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	<description>Telecom, Technologies, Science and Space</description>
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		<title>File-Sharing Site EX.UA Has Been Shut Down by Ukrainian Police</title>
		<link>http://en.expert.com.ua/file-sharing-site-ex-ua-has-been-shut-down-by-ukrainian-police.html</link>
		<comments>http://en.expert.com.ua/file-sharing-site-ex-ua-has-been-shut-down-by-ukrainian-police.html#comments</comments>
		<pubDate>Tue, 31 Jan 2012 22:10:19 +0000</pubDate>
		<dc:creator>German</dc:creator>
				<category><![CDATA[Conflicts]]></category>
		<category><![CDATA[Domains]]></category>
		<category><![CDATA[Internet]]></category>
		<category><![CDATA[Regulation]]></category>
		<category><![CDATA[Ukraine]]></category>
		<category><![CDATA[Ex.ua]]></category>
		<category><![CDATA[File-Sharing]]></category>
		<category><![CDATA[fileshare]]></category>
		<category><![CDATA[mln customers]]></category>
		<category><![CDATA[police]]></category>
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		<category><![CDATA[SOPA]]></category>
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		<category><![CDATA[Ukrainian Police]]></category>
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		<description><![CDATA[The Ukrainian most popular file-sharing site Ex.ua has been shut down by Ukrainian police with immediate effect.]]></description>
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			<a href="http://api.tweetmeme.com/share?url=http%3A%2F%2Fen.expert.com.ua%2Ffile-sharing-site-ex-ua-has-been-shut-down-by-ukrainian-police.html"><br />
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<p><strong><img class="alignleft size-full wp-image-3088" title="ex.ua-no" src="http://en.expert.com.ua/wp-content/uploads/2012/02/ex.ua-no.jpg" alt="Ex.ua is shutdown" width="200" height="200" />The Ukrainian most popular file-sharing site Ex.ua has been shut down by Ukrainian police with immediate effect.</strong></p>
<p>The police confiscated 200 servers on which more than 6,000 terabytes of data was stored. The servers were located in 5 data centers in Kyiv. The Ex.ua raids follow less than two weeks after US authorities ordered the shutdown of another file-hosting service, MegaUpload.</p>
<p>Because the site was widely used to share copyrighted files, several international companies including Microsoft, Graphisoft and Adobe filed complaints against the service. After a six month criminal investigation, this resulted in the shutdown of Ex.ua.</p>
<p>Sixteen employees were taken in for questioning. At the time of writing it is unclear how many arrests have been made, if any. The authorities did confirm that the site was run by a Latvian citizen.</p>
<p>If found guilty, the operators of the site face up to five years in prison.</p>
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		<title>Rumor: S.T.A.L.K.E.R. 2 Canceled, GSC Game World Closed</title>
		<link>http://en.expert.com.ua/rumor-s-t-a-l-k-e-r-2-canceled-gsc-game-world-closed.html</link>
		<comments>http://en.expert.com.ua/rumor-s-t-a-l-k-e-r-2-canceled-gsc-game-world-closed.html#comments</comments>
		<pubDate>Sat, 10 Dec 2011 16:36:32 +0000</pubDate>
		<dc:creator>Oleg</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[IT]]></category>
		<category><![CDATA[Ukraine]]></category>
		<category><![CDATA[andy chalk]]></category>
		<category><![CDATA[gsc game world]]></category>
		<category><![CDATA[pc]]></category>
		<category><![CDATA[sergei grigorovich]]></category>
		<category><![CDATA[shooter]]></category>
		<category><![CDATA[stalker]]></category>
		<category><![CDATA[stalker 2]]></category>

		<guid isPermaLink="false">http://en.expert.com.ua/?p=3084</guid>
		<description><![CDATA[An ugly rumor coming out of Ukraine claims that S.T.A.L.K.E.R. 2 is canceled and developer GSC Game World has been closed down.

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<p><strong>An ugly rumor coming out of Ukraine claims that <em>S.T.A.L.K.E.R. 2</em> is canceled and developer GSC Game World has been closed down.</strong></p>
<p>This is seriously disappointing news if it turns out to be true. According to a <noindex><a rel="nofollow" title="http://translate.google.com/translate?sl=auto&amp;tl=en&amp;js=n&amp;prev=_t&amp;hl=en&amp;ie=UTF-8&amp;layout=2&amp;eotf=1&amp;u=http%3A%2F%2Fukranews.com%2Fru%2Fnews%2Fukraine%2F2011%2F12%2F09%2F59663" href="http://en.expert.com.ua/links/http://translate.google.com/translate?sl=auto&amp;tl=en&amp;js=n&amp;prev=_t&amp;hl=en&amp;ie=UTF-8&amp;layout=2&amp;eotf=1&amp;u=http%3A%2F%2Fukranews.com%2Fru%2Fnews%2Fukraine%2F2011%2F12%2F09%2F59663" target="_blank">Google translation</a></noindex> of Ukrainian News, <noindex><a rel="nofollow" title="http://www.gsc-game.com/" href="http://en.expert.com.ua/links/http://www.gsc-game.com/" target="_blank">GSC Game World</a></noindex> founder and CEO Sergei Grigorovich has decided to shut down the company. What led to the decision isn&#8217;t clear, although it appears that someone &#8211; perhaps Grigorovich, perhaps employees at the studio &#8211; weren&#8217;t happy with the progress being made on <em>S.T.A.L.K.E.R. 2</em>. The closure of the studio, of course, means that <em>S.T.A.L.K.E.R. 2</em> is dead in the water.</p>
<p>And sadly, it looks like it is true: GSC initially denied the report via Twitter, but that tweet was quickly deleted and then followed by <noindex><a rel="nofollow" title="https://twitter.com/#!/Bourkovski/status/145146724279795712" href="http://en.expert.com.ua/links/https://twitter.com/#!/Bourkovski/status/145146724279795712" target="_blank">another</a></noindex> from GSC Director Dmitri Bourkovski, who wrote, &#8220;not PR. GSC closed.&#8221; In response to inquiries from <noindex><a rel="nofollow" title="http://www.rockpapershotgun.com/2011/12/09/wuh-oh-gsc-stalker-2-dead/" href="http://en.expert.com.ua/links/http://www.rockpapershotgun.com/2011/12/09/wuh-oh-gsc-stalker-2-dead/" target="_blank">Rock, Paper, Shotgun</a></noindex>, GSC said only, &#8220;Sorry, no comments at this point,&#8221; which is never a good sign.</p>
<p>On the other hand, this wouldn&#8217;t be the <noindex><a rel="nofollow" title="http://www.escapistmagazine.com/news/view/103810-Good-Old-Games-Faked-Shutdown-to-Avoid-Being-Boring" href="http://en.expert.com.ua/links/http://www.escapistmagazine.com/news/view/103810-Good-Old-Games-Faked-Shutdown-to-Avoid-Being-Boring" target="_blank">first time</a></noindex> that an eastern European game company pulled a bizarre &#8220;we&#8217;re going out of business!&#8221; stunt to drum up publicity. It&#8217;s a faint hope &#8211; a very, very faint hope &#8211; but given how much I&#8217;ve been looking forward to <em>S.T.A.L.K.E.R. 2</em>, I&#8217;m going to cling to it.</p>
<p><strong>UPDATE:</strong> It turns out that Dmitri Bourkovski, who earlier &#8220;confirmed&#8221; the closure of GSC on Twitter, doesn&#8217;t actually work for GSC Game World at all; his Linkedin profile lists him as the &#8220;Head of Publishing, Games Division&#8221; at Mail.ru. He also told <noindex><a rel="nofollow" title="http://beefjack.com/news/stalker-2-cancellation-rumours-false-say-gsc-game-studio/" href="http://en.expert.com.ua/links/http://beefjack.com/news/stalker-2-cancellation-rumours-false-say-gsc-game-studio/" target="_blank">Beefjack</a></noindex> that he has &#8220;no connection&#8221; with the project and was only tweeting about what he&#8217;d heard. An interesting twist! We&#8217;re waiting for an official response to our inquiries from GSC and will update again when we hear more.</p>
<p><strong>UPDATE 2:</strong> Sergey Galyonkin, marketing director at 1C Multimedia [1C Company published the <em>S.T.A.L.K.E.R.</em> games in some regions] has blogged about the closure of GSC, which you may or may not take as confirmation as you see fit. &#8220;GSC is closed, a fact confirmed by all. The team is almost completely dissolved, the state has only a few people,&#8221; he wrote, obviously <noindex><a rel="nofollow" title="http://translate.google.com/translate?sl=auto&amp;tl=en&amp;u=http%3A%2F%2Fgalyonkin.com%2F" href="http://en.expert.com.ua/links/http://translate.google.com/translate?sl=auto&amp;tl=en&amp;u=http%3A%2F%2Fgalyonkin.com%2F" target="_blank">Google translated</a></noindex>.</p>
<p>Galyonkin said a deal to bring the <em>S.T.A.L.K.E.R.</em> series to consoles fell through and the projected sales for a PC-exclusive post-apocalyptic shooter based in eastern Europe weren&#8217;t enough to justify the expense of developing the game. There were also apparently concerns, as stated earlier, about the current state of the game&#8217;s development and some claims that GSC Game World chief Grigorovich is just &#8220;stupidly tired.&#8221;</p>
<p>We&#8217;re still awaiting official word from GSC but at this point, it sounds very much like that&#8217;s that.</p>
<p>(c) <noindex><a rel="nofollow" title="http://www.escapistmagazine.com/news/view/114643-Rumor-S-T-A-L-K-E-R-2-Canceled-GSC-Game-World-Closed-UPDATED" href="http://en.expert.com.ua/links/http://www.escapistmagazine.com/news/view/114643-Rumor-S-T-A-L-K-E-R-2-Canceled-GSC-Game-World-Closed-UPDATED" target="_blank">Escapist</a></noindex></p>
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		<title>International Investment Forum &#8220;Seed Forum Kyiv&#8221; will be held in Ukraine</title>
		<link>http://en.expert.com.ua/international-investment-forum-seed-forum-kyiv-will-be-held-in-ukraine.html</link>
		<comments>http://en.expert.com.ua/international-investment-forum-seed-forum-kyiv-will-be-held-in-ukraine.html#comments</comments>
		<pubDate>Mon, 21 Nov 2011 18:32:25 +0000</pubDate>
		<dc:creator>Oleg</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Ukraine]]></category>
		<category><![CDATA[29 november 2011]]></category>
		<category><![CDATA[investments]]></category>
		<category><![CDATA[seed forum kyiv]]></category>
		<category><![CDATA[start up]]></category>

		<guid isPermaLink="false">http://en.expert.com.ua/?p=3081</guid>
		<description><![CDATA[On November 29, 2011 International Investment Forum "Seed Forum Kyiv" will be held at the Ukrainian Chamber of Commerce and Industry (Velyka Zhytomyrska Str., 33, 4th Floor, conference hall "Colosseum"). Forum co-organizers are the Ukrainian Chamber of Commerce and Industry, "Seed Forum" and the State Agency for Investment and management of national projects of Ukraine.

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<p><strong>On November 29, 2011 International Investment Forum &#8220;Seed Forum Kyiv&#8221; will be held at the Ukrainian Chamber of Commerce and Industry (Velyka Zhytomyrska Str., 33, 4th Floor, conference hall &#8220;Colosseum&#8221;). Forum co-organizers are the Ukrainian Chamber of Commerce and Industry, &#8220;Seed Forum&#8221; and the State Agency for Investment and management of national projects of Ukraine.<br />
</strong></p>
<p>&#8220;Seed Forum&#8221; is an international network of investment companies, venture funds, business angels, innovative startups, technology parks, business innovation centers. For 9 years being &#8220;Seed Forum&#8221; brought together into one operating system over 12,000 investors and 1,200 companies &#8211; one of the world&#8217;s largest network of entrepreneurs and investors. Seed Forum is a global organization hosting investor conferences in more than 40 countries and is considered to be one of the most professional and experienced venues for presentations of investor ready start-up companies.</p>
<p>Thanks to Forums companies that require initial funding receive a unique opportunity to present their business ideas to potential investors and partners. Investors will be able to see the best Ukrainian and foreign start-ups and get a chance to invest in the future Facebook, Twitter and Google.</p>
<p>Partnerships are established with such influential organizations as the EBRD and the London Stock Exchange, Association of Singapore venture capital investors, the State Agency for Trade and Investment of UK, with well-known political figures, including President of Iceland, administrations and governments of Norway, Poland, authorities and business circles of London, Oslo, Tallinn, etc., as well as embassies of countries where the forums are held, with many private and corporate investors in Ukraine and abroad, including Nokia Venture, Intel Capital, Ericsson Venture, Capman, Alliance Venture.</p>
<p>&#8220;Seed Forum&#8221; starts in Ukraine as a national component of the global network. &#8220;Seed Forum&#8221; promotes the development of innovative enterprises in Ukraine, establishment of effective direct ties with foreign investors and innovative companies, integration of the Ukrainian, especially start-up, business in European and global investment and technology space.</p>
<p>The Forum program includes participation in the official opening of the International Charitable Fund &#8220;Seed Forum Ukraine&#8221; with participation of a number of leading members of Parliament and representatives of ministries and departments of the Cabinet of Ministers of Ukraine</p>
<p>Participants will have every opportunity to communicate with foreign companies and selected IT startups from Ukraine, as well as a number of Ukrainian and foreign investors and businessmen. Also there will be a ceremonial signing of a cooperation agreement between the &#8220;Seed Forum Ukraine&#8221; and the state industrial development corporation «SIVA» (Norway). The activity of SIVA aims to develop strong regional and local business groups and industrial clusters in the fields of infrastructure, information technology, and innovation centers.</p>
<p>The Forum is free, but a number of seats is limited.</p>
<p><strong>Register on the forum and get more information  at <noindex><a rel="nofollow" title="http://www.seedforum.org.ua/" target="_blank" href="http://en.expert.com.ua/links/http://www.seedforum.org.ua/">http://www.seedforum.org.ua/</a></noindex>.</strong></p>
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		<title>Russian Netwell opens representative office in Kyiv</title>
		<link>http://en.expert.com.ua/russian-netwell-opens-representative-office-in-kyiv.html</link>
		<comments>http://en.expert.com.ua/russian-netwell-opens-representative-office-in-kyiv.html#comments</comments>
		<pubDate>Sun, 21 Aug 2011 05:06:20 +0000</pubDate>
		<dc:creator>Oleg</dc:creator>
				<category><![CDATA[Telecom]]></category>
		<category><![CDATA[Ukraine]]></category>
		<category><![CDATA[Russia]]></category>
		<category><![CDATA[telco]]></category>
		<category><![CDATA[Telecommunication Netwell]]></category>

