Three Area Companies Make Red Herring 100
The Red Herring 100 North America is out. For those of you who are a little younger, the Red Herring was sort of the bible for the VC/Tech
Startup community in the 90's, though it never recovered from the tech crash and has been through several lives since then. However, being named to the Red Herring 100 still carries some cachet, though I've always found it to be rather Silicon Valley-centric.
Three companies in the broader Philadelphia region were included: Invidi, the heavily funded Princeton developer of addressable advertising technology for cable systems, AirClic, the Trevose company that ran through a few hundred million in venture funds before finally finding a viable business model using wireless technology to optimize mobile business processes, and a company I had not heard of before-Weather Trends International
of Bethlehem-which appears to be a competitor to Planalytics of Wayne.
Other companies of local interest include Bluenog, the open source software company basesd just a ways up the road in Piscataway and backed by NewSpring Capital of Radnor, Aster Data Systems, a First
Round Capital portfolio company based in California, and Jaspersoft, an open source business intelligence vendor partially backed by SAP
Ventures.
The only other Pennsylvania company I noticed was from the startup hotbed of Altoona: a company called INRange Systems which provides systems to monitor and reduce the rate of error for at-home medications.
Daily Links 5/22/09: Business Week Feature on First Round Capital
'Super Angels' Shake Up Venture Capital
As large VC firms cut back, a hungry bunch of seed-stage investors are helping entrepreneurs get their ideas off the ground
(Business Week)
Features First Round Capital.
On Golf Courses, Sensors Help Save Water (New York Times-free registration)
Smarter Agent going for universality (Philadelphia Business Journal: Technology Blog)
Update: Liberty Media Setting The Stage For HSN Bid? (Barron's: Tech Trader Daily)
Cable TV Losing 1 Million Customers A Year
Mostly thanks to poor customer service... (Broadband Reports)
Lockheed Martin GPS III Team Successfully Completes Major Design Review Phase on Schedule (PR Newswire)
Digital Ad Agency Razorfish Closes Two Offices (paidContent)
U.S. could take 17 years to exit GMAC after an IPO (Reuters)
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Daily Links 5/21/09: Avid Radiopharmaceuticals Raises $34.5 Million
Business Outlook Survey: May 2009 (Federal Reserve Bank of Philadelphia)
Avid Radiopharmaceuticals Closes $34.5 Million Series D Financing (Business Wire)
Milken Institute report gauges life sciences impact on Phila. area (Philadelphia Business Journal)
Note that the study was funded largely by area organizations; it is not necessarily unbiased.
Salesforce.com tops views with quarterly profit (MarketWatch)
What Does Access to Real World Data Online Make Possible? Check Out PolicyMap 2.0 (Read Write Web)
PolicyMap a winner (Philly.com: Philly Inc)
Environmental Tectonics stock to be delisted from NYSE Amex (Philadelphia Business Journal)
SAP's Business ByDesign coming to mobile devices (Reuters)
Analysis: Can Sam's Club bring health care tech to the local doctor? (Computerworld)
How Will Cable Deliver IPTV? (Light
Reading: Cable Digital News)
Entrepreneurs sweat for success at DreamIt Ventures' boot camp (Keystone Edge)
Global Software Applications intros wayfinding kiosk software (Kiosk Marketplace)
Advanced CRM Functionality Added to Aria Systems A+ Billing Platform (Marketwire)
The Philadelphia Chapter of the National Business Marketing Association Set to Launch Early Summer 2009
Chapter Will Focus on the Unique Needs of Business-to-Business Marketing Professionals in the Greater Philadelphia Area (Marketwire)
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What's The Hottest Tech Stock in the Philly Area?
It's Quality Systems, Inc, which is actually headquartered in Orange County, California. But over 90% of its revenue comes from its NextGen Healthcare Information Systems unit based in Horsham. NextGen's principal business is providing Electronic Health Record (EHR) systems and related services to medical practices.
Though they took a small haircut yesterday, Quality System's shares closed at $56.53, up 30% from the beginning of this year and 65% from one year ago. That gives the company a market capitalization of $1.6 billion.
While there may be some speculative froth in the stock's recent run, the company does produce excellent results. NextGen's revenue increased 40% to $61.5 million in the third quarter of Fiscal '09 (ending 12/31/08) or about 23% excluding the impact of acquisitions. Operating margins were 37%. Quality Systems had no long-term debt on its balance sheet at the end of the last quarter, and should have plenty of flexibility for financing acquisitions.
The real stimulus for Quality's stock price is the Health IT Stimulus Act, a part of the President's broader stimulus package, which provides $19 billion for Healthcare IT much of which is specifically designated toward helping fund the adoption of EHRs. Doctors will be rewarded with incentives if they adopt EHRs and penalized in later years with reduced medicare payments if they don't. Today, most experts estimate that perhaps 10 to 15% of physicians are using EHRs. Adoption is slowed not only by the cost but the complexity of changing over while you are trying to run a practice. There is also considerable concern over what standards will emerge for EHRs and their interoperability with other systems.
