Accoona Corp withdraws plans for IPO

Dec 21 (Reuters) - Accoona Corp, an online services and information company, withdrew its initial public offering citing unfavorable market conditions, according to a regulatory filing.

The Jersey City, New Jersey-based company had filed with the U.S. Securities and Exchange Commission in August to raise up to $80.5 million in an IPO. (Reporting by Aditi Samajpati in Bangalore; Editing by Gopakumar Warrier)

Quote:

Quote:

Bill Clinton, of the "depending on what the meaning of is is" fame.

An expert on meaning of the words, for sure.

N.J. firm helps Chinese professionals connect online

Sunday, October 14, 2007

By HUGH R. MORLEY
The Record

Jersey City-based Accoona Corp. hopes to make a killing with Money in China.

That's the name of the venture unveiled by the e-commerce company last week in its ongoing quest to tap the vast and growing Chinese market.

MoneyinChina.com is designed to provide Chinese business professionals and entrepreneurs with an online information hub, complete with Chinese language blogs, social networking features, career development tools and news.

"Our goal is for Money in China to create a community that fosters interaction between members of China's business community," John Li, general manager of Accoona China, said in a statement.

"Money in China was designed around the belief that businesspeople are a significant online audience in China," he added. "And that building trust between partners is essential to a harmonious and profitable business relationship."

So what's a Hudson County company doing developing a Web site for Chinese entrepreneurs based 7,000 miles away?

The answer lies somewhere in the array of Web sites now under the Accoona umbrella.

The company, which was founded in 2004, launched the Accoona.com search engine the same year, along with a Chinese counterpart, Accoona.cn.

The company says the engine not only searches for sites that contain requested words, but also for those that fit the meaning of the words. The engine was launched at a New York press conference with the help of former President Bill Clinton.

Accoona also forged a partnership with China Daily, a large English-language Chinese newspaper, which helps drive traffic to the Jersey City company's Chinese sites.

And in 2006, the company launched Exchange Place. The Web site, which is aimed at the U.S. market, allows prospective buyers of a product or service to solicit estimates from several suppliers.

Yet the vast majority of Accoona's $149 million revenue in 2006 came from six e-commerce Web sites that sell electronics and consumer appliances, according to documents filed with the Securities and Exchange Commission. The company, with 200 employees split among offices in Shanghai, Jersey City and South Plainfield, says it has yet to make a profit.

In August, Accoona filed papers with the SEC for an initial public offering that was projected to raise as much as $80.5 million. Although published reports say the company had difficulty with its underwriter, Accoona officials say the IPO is still on.

Because of the pending IPO, Accoona officials declined to comment, but referred to the offering prospectus that states that "as part of our long-term strategy, we plan to develop and market multiple online-based services for Chinese business professionals."

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My friend's son thought this company was named after a Disney song from the Lion King -- any truth to that rumor?

Timon [speaking]: Hakuna matata!
What a wonderful phrase!

Pumbaa [speaking]: Hakuna matata!

Pumbaa [singing]: Ain?t no passin? craze.

Timon [singing]: It means no worries for the rest of your days.

Both [singing]: It?s our problem-free philosophy.

Timon [speaking]: Hakuna matata!

Timon [singing]: Why, when he was a young warthog...

Pumbaa [singing]: When I was a young warthog...

Timon [speaking] Very nice.

Pumbaa [speaking]: Thanks

Timon [singing]
He found his aroma lacked a certain appeal.
He could clear the savannah after every meal.

Pumbaa [singing]: I?m a sensitive soul, though I seem thick-skinned.
And it hurt that my friends never stood downwind.
And, oh, the shame!

Timon [speaking]: He was ashamed!

Pumbaa [singing]: Thoughta changin? my name.

Timon [speaking]: Oh, what?s in a name?

Pumbaa [singing]: And I got downhearted...

Timon [speaking]: How did you feel?

Pumbaa [singing]: ...every time that I...

Timon [speaking]: Hey, Pumbaa, not in front of the kids!

Pumbaa [speaking]: Oh, sorry.

Both [singing]: Hakuna matata!
What a wonderful phrase!
Hakuna matata!
Ain?t no passin? craze.

Simba [singing]: It means no worries for the rest of your days!

Pumbaa [speaking]: Yeah, sing it, kid!

All [singing]: It?s our problem-free philosophy!
Hakuna matata!

Timon [speaking]: It's are motto, kid!

Simba [speaking]: What's a motto?

Timon [speaking]: Nothing, what's a matter with you!?!

All laugh

[chanting]
Hakuna matata!
Hakuna matata!
Hakuna matata!
Hakuna...!

Simba [singing]: It means no worries for the rest of your days!

All [singing]: It?s our problem-free philosophy.
[simultaneously singing and chanting]
Hakuna matata!
Hakuna matata!

Click link

Local firms raised over $3 billion in IPOs

Crain's New York Business
Kira Bindrim
October 01. 2007 3:25PM

Four local firms raised a combined $3.5 billion through initial public offerings during the third quarter while eight filed to go public during the latest three-month period.

....excerpt............

Companies announcing plans to go public during the quarter included Jersey City, N.J.-based technology company Accoona Corp., which filed for an $81 million offering, and DLI Holding Corp., a Uniondale, L.I.-based cosmetic developer, hoping to raise up to $200 million in an IPO. Pharmaceutical marketer Reliant Pharmaceuticals filed for a $400 million IPO and Chimera Investment, a financial-mortgage real estate investment trust, filed for a $250 million IPO.

Accoona Files for $80.5 million IPO

Written By Drupad Sil | August 6, 2007

New Jersey based online search and e-commerce firm Accoona has filed for an IPO of its common stock. The maximum offering price would be in the realm of $80.5 million.

Launched in 2004 as a potential Google slayer, Accoona quickly generated more buzz through having former President Clinton give a speech at the opening presentation and subsequently spamming the web with promotions and advertisements. The company?s main draw was an artificial intelligence-powered search engine that supposedly learned as it was utilized more and more. In 2005 Accoona?s Toolbar, driven by a Fritz 9 computer chess program, drew against the 33rd World Chess Champion, showing its computing power and versatility. Another feature the search engine allows is for the user to emphasize one keyword above others in a query, sorting the results according to the emphasized keyword. Unfortunately, Accoona?s search engine never really caught on enough to compete with Google.

Currently, most of Accoona?s revenue comes from its e-commerce business in North America, where it operates 6 online retail sites in the consumer electronics and home appliances sector. The firm?s other two main lines of business are online-lead generation and its search engine. Most interestingly, Accoona has a 20-year deal with the China Daily Information Company (CDIC), which is a subsidiary of the China Daily, China?s largest English newspaper. Accoona utilizes its connection with the CDIC to obtain detailed information on 32 million companies globally, including 5 million in China. Originally billed as a powerful tool for business users, the feature hasn?t yet taken off in the finance world.

According to the Associated Press, Accoona has several plans for its IPO:

?The Jersey City, N.J.-based company said it expects to use proceeds from the offering for research and development, business expansion and general corporate purposes. Accoona may also use a portion of the proceeds to acquire or invest in complementary companies and technologies.?

Whether this IPO is a last gasp to make some money for the company?s owners or if it translates into more business for the search engine remains to be seen. However, there are many in the industry who view this as one of the first in a string of IPOs to come as more online search engine and marketing firms look to take the next step in their financial evolution.