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		<description><![CDATA[Russian telecommunications equipment and technology distributor Netwell opens representative office in Kyiv. Ukraine is the first country in which Netwell will have its international office. The main task of Kyiv office will be extending the sales network in Ukraine.]]></description>
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<p><strong>Russian telecommunications equipment and technology distributor Netwell opens representative office in Kyiv. Ukraine is the first country in which Netwell will have its international office. The main task of Kyiv office will be extending the sales network in Ukraine, informed <noindex><a rel="nofollow" title="http://www.paudis.com.ua" href="http://en.expert.com.ua/links/http://www.paudis.com.ua" target="_blank">Paudis</a></noindex>.</strong></p>
<p>Deputy general director Yevgeniy Chepusov commented: “Being a niche distributor we are able to provide our partners with access to unique products and solutions allowing them to make market in them and create demand, resulting in maximum profitability to them. Without any doubt, together we would be able to reach important goals.”</p>
<p>Despite the fact that Netwell has been dealing with many partners in CIS for a long time, the opening of Kyiv representative office created the most comfortable conditions for further mutual cooperation. Now there is a permanent warehouse facility in Ukraine which would help to significantly decrease delivery times. Specialists of Ukrainian office will conduct technical expertise of the projects in Ukraine and support their partners and customers at every stage of the projects implementation.</p>
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		<title>Several satellite TV platforms are planning to start in Ukraine in 2011</title>
		<link>http://en.expert.com.ua/several-satellite-tv-platforms-are-planning-to-start-in-ukraine-in-2011.html</link>
		<comments>http://en.expert.com.ua/several-satellite-tv-platforms-are-planning-to-start-in-ukraine-in-2011.html#comments</comments>
		<pubDate>Sun, 07 Aug 2011 21:15:03 +0000</pubDate>
		<dc:creator>Oleg</dc:creator>
				<category><![CDATA[TV]]></category>
		<category><![CDATA[Ukraine]]></category>
		<category><![CDATA[dth]]></category>

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		<description><![CDATA[Ukraine is to experience a significant increase of new TV services, with up to two DTH (direct-to-home) platforms and a DTT (digital terrestrial television) operation expected to start this automn.

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<p><strong>Ukraine is to experience a significant increase of new TV services, with up to two DTH (direct-to-home) platforms and a DTT (digital terrestrial television) operation expected to start this automn.</strong></p>
<p>On August 5 General Satellite (Russia) announced that it is considering to enter Ukrainian market. They are planning to expand several DTH (direct-to-home) projects around the world, and they see Ukraine as a good place to start from.</p>
<p>It is said that General Satellite plans to distribute 55 channels in Ukraine, of which 28 will be local services. Most probably they would be transmitted using the localised version of Tricolor TV platform, a successful service from neighboring Russia.</p>
<p>It was reported last week that the Istil Group, which was previously behind the failed Poverkhost Plus operation, now plans to launch a DTH platform named XTRA. It is rumored that the platform will use Irdeto conditional access technology, which allows to protect the content delivery from piracy. It is also mentioned that the XTRA platform could go live as soon as this week.</p>
<p>Besides, Zeonbud, an operator of four of Ukraine’s six multiplexes (channels), plans to launch its DTT service this September.</p>
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		<title>AVentures Capital invest $1 mln. in Ukrainian-Based Divan.TV</title>
		<link>http://en.expert.com.ua/aventures-capital-invest-1-mln-in-ukrainian-based-divan-tv.html</link>
		<comments>http://en.expert.com.ua/aventures-capital-invest-1-mln-in-ukrainian-based-divan-tv.html#comments</comments>
		<pubDate>Fri, 05 Aug 2011 04:53:25 +0000</pubDate>
		<dc:creator>Oleg</dc:creator>
				<category><![CDATA[TV]]></category>
		<category><![CDATA[Ukraine]]></category>
		<category><![CDATA[AVentures]]></category>
		<category><![CDATA[divan.TV]]></category>
		<category><![CDATA[Invest]]></category>

		<guid isPermaLink="false">http://en.expert.com.ua/?p=3060</guid>
		<description><![CDATA[AVentures Capital, along with several other private investors, are the first to invest into Divan.TV. Divan.TV is a new concept in the television experience. Divan will be targeting the Central Eastern European area. Adventures Capital has stated that their investment, at this time, has not exceeded $1 million.

