Accoona Launching IPO, Concerned?
Unlike in 1999, you don’t hear a lot about the gold rush of IPOs these days. On occassion one comes to light in online media, but for the most part bringing a company private is more practical due to the frustration and cost of the Sarbanes Oxley laws. However the recent IPO announcement of Accoona has brought interest and skepticism.
Accoona is defined as a search, lead generation and e-commerce company. As revealed in its filing it has lost approximately $80 million over the past three years with annual revenues in excess of $150 Million. For the three months ended March 31, Accoona reported a loss of $14.8 million, compared with a loss of $5.5 million the same period a year earlier. Revenue for the quarter rose to $37.5 million from $23 million the year-ago period.
As reported in VC Ratings, company co-founder Mr. Rousso and stockholder has raised some eyebrows from the S-1 filing. These are quotes from the S-1 filing:
- “In 1999, in the case titled The Government v. Rousso and Laroze, Mr. Rousso [company co-founder and stockholder] was convicted in France of, inter alia, securities fraud, and as part of the proceeding he was credited with time served and fined 120,000 euros.”
- On November 1, 2004, we entered into a Consulting Agreement with SPBD (a company wholly owned by Mr. Rousso, who is a co-founder and a substantial stockholder of ours). The agreement, which was subsequently amended on March 15, 2005, September 1, 2005, December 31, 2005; and August 4, 2006, is for strategic planning and business development services,
- On May 29, 2007, we entered into a Consulting Agreement with Kosai International Limited (“Kosai”). Jean-Gabriel Ture, a member of our Board, holds a 30% interest in Kosai and has served as one of Kosai’s director since 2004… We currently pay Kosai on a daily basis at the rate of $1,113 per day.
- Mr. Pfeiffer [former Compaq CEO who had been chairman of Accoona since 2004] resigned as a member of the board of directors in March 2007.
To date, substantially all of Accoona’s revenue has come from its e-commerce business in North America with a concentration in Appliances. The surprising point noted in the filing is that Accoona has no venture funding.
Reader Comments.
Accoona Mantada!
- Pingback from Search Engine Accoona Looking To Go Public - internalmi6.com - technology news xbox 360 ps3 software hardware unix windows
- Pingback from » Search Engine Accoona Looking To Go Public
Leave a Comment
Article Sponsor
More News
Latest News
- Readers weigh in on ATT, ad networks and the iPhone July 2nd 2009 ADOTAS — In our weekly poll, readers overwhelmingly said that [...] more »
- Hiring, promotions, location, partnerships and product news July 2nd 2009 ADOTAS — Internet Oldtimers Foundation, Jumptap, eXelate, Kampyle, The Digital [...] more »
- OPA large ad units unfurl across the web July 1st 2009 ADOTAS — The Online Publishers Association said a group of [...] more »
- Email spam in June worst since 2007 July 1st 2009 ADOTAS — MessageLabs Intelligence released its numbers for June, and [...] more »
- Joost becomes YouTube roadkill, starts layoffs July 1st 2009 ADOTAS — Despite reworking its technology to work in a [...] more »
- Ad networks, not websites, choked on Michael Jackson news July 1st 2009 ADOTAS — The news of the pop star’s death saw [...] more »
- StrongMail doubling down on social media, buys PopularMedia July 1st 2009 ADOTAS — StrongMail has announced that it acquired PopularMedia, a [...] more »
Features
- Automakers Need to Become Better Conversationalists July 2nd 2009
- Affiliates can win in the media buy game July 2nd 2009
- Crowd-Sourced Ads: A Measured Response June 28th 2009
- Is the government coming for you? June 28th 2009
- Customer Loyalty: How to Earn It June 25th 2009
-
Loading ...
Spotlight
Trust Me – I’m a Professional … SEOADOTAS — At WebMetro we typically provide SEO Action Plans as part of campaigns. As the name implies, an SEO [...] more...
Reader Favorites
Layoff Tracker
- AOL - 700
- Apple - 50
- Clear Channel - 2,800 total (1,000 currently)
- Google - 340
- IBM - more than 7,800
- Joost - about 90
- MySpace - in June, about 720
- World Avenue - 30 percent of workforce
- Yahoo - 2,220 total, about 700 currently
- Zango - closes, about 90, in addition to earlier layoffs
Classifieds
Recent Comments
- Josette Davids: Great article and an amazing time was had by all at this event. I'm an
- Mike Poserina: There is also a tragic flaw rumored in Bing's ad placement engine. When resolved,
- Andy: Erin, Never mind the commenters who can only see the negative side of things. I thank you
- pkohler: We've also noticed that ads frequently adversely affects the performance of a Web page. As
