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May 23, 2007
Autonomy Spin-off In Video Search - Blinkx - Enjoys AIM IPO
Video search startup Blinkx on Tuesday had a memorable debut IPO London’s AIM, jumping 40% in opening day trading.
The San Francisco- and London-based startup raised £25M. Shares of Blinkx climbed in oversubscribed bidding by the close of the first day of trading giving it a market cap of roughly £180M (or $355M).
Blinkx was spun out of Cambridge, UK-based enterprise search company Autonomy as its consumer play. Major shareholders include Fidelity, Autonomy, Dr. Michael Lynch, Capital Research and Management, F&C, Standard Life, Baillie Gifford, Oppenheimer Funds, and BlackRock. The startup was founded in 2004 by CEO Suranga Chandratillake. Autonomy founder Mike Lynch, a former Cambridge academic, holds on to 8.7% of Blinkx shares, with Autonomy holding 10%.
Blinkx has plenty of competition include Google Video, AOL’s TruVeo, Dabble, Divvio, CastTV nd several others. Given that Blinkx is not one of the top video search engine, such a reception may have others thinking about IPOs and readjusting their valuations upward.
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Posted on May 23, 2007 06:31 PM | Posted to | Permalink
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