Birch Project Investment Capital, Inc

Actua Corporation had been a endeavor cash organization. During the dot com bubble, this company were built with a sector capitalization of over $50 billion. The organization was in the beginning known as Internet Capital Group, Inc. and altered its title to Actua Corporation in September 2014. In 2018, the business went through liquidation.[1]

1 History 1.1 Incubator

1.2 Public Company

1.3 Winding downwards


In March 1996, Ken Fox and Walter Buckley left Safeguard Scientifics to form Internet Capital Group (ICG), a business cash agency centered on company-to-online business e-trade.[2] They requested Safeguard Scientifics CEO Pete Musser for $5 million in backing, but he was adamant on committing $15 thousand. In Fox, Buckley and full heightened $40 mil to start out ICG, 2 times whatever they sought.

Along with Safeguard Scientifics, important shareholders involved Comcast, Compaq, BancBoston Ventures, and a dozens people.[2] Initially, the corporation was planned for a constrained-legal responsibility provider.[2]

Using the “keiretsu” model made use of by Safeguard Scientifics, this company was seriously active in the business on the organizations that it spent along with the start-ups would work with each other well, improving the price of all gatherings.[2] Its yearly conferences ended up chances for CEOs of spouse corporations to share with you their activities and lower new offers. One fellow member CEO called it “a wonderful technique to handle mayhem.”[3] The task natural environment was informal, or as you mate firm CEO referred to as it, “almost like a fraternity”.[4]

One among ICG’s 1st ventures had been a web page called Water Online. Within the advice of ICG, at the end of 1997, Water Online hired Mark Walsh, mind of AOL’s B2B section, as CEO. The corporation changed its identify to VerticalNet, expanded into 47 several industries, and have become one of the initial B2B providers to be a open public corporation, even if with limited sales.[3]

Spurning chances to get internet vendors including CDNow and AutoWeb, ICG designed a popularity as “the VCs to determine if you had been an businessman which has a B2B concept.”[3] In July 1998, GE venture capital invested in the corporation within a loans around that gained $70 zillion. Early investment opportunities commenced to pay off and ICG created supplemental finances by selling several of its positions.[2]

However, in contrast to standard endeavor capitalists, Buckley and Fox created that ICG would keep almost all of its investments for several years or lengthier. The duo were definitely ambitious, striving to have a stake in 80% of your B2B market. On the autumn of 1998, to back up this objective, the company assertively hired top notch expertise from firms like Microsoft, McKinsey And Co., General Electric, Cambridge Technology Partners, Heidrick & Struggles, and Softbank. After much effort, Fox convinced Sam Jadallah, Microsoft’s main of business revenue and advertising, to join the organization.[3] In February 1999, the organization transformed into a C business. In May, $90 mil of further funds was brought up using a convertible bond matter.

Public Company[alter]

In August 1999, the organization was a general public business by using an very first open public offering, supplying 14.9 zillion conveys at $12 for every reveal. The organization distributed a different 7.5 thousand shares to IBM, building much more than $200 mil.[2][5] Dell Computer purchased 1 zillion in the gives you during the IPO. High-user profile brokers now added Amerindo Investment Advisors, the property of Saud, the Penske family members, and David Bonderman. Safeguard Scientifics was the largest stakeholder.[3]

During the time of the IPO, ICG presented stakes in 35 corporations.[5] About 50 % the enterprises directed to develop both an internet sector or online community, while other fifty percent were actually engaged in computer software improvement.