]]></description>
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<p><strong>AVentures Capital, along with several other private investors, are the first to invest into Divan.TV. Divan.TV is a new concept in the television experience. Divan will be targeting the Central Eastern European area. Adventures Capital has stated that their investment, at this time, has not exceeded $1 million, informed <noindex><a rel="nofollow" title="http://paudis.com.ua" href="http://en.expert.com.ua/links/http://paudis.com.ua" target="_blank">Paudis</a></noindex>.</strong></p>
<p>Divan TV (<noindex><a rel="nofollow" title="http://www.divan.tv/" target="_blank" href="http://en.expert.com.ua/links/http://www.divan.tv/">www.divan.tv</a></noindex>)<br />
 Divan.TV was established in 2009 and has quickly developed into a new platform that could change the way everyone experiences television. With the Divan box attached to the television, consumers can interact with their television through several multi-media methods.</p>
<p>Divan is targeting the Ukraine and Russia for its initial release in Fall 2011. Divan believes it will be in 1 million households by 2014.</p>
<p>AVentures Capital (<noindex><a rel="nofollow" title="http://www.aventures.com/" target="_blank" href="http://en.expert.com.ua/links/http://www.aventures.com/">www.aventures.com</a></noindex>)<br />
 AVentures Capital was founded in 1994 by Andrey Kolodyuk, and has realized over $1 billion in assets through 30 separate projects. Aventures Capital targets innovative IT start up ventures and is expanding its interests into the telecommunications and commercial property industries.</p>
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		<title>Ukraine attracted EUR 96 mln investments from private equity funds in 2010</title>
		<link>http://en.expert.com.ua/ukraine-attracted-eur-96-mln-investments-from-private-equity-funds-in-2010.html</link>
		<comments>http://en.expert.com.ua/ukraine-attracted-eur-96-mln-investments-from-private-equity-funds-in-2010.html#comments</comments>
		<pubDate>Wed, 27 Jul 2011 05:09:45 +0000</pubDate>
		<dc:creator>Oleg</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Ukraine]]></category>
		<category><![CDATA[CEE]]></category>
		<category><![CDATA[equity]]></category>
		<category><![CDATA[EVCA]]></category>
		<category><![CDATA[Financing]]></category>
		<category><![CDATA[private]]></category>
		<category><![CDATA[Private Equity]]></category>
		<category><![CDATA[venture capital]]></category>

		<guid isPermaLink="false">http://en.expert.com.ua/?p=3072</guid>
		<description><![CDATA[According to a report by the European Private Equity and Venture Capital Association (EVCA) Ukraine attracted EUR 96 mln investments from private equity funds.

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<p><strong>According to a report by the European Private Equity and Venture Capital Association (EVCA) Ukraine attracted EUR 96 mln investments from private equity funds.</strong></p>
<p>Investment activity in 2010 was highly concentrated in six countries: Poland (EUR 657 mln), the Czech Republic (EUR 193 mln), Romania (EUR 119 mln), Ukraine (EUR 96 mln), Bulgaria (EUR 82 mln) and Hungary (EUR 65 mln). Together, they accounted for 94% of the total CEE private equity investment value in 2010 (EUR 1.29 bn) and 68% of the total number of companies financed.</p>
<p>Private equity and venture capital funds focused on the Central and Eastern Europe attracted EUR 645 mln of new funds raised for investments into the companies in the region during 2010.</p>
<p>(c) <noindex><a rel="nofollow" title="http://evca.eu" href="http://en.expert.com.ua/links/http://evca.eu" target="_blank">EVCA</a></noindex></p>
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		<title>Eutelsat will provide satellite Internet to users across Ukraine</title>
		<link>http://en.expert.com.ua/eutelsat-will-provide-satellite-internet-to-users-across-ukraine.html</link>
		<comments>http://en.expert.com.ua/eutelsat-will-provide-satellite-internet-to-users-across-ukraine.html#comments</comments>
		<pubDate>Wed, 27 Jul 2011 05:06:48 +0000</pubDate>
		<dc:creator>Oleg</dc:creator>
				<category><![CDATA[Broadband]]></category>
		<category><![CDATA[Ukraine]]></category>
		<category><![CDATA[Altegrosky]]></category>
		<category><![CDATA[broadband Internet]]></category>
		<category><![CDATA[Eurosat-Ukraine]]></category>
		<category><![CDATA[Eutelsat]]></category>
		<category><![CDATA[KA-SAT]]></category>
		<category><![CDATA[satellite Internet]]></category>
		<category><![CDATA[Skylogic]]></category>
		<category><![CDATA[telco]]></category>
		<category><![CDATA[Telecommunication]]></category>
		<category><![CDATA[Tooway]]></category>

