Our Skype NAV just got a lift

Business Insider / Silicon Alley Insider has tried to do a valuation analysis of the world’s best digital companies. That’s hard to do unless you’ve got 1st hand access to the financials, the forecasts, a suitable comp table, and a willing buyer/seller to set the price for you.

Not to repeat the entire post of the Top 100, but there’s some good news for local investors:

– #4 Skype is valued at US$4 billion, which is US$1.25 billion higher than when our folks at CPP Investment Board got us into the deal last Fall (see prior post “Skype deal: is it a tech or infrastructure deal?” Sept 2-09). Of course, the pending IPO will be the ultimate arbiter of valuation, but the NAV may well be going up over at the private equity division of CPPIB. We’re rolling in green already.

– #40 FreshDirect is an online grocery store in New York, and was valued at US$300 million (1x revenue). CIBC Capital Partners is an investor (who knew they were doing the NYC version of Grocery Gateway?).

– #45 Thumbplay is now an online music business; gone are the days of ringtones. Valuation of US$150 million (1.5x est. revenue). Once out of Calgary as I recall, it now calls NYC home.

– #66 Adenyo is in the mobile advertising business, and based in Toronto. Valuation of US$200 million (8x revenue), and Genuity Capital Partners, along with some Canadian high net worth investors, are in there.

– #78 Break Media is a video network that publishes original content. Valuation of US$120 million, and backed by Lionsgate.

I knew that Canadians hadn’t fared well in the digital media start-up world, but having just one of the top 100 digital HQs is something to ruminate about. The fact that the Ontario government has made digital media one of their key cornerstone tech investment verticals may change things, over time.

MRM