite, 32% of Freeborders and 32% of Metastorm) = 140 million and in the average only 8 million for each company of the NEXT SEVEN (48% of Channelintelligence, 46% of VCommerce, 30% of Commerce360, 35% of Whitefence, 80% of Investorforce, 9% of Anthem Venture and 5% of Emptoris.

But the worth of the companies of the BIG FOUR and the NEXT SEVEN is the 3-fold.  
 

And the next monetization is on the way      4-Jun-08 04:37 am     May 15, 2008

Metastorm IPO signals BPM market growth spurt, provides proof points to your management
I usually leave my investment research to my own web site (there’s a link over to the right somewhere) but the May 14 announcement that Metastorm is going public is important to business process management (BPM) users as well as investors.

Metastorm is not the typical initial public offering (IPO) in that Metastorm itself is over 30% owned by another public company, the Internet Capital Group (ICGE). But the offering still serves the purpose of legitimizing the market for those of you who are arguing with your boss about whether BPM is legitimately a separate software function or just a part of an ERP suite (as I discussed here).

And the offering also gives us analysts a sanity check on market sizing estimates. I estimate there was about $2.5 billion spent on BPM software and services in 2007. This is roughly consistent with the Gartner estimate provided in the Metastorm S-1 that the market will grow to over $5 billion in 2011, with a 2006-2011 compounded annual growth rate of 24%. Sizing the BPM market is particularly difficult because most of your BPM market choices (and my estimating data points) come from companies that also have other product lines. That group includes Adobe, AT&T/Sterling Commerce, Autonomy/Verity/Cardiff/Dralasoft, Axway/Cyclone, BMC/Remedy, DST Systems, EMC/Documentum, Fujitsu, Global 360, GXS, Handysoft, IBM/Filenet, IDS/Scheer, Microsoft, Oracle/BEA/Collaxa/Fuego, Pegasystems, Red Hat/JBoss, SoftwareAG/webMethods, SAP, Sun/SeeBeyond, TIBCO/Staffware, TSA/ACI, Vignette, Vitria and W4/Akazi. These companies either do not report BPM as a separate business segment because it is still a minor part of their revenue under SEC (or equivalent) regulations or they do not report their revenue at all because they are private companies.

That leaves Appian, Cordys, Intalio, Lombardi, Mega, Metastorm, Savvion, Ultimus and a few others as “pureplays.” In fact, even Metastorm does not identify itself solely as a BPM provider in its SEC S-1 filing. NOTE: I do not recognize “pureplay” as a separate market research segment and don’t think you should consider pureplay as a feature when looking at BPM (or any other software) choices. There is no reason why a company that only offers BPM should have a better BPM product than one that offers multiple types of software.

But publicly traded pureplays sure make market sizing easier. Metastorm’s S-1 indicates that it did about $40 million in revenue in 2006 (as I had estimated) growing to close to $60 million in 2007 (my 2007 research on the BPM market size is not completed). The S-1 numbers are probably not backcast for 2006/2007 acquisitions (because that is not required under Generally Accepted Accounting Principles) so the growth rate is not quite as high as advertised but still appears to outstrip the market’s. Metastorm has a reasonable presence (30% of revenue) outside the United States, which is important in convincing the boss that it can grow with your company. The products appear to be particularly popular in the government sector, which accounted for 26% of Metastorm’s business in 2007

Along with legitimizing that there is a separate BPM market (after years of acquisition of BPM players by larger ERP software suppliers), market sizing estimates are another proof point for you to take to the boss.

-- Dennis Byron


 

Libuda:
"Internet Capital owns 15% of Creditex = 420 million"

Und jetzt haben die gerade mal 85 Mio. dafür bekommen !

Das meinte ich, Libuda,
daß Du keine 3,4 oder 5 KUV's anwenden darfst !
Deswegen kommt die Aktie nicht hoch !

Mit Intershop kann man mehr Geld verdienen,
wenn man sie jetzt zu 2,65 € ins Depot legt,
denn da gibt es bald ein einstelliges KGV !!!  

mit seiner unseriösen Popelfirma Intershop.

Besonders dreist ist seine Geschichte zu Creditex. Wir ihr der nachstehenden Information entnehmen könnt, flossen die die größeren Beteiligungen und fließen immer noch mit ganzen 35 Millionen in den Aktienkurs ein - der Erlöse bei Creditex liegt aber bei 85 Millionen.

What does a market-cap of 410 million of today reflecting?      3-Jun-08 11:14 am     First we must subtract 215 million in cash and securieties (shares of Blackboard and GoIndustry and now 85 million of ICE) = 195 million for all the private hold companies together:

That are for example in the average only 35 million for each company of the BIG FOUR (65% of ICGCommerce, 33% of Starcite, 32% of Freeborders and 32% of Metastorm) = 140 million and in the average only 8 million for each company of the NEXT SEVEN (48% of Channelintelligence, 46% of VCommerce, 30% of Commerce360, 35% of Whitefence, 80% of Investorforce, 9% of Anthem Venture and 5% of Emptoris.

But the worth of the companies of the BIG FOUR and the NEXT SEVEN is the 3-fold.

Besonders dreist finde ich den Vergleich eines hochspekulativen Zockerwerts wie Intershop mti einer soliden Anlage wie Internet Capital, wo wie ein breite Streung der Risiken haben, Schuldenfreiheit und mit 220 Millionen Cash/Wertpapiere schon weit mehr als 50% der Marktkapitalisierung abgedeckt sind. Firmen von so mieser Qualität wie Intershop sind bei Internet Capital gar nicht im Portfilio.

Macht den Vergleichstest:

www.icgcommerce.com

Internet Capital hält 65%.

www.starcite.com

Internet Capital hält 33%.

www.metastorm.com

Internet Capital hält 32%.

www.freeborders.com

Internet Capital hält 32%.

www.channelintelligence.com

Internet Capital hält 48%

www.whitefence.com.

Internet Capital hält 35%.

www.commerce360.com

Internet Capital hält 30%

www.emptoris.com

Internet Capital hält 5%.

www.anthemvp.com

Internet Capital hält 9%

and other additonal companies.

Internet Capital hält 35%