Loss-making Blinkx in £5m share placement
By Julian Clover
November 3, 2009 17.12 UK
Autonomy is to underwrite a £5 million (€5.56 million) share placement by Blinkx, the company it demerged in April 2007, as the video search company announced it had doubled pre-tax losses to $7.3 million (€4.9 million) for the six months to September 30. Although revenues had risen from $6.4 million to $13.1 million, an increase in searches and better rates for advertisements accounting for the growth, expenses also increased.
Since its demerger from Autonomy, the Cambridge-based technology company and its affiliates have controlled 19% in Blinkx, a figure that will rise to 26% if institutional investors fail to take up the offer.
The search engine technology was developed at Cambridge University and subsequently received $150 million worth of R&D over a 12-year period. Clients now include CBS, NBC Digital Media, Fox Sports, ITN and Time Inc.
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