The stock tripled in value on its primary day time, thus hitting $50 each share in October 1999.[2] Book valuation of the firm, which includes stakes in VerticalNet and U.S. Interactive which in fact had eliminated consumer, was just about $1 billion and Wall Street was playing on long term results.[3]

By December 1999, the store was investing at over $200 per talk about. Buckley’s stake of 10 million gives, or 3.5Percent on the business and Fox’s risk of 12 thousand gives you, or 4.5Percent on the organization, had been each and every well worth through $2 billion.[6] The firm was valued at close to $60 billion dollars, turning it into the third major Internet firm by market capitalization at the rear of AOL and Yahoo! . By then, this company obtained spent $300 thousand in 39 begin-ups along with a workers of 29 folks to encourage and control these businesses. Operations had been divided into two areas with Buckley in the role of CEO and doing the job from the Philadelphia area, whilst Fox controlled West Coast functions in San Francisco. Three managers ended up hired in November to head a brand new European organization.[4]

In December 1999, the corporation heightened through $1 billion in supplemental funds.[7][2] During its initial 9 months being a corporation, it realized only $14.8 zillion of income and lost $6.4 zillion. In 1998, it saved an income of $14 million on $3 thousand of cash flow, with all the profits received from sales of corporations.[3]

By February1 and 2000, the supply experienced declined just about $100 every share in expectation of expert promoting at the expiration with the secure-up period of time. However, retail store brokers purchased up specialized gives you, stabilizing the retail price.[2] Meanwhile, this company continued to grow its investments. The company had invested $1.4 billion dollars in 61 commence-up businesses, and was forging new relationships with aged economic climate executives.[8] The swift extension was enthusiastic with what Fox called “the most important success-making program the world has ever seen” – picking out the promising e-trade B2B companies prior to anyone else.[4]

The NASDAQ Composite stock market directory peaked in March 2000 as well as business was injure via the bursting from the dot-com bubble. Its share was down to $40 a talk about and GE Budget recorded to offer virtually 1 thousand gives you, by Apr 2000. The store was right down to $30 for each share, by June 2000. Buckley, who distributed little or no of his personal carry, stayed confident.[2] By November 2000, the supply was right down to $11 each promote[9] and following the September 11 attacks it exchanged for 70 cents for each write about.[2] 24 months soon after its optimum point in March 2000, the firm got a industry capitalization of $200 thousand, decrease 99.5%.[10]

The firm survived the crash, and evolved its business design. As an alternative to using modest stakes in several businesses, it put in in a few “center” firms at a time, normally as the greater part seller. This authorized the company to possess a lot higher power over the functions with the investments. Buckley refocused the company to locate proper partnerships with typical market managers like a joints enterprise with DuPont termed CapSpan during early 2000.[8] ICG offered for sale to Manhattan Associates[11] for $20 million in 2003.

Winding lower[revise]

In February 2013, this company sold its risk in Channel Intelligence to Google for $60 zillion in profits.[12] By December, the organization available Procurian to Accenture for $375 thousand.[13]

In September 2014, when the firm changed its title to Actua Corporation, its stock was trading approximately $20 for each discuss and was worth close to $700 million.[10] In October 2016, the firm offered Govdelivery to Vista Equity Partners for $153 zillion.[14] December from the subsequent season, the business sold its hobbies and interests in Bolt and VelocityEHS Solutions for $328 zillion.[15]

In January 2018, the business marketed FolioDynamix for world wide web proceeds of $166.3 thousand.[16] That identical calendar year, the organization experienced liquidation.[1]

