Aug 24, 2007 at 12:30pm ET by Barry Schwartz
Web search IPO stalls on underwriter doubts from CNN Money reports that Accoona’s expected $80.5 million IPO has failed due to their underwriter backing out.
Maxim Group, their underwriter, backed out after completing an in-depth review of the company. The New York Times reported Edward L. Rose, the firm’s vice chairman and general counsel for Maxim, said:
After completing our due diligence review, we have chosen to disassociate ourselves with the company.
This is the second time this year Accoona showed interest in an IPO and had to pull back. The first was earlier this year, when attempting to be listed on the London’s AIM exchange.
Danny adds:
“It’s been two years they have been saying they have a great search engine, and they are just not delivering,” Mr. Sullivan said. “They can’t say it’s because they didn’t have enough promotion. You can’t get any noisier than having the former president of the United States come out and pitch for you.”
The company’s founder, reportedly and allegedly, has been having some legal problems over the past several years.
Share, Bookmark & Discuss This Article
More:
Keep Updated: News Via Email | News Via RSS Feed | News Via Twitter
See more stories like this in the Members Library! Check out the Business Issues: Acquisitions & Investments, Search Engines: Other Search Engines sections of the Members Library where this story is filed. Members also get access to exclusive video content, a members-only weekly & monthly newsletter, plus more. Check out all the benefits!
TOP STORIES
SEARCH NEWS BRIEFS
FEATURES & ANALYSIS
RECENT COMMENTS
Stay on top of all the search news with our daily summary, the SearchCap newsletter. View a sample ›
Search Engine Land produces SMX, the Search Marketing Expo conference series. SMX events deliver the most comprehensive educational and networking experiences - whether you're just starting in search marketing or you're a seasoned expert.
SMX Web Site » | SMX Difference » | SMX News »
Join us at an upcoming SMX event:
Learn more about search marketing with our free online webcasts and webinars from our sister site, Search Marketing Now. Upcoming online events include:
Featured sites from our Blogroll
Become a premium member today and receive: