Future of dotcoms
Future of dotcoms
SILICON Valley is now a breeding ground for takeover targets rather than flotations. That's the sobering message emerging from the area for Scottish technology young guns out to make their fortunes. The impact of the high-tech collapse in 2000 is still felt among those operating in the 45-mile strip of land between San Francisco and San Jose, though the valley's fortunes remain the yardstick for what's happening in the sector.
NOT since the days of Brent Hoberman and Martha Lane Fox's lastminute.com has the City seen anything quite like it. Simon Nixon, a university drop-out and former magazine publisher, is on the cusp of joining a new club of super-wealthy internet entrepreneurs. The founder of Moneysupermarket.com will see his bank balance bulge with £100m as his price comparison group hits the stock market with a valuation of £843m.
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TIME magazine has sidestepped the usual politicians, pop stars and humanitarian figures to award its "Person of the Year" accolade to the general public for fuelling the internet revolution in video and blogs, as witnessed by the explosive rise of sites such as YouTube and MySpace.
LASTMINUTE.COM, the online travel and leisure firm and one of the few survivors of the dotcom boom, today agreed to a £577 million cash takeover deal.
LASTMINUTE.COM saw its shares sky-rocket over 45 per cent yesterday after the on-line travel agency revealed it was in takeover talks with a mystery suitor.
WEB-BASED travel firm lastminute.com today said its pre-tax losses had widened due to rising costs from recent European acquisitions.
MILLIONS of shares in the star dotcom stock Lastminute.com have been dumped by former vice-chairman Clive Jacobs - although as yet the exact number is unclear.
MARTHA LANE FOX, the co-founder of internet booking agency lastminute.com, has raked in £4.6 million after selling two million shares in the firm at 230 pence each.
ONLINE ticket agency Lastminute.com today continued its acquisitive streak, snapping up a web-based hotel and package holiday specialist in a cash and shares deal worth at least £16.1 million.
A CONFERENCE has been held in the Capital to examine the role of the internet in the modern world.
DOTCOM survivor Lastminute.com today said it had slashed its underlying quarterly losses by a fifth and reported record forward bookings of £56 million.
THEY probably have their grandchildren to thank for the introduction, and now it seems they don’t let the youngsters get a look-in.
SONIA Lo’s company, eZoka.com, ought to be one of the successes of the dotcom era - it uses the internet to lower companies’ running costs by combining their buying power and providing better deals on telephony, travel and insurance.
The key commentary on the dotcom boom was written in 1971. Although the internet was just two years old then, and the big crash was three decades away, Hunter S Thompson summed it all up in Fear and Loathing in Las Vegas.
“Field of Dreams” approach to business: “Build it, and they will come.” Tip: They won’t.
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