^ a b “Actua 8-K”. U.S. Securities and Exchange Commission. April 18, cite.citationtypeface-model: .citation qinsurance quotes: “””””””‘””‘”.mw-parser-result .identification-lock-totally free a,.mw-parser-yield .citation .cs1-fasten-free of charge abackdrop-picture: website url(“// green.svg.png”)history-appearance: linear-gradient(obvious,transparent),url(“//”)track record-duplicate: no-repeatbackground-dimensions: 9pxbackground-position: right .1em .identification-lock-very little a,.mw-parser-result .identification-locking mechanism-sign up a,.mw-parser-outcome .citation .cs1-lock-limited a,.mw-parser-result .citation .cs1-locking mechanism-sign up aqualifications-impression: website url(“//”)backdrop-image: linear-gradient(transparent,obvious),web link(“//”)back ground-perform repeatedly: no-repeatbackground-dimension: 9pxbackground-location: proper .1em .identification-lock-membership a,.mw-parser-productivity .citation .cs1-locking mechanism-registration aqualifications-picture: website url(“//”)qualifications-picture: linear-gradient(obvious,transparent),website url(“//”)background-repeat: no-repeatbackground-measurement: 9pxbackground-placement: correct .1em .cs1-monthly subscription,.mw-parser-yield .cs1-enrollmentcolor: .cs1-membership period,.mw-parser-yield .cs1-subscription periodborder-bottom level: 1px dottedcursor: .cs1-ws-icon atrack record-impression: website url(“// design.svg/12px-Wikisource-business logo.svg.png”)history-picture: linear-gradient(clear,clear),website url(“//”)history-perform repeatedly: no-repeatbackground-size: 12pxbackground-placement: ideal .1em code.cs1-codeshade: inheritbackground: inheritborder: inheritpadding: .cs1-concealed-errorscreen: nonefont-measurements: .cs1-apparent-miscalculationtypeface-sizing: .cs1-maintpresent: nonecolor: #33aa33margin-still left: .cs1-subscription,.mw-parser-output .cs1-subscription,.mw-parser-productivity .cs1-structuretypeface-size: .cs1-kern-left behind,.mw-parser-result .cs1-kern-wl-remainingsupport-remaining: .cs1-kern-proper,.mw-parser-outcome .cs1-kern-wl-rightcushioning-perfect: .citation .mw-selflinkfont-unwanted weight: inherit

^ a b c d e f g h i j k Serwer, Andy (September 17, 2001). “Pursuing The Money Some 680 females, males and techies and, sure, educational facilities got pre-IPO offers of Internet highflier ICG. Here’s the way that they grew to become insiders and the things they have since the share crashed”. Fortune.

^ a b c d e f g Schonfeld, Erick (September 27, 1999). “A One-Stock Method to Take Part In The Net Here’s a unique very first look into the organization professionals assume is better poised to maximize the Net’s up coming huge influx: business-to-company e-commerce. Internet Capital has stakes in 36 very hot B2B startups”. Fortune.

^ a b c Barrett, Amy (November 1, 1999). “Internet Capital’s Young Turks”. Bloomberg L.P.

^ a b “IPO Roundup: Internet Capital Group flies in first appearance, Mission Critical also benefits”. CNET. August 5, 1999.

^ Simon, Ruth (January 29, 2001). “1. IPOs Will Make You Rich”. The Wall Street Journal.

^ “Internet Capital Group Announces Massive Credit card debt and Inventory Offerings”. The Wall Street Journal. December 16, 1999.

^ a b Barrett, Amy (May 15, 2000). “Walter Buckley III”. Bloomberg L.P.

^ “The $1.7 trillion session”. CNN. November 9, 2000.

^ a b DiStefano, Joseph N. (September 6, 2014). “Actua: New title for a business with clean expectations”. The Philadelphia Inquirer.

^ “Manhattan Associates Acquires”. Supply & Demand Chain Executive. Retrieved 2018-11-12.

^ Lundgren, Ingrid (February 6, 2013). “Google Acquires Channel Intelligence for $125 Million”. TechCrunch.

^ “ICG Group Announces Completion of Sale of Procurian to Accenture for $375 Million” (Press free up). Globe Newswire. December 5, 2013.

^ “Actua Announces Completing Sale of GovDelivery to Investor Group Led By Vista Equity Partners for $153 Million in Cash” (Press launch). Globe Newswire. October 19, 2016.

^ “Actua Announces Successful Finishing of Sale of Bolt and VelocityEHS Solutions” (Press generate). Globe Newswire. December 12, 2017.

^ “Actua Announces Completing Sale of FolioDynamix” (Press launch). Globe Newswire. January 2, 2018.