Reagardless of the pace of adoption, NextGen and Quality Systems are likely to benefit from the Healthcare IT push. But some analysts seem wary about recommending the company's stock at it current price level.
Daily Links 5/20/09: SAP CTO on the "Cloud"
SAP CTO: Our Customers Are Creating 'cloud Economies' (PC World)
Interop: Vendors Still Confuse With Cloud Computing Definitions (Information Week Blogs)
Bio-Imaging Technologies Increases Its Offer to Acquire etrials Worldwide (Business Wire)
PE-Backed Bust: J.G. Wentworth (PE Hub)
House Passes Credit Card Bill, Sending It to President (Washington Post)
SunGard Builds SaaS Connections ( MSP Mentor)
Fandango Has Just the Ticket
Movie Web site and ticket retailer implements analytics to aid with internal reporting. (destinationCRM)
Liberty Media Boosts Stake In HSN To 32.8% (Barron's: Tech Trader Daily)
Ahead of Sprint's Pre launch, AT&T weighs tiered mobile data plans (Betanews)
Power Medical Interventions, Inc. Retains Convertible Capital as Financial Advisor (Globe Newswire)
WPCS expects over $2M in fiscal 2010 profit (Philadelphia Business Journal)
NEC Displays Embolden New Generation of Photographers at Philadelphia’s University of the Arts (Business Wire)
The Secret of Managing Your Advisory Board & Board of Directors for Success (Anthony's Blog)
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Daily Links 5/19/09: Comcast, NFL Net Settle
Comcast and National Football League Reach Long-Term Carriage Agreement for NFL Network (Business Wire)
Comcast Reaches Deal on NFL Network (New York Times)
Comcast Improves Customer Satisfaction
Jumps five points in ACSI rankings.. (Broadband Reports)
Google CEO Eric Schmidt transcript (Philly.com: Philly Deals)
Eric Schmidt's Penn Commencement Address:
HostMySite Acquires Hosting.com (Web Host Industry Review)
On the Matter of John Schwarz: Thank You (ZDNet Blogs)
GPS System Reportedly On Verge Of Breakdown (Barron's: Tech Trader Daily)
Lockheed Martin better hurry up getting those satellites launched.
New SaaS Aggregate Spend Solution Unveiled at the Veeva Customer Summit (Business Wire)
UniRisX Ltd Announces 15th New Client Win with Arnold Fisher Insurance
World’s Leading Provider of SaaS Insurance Solutions to Develop Online Insurance Solution for Rapid Speed-to-Market Capabilities (Business Wire)
arcplan Announces arcplan Edge®, the Next Generation of Budgeting, Planning, and Forecasting Solutions for the Web and Microsoft Excel® (Business Wire)
Ticketmaster/Live Nation merger: Customers are competitors, Azoff says (Ticket News)
RJMetrics Relocates World Headquarters (The Metric System Blog)
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Daily Links 5/18/09: Supreme Court to hear SOX Challenge
Reflections on the last nosedive
A look back at the 2001 'tech wreck' reveals something about this one. (Philadelphia Inquirer)
Comcast picks up Internet speed in Delco (Delco Times)
How to get cheap(er) FiOS: buy it from someone else (ars technica)
http://adage.com/article?article_id=136688">Is Verizon's $23 Billion Bet With Fios Paying Off? (Ad Age)
Goodbye, SOX? (ZDNet Blogs)
Supreme Court to hear Sarbanes-Oxley challenge.
Understanding SAP's Business byDesign SaaS strategy (ZDNet Blogs)
SAP Says China Stimulus ‘Positive’ for Asia-Pacific (Bloomberg)
SAP's McDermott Has Crafty Plan To Beat Oracle On Deals (Information Week Blogs)
Developing Clinical Dashboards (Computerworld)
As done at Penn Medicine.
Online Ad Auditing Tech Firm DoubleVerify Raises $3.5M (Alarm Clock)
First Round Capital an investor in NY startup.
Atiam Technologies Announces New Company Name: InsPro Technologies (PR Web)
Astea Reports First Quarter 2009 Results (PR Newswire)
Voxware Reports Results for Third Quarter of Fiscal 2009 (Business WIre)
Kulicke & Soffa Increases Revenue Outlook for Third Fiscal Quarter of 2009 (Business Wire via Philly.com)
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Snipi, Inc. Launches New System for Social Shopping
Unique Platform Offers Simple Way to Organize, Discover and Share the Internet (Marketwire)
Thanks Red Tettemer, for the Stomach Ache (Media Bistro: AgencySpy)
NFL closing in on deal with Comcast (Sports Illustrated)
MASN-Comcast Program-Carriage Complaint Hearing Set For May 18
FCC Administrative Law Judge Sippel Will Preside Over Third Of Three Cases (Multichannel News)
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