I think the key question about those IPOs is "IF". A year ago, they looked like sure things. Hot new area, interesting software, etc.
Today, they look like a lot of other development-stage software companies that still need to show their ability to earn a profit.
The increasing revenues for all of them is obviously good, but they tend to be accompanied by increased costs as well. Many of them have not come to terms with the reality that they will be worth a LOT less than they thought they would, just like all other software companies are worth a lot less than they thought they were. [This has hit companies as big as ORCL or as small as VIAD, and can't be escaped.]
From your table, it looks like none of these companies have adjusted their burn rates to reflect this new reality and most of them have limited cash in the bank.
I would expect the least powerful to disappear, refocus on a different business or be consolidated by somebody else. The more successful ones may continue to exist in their current forms, but probably at lower valuations than many of us expected a year ago, and may be forced to merge as well. TopTier is interesting because their technology is applicable to many areas other than portals, and they could probably continue as a successful business just by licensing it out and never actually creating a product of their own. I know that's not what they want to do, but I recall their S1 stating that they only have financing commitments through June, and my personal opinion is that the IPO market will remain very difficult at least through the summer.
mg |
