Accoona searches for Wall Street
Accoona Corp., which owns and operates an international search engine and three consumer electronics e-commerce sites, is going public.
The company, No. 103 in the Internet Retailer Top 500 Guide, filed for an initial public offering with the Securities and Exchange Commission on Aug. 3. The company has yet to set terms, but is using Maxim Group LLC, a New York investment and capital management firm, to manage the transaction.
In 2006 the company, which operates LCDTVs.com, ButterFlyPhoto.com and DigitalEtailer.com, posted a net loss of $50.3 million on revenue of $149.2 million vs. a net loss of $13.4 million on sales of $78.2 million. For the first three months of 2007, Accoona posted a loss of $14.8 million on sales of $37.5 million, compared with a net loss of $5.5 million on sales of $22.9 million in Q1 2006.
Through various acquisitions and organic growth, Accoona posted e-commerce sales of $147.4 million in 2006. In Q1 web sales totaled $36.6 million.
Accoona will use the proceeds from an IPO to expand its e-commerce infrastructure, develop lead generation bidding systems in additional vertical markets, expand its geographic coverage in the U.S. and Europe, and enhance its lead management and bidding tools.
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