		<guid isPermaLink="false">http://en.expert.com.ua/?p=3070</guid>
		<description><![CDATA[Eutelsat Communications (Euronext Paris: ETL) will provide satellite Internet to users across Ukraine. Eutelsat announced the signature of a distribution contract for the Tooway™ broadband service between its Skylogic subsidiary and Eurosat-Ukraine. Eurosat-Ukraine is an affiliate of Altegrosky, a leading provider of satellite-delivered telecoms services in Russia and CIS countries. The new contract between Skylogic and Eurosat-Ukraine covers distribution to consumers in the Ukraine of the Tooway™ new generation satellite broadband service, which is delivered via Eutelsat’s KA-SAT satellite.

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<p><strong>Eutelsat Communications (Euronext Paris: ETL) will provide satellite Internet to users across Ukraine. Eutelsat announced the signature of a distribution contract for the Tooway™ broadband service between its Skylogic subsidiary and Eurosat-Ukraine. Eurosat-Ukraine is an affiliate of Altegrosky, a leading provider of satellite-delivered telecoms services in Russia and CIS countries. The new contract between Skylogic and Eurosat-Ukraine covers distribution to consumers in the Ukraine of the Tooway™ new generation satellite broadband service, which is delivered via Eutelsat’s KA-SAT satellite.</strong></p>
<p>With Tooway™ packages enabling users to benefit from download speeds of up to 10 Mbps and upload speeds of up to 4 Mbps, Eurosat-Ukraine can now offer fast and immediate Internet access to users across the Ukraine. Leveraging Altegrosky’s extensive experience of providing traditional VSAT solutions in Russia, with 6 500 terminals already deployed, the company plans to focus on rural areas and areas with poor ADSL and mobile broadband coverage. Over 10 million households in the Ukraine’s rural and suburban areas are not served by any Internet access, representing a significant addressable market.</p>
<p>Celebrating the partnership with Eutelsat, Sergey Pekhterev General Manager of Altegrosky, said: “Our new partnership with Skylogic and Eutelsat is a powerful new platform for expanding our range of services and increasing the efficiency of the solutions we offer. Our objective with our joint effort is to tackle the problem of white spots by offering the speed and performance of Tooway™ to households across the Ukraine.”</p>
<p>Arduino Patacchini, CEO of Skylogic responded: “The selection of Tooway™ by Altegrosky, an expert in satellite-based telecom networks, highlights the confidence of our partners in the new KA-SAT broadband infrastructure. We look forward to developing Tooway™ service growth in Eastern Europe with Altegrosky and Eurosat-Ukraine, and believe that the performance and affordability of our new-generation satellite broadband services will contribute to rapidly reducing digital exclusion for individuals deprived of high-speed Internet access.”</p>
<p>The new generation Tooway™ service is provided by Eutelsat’s KA-SAT satellite which went into full commercial service in May. With its total throughput of more than 70 Gbps, KA-SAT is a wireless broadband infrastructure designed to deliver fast, effective and affordable IP applications to users across Europe and the Mediterranean Basin.</p>
<p>(c) <noindex><a rel="nofollow" title="http://paudis.com.ua" href="http://en.expert.com.ua/links/http://paudis.com.ua" target="_blank">Paudis</a></noindex></p>
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		<title>Yandex seed finances US/Ukrainian Internet Startup</title>
		<link>http://en.expert.com.ua/yandex-seed-finances-usukrainian-internet-startup.html</link>
		<comments>http://en.expert.com.ua/yandex-seed-finances-usukrainian-internet-startup.html#comments</comments>
		<pubDate>Wed, 06 Jul 2011 21:02:38 +0000</pubDate>
		<dc:creator>Oleg</dc:creator>
				<category><![CDATA[Ukraine]]></category>
		<category><![CDATA[Internet]]></category>
		<category><![CDATA[Invest]]></category>
		<category><![CDATA[Refine.io]]></category>
		<category><![CDATA[startup]]></category>
		<category><![CDATA[Ukrainian]]></category>
		<category><![CDATA[Yandex]]></category>

