Marchex IPO

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I’m watching with interest the planned IPO of Marchex, Inc., a Seattle-based company started by the Russ Horowitz gang�– the founders of Go2Net. These guys are excellent business aggregators. They make acquisitions and weave them�into a large, scalable business. Marchex is seeking $28 million (revised downward from their November S-1). Last year’s revenues were about $22 million. Most of it came from Ah-ha.com, a company that MyFamily.com once acquired and owned briefly. I served on its board of directors for some time. It’s�a great company led by Paul Brockband, a charismatic leader. Marchex will likely acquire several search engine related businesses, grow revenues dramatically, and get profitable soon. Go2Net specialized in buying online businesses that were scalable and required very few human resources, like meta-search engines and message board services. If this IPO succeeds, the company’s market cap will be over $100 million. Not bad for a 1 year old company whose first two acquisitions�will probably�end up costing less than $30-40 million (depending on earn-out levels).

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