		<guid isPermaLink="false">http://en.expert.com.ua/?p=3053</guid>
		<description><![CDATA[Yandex invested dozens of thousands dollars in a US/Ukrainian Internet startup Refine.io. Its office is in California, USA, and the development team is in Ukraine]]></description>
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<p><strong>Yandex invested dozens of thousands dollars in a US/Ukrainian Internet startup Refine.io. Its office is in California, USA, and the development team is in Ukraine, informed <noindex><a rel="nofollow" title="http://paudis.com.ua" href="http://en.expert.com.ua/links/http://paudis.com.ua" target="_blank">Paudis</a></noindex>.</strong></p>
<p>Refine.io is a mobile application creation service aimed at creation of prototypes of iOS applications using convenient drag-n-drop constructor.</p>
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		<title>Pandora should be trading at $2/share, tops</title>
		<link>http://en.expert.com.ua/pandora-should-be-trading-at-2share-tops.html</link>
		<comments>http://en.expert.com.ua/pandora-should-be-trading-at-2share-tops.html#comments</comments>
		<pubDate>Sun, 19 Jun 2011 08:35:12 +0000</pubDate>
		<dc:creator>Oleg</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[USA]]></category>
		<category><![CDATA[IPO]]></category>
		<category><![CDATA[Pandora]]></category>
		<category><![CDATA[shares]]></category>

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		<description><![CDATA[Pandora’s IPO yesterday peaked at $26/share, giving them a brief valuation of $4 billion. The stock quickly deflated to a closing price of $17.50, moving that valuation to $2.8 billion. Even that is a fantastical and bubblicious number that will not stand up to scrutiny. Here is a back-of-the-envelope analysis based on the S-1 that investors should have made before throwing their money in the box:
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<p><noindex><a rel="nofollow" title="http://finance.yahoo.com/q?s=P&amp;ql=1" target="_blank" href="http://en.expert.com.ua/links/http://finance.yahoo.com/q?s=P&amp;ql=1">Pandora’s IPO</a></noindex> yesterday peaked at $26/share, giving them a brief valuation of $4 billion. The stock quickly deflated to a closing price of $17.50, moving that valuation to $2.8 billion. Even that is a fantastical and bubblicious number that will not stand up to scrutiny. Here is a back-of-the-envelope analysis <noindex><a rel="nofollow" title="http://www.sec.gov/Archives/edgar/data/1230276/000119312511032963/ds1.htm" target="_blank" href="http://en.expert.com.ua/links/http://www.sec.gov/Archives/edgar/data/1230276/000119312511032963/ds1.htm">based on the S-1</a></noindex> that investors should have made before throwing their money in the box:</p>
<p><strong>Best possible case of active users growth</strong></p>
<ul>
<li>80M users have tried Pandora</li>
<li><noindex><a rel="nofollow" title="http://evolver.fm/2011/02/18/pandora-claims-over-30-million-monthly-listeners-as-ipo-approaches/" target="_blank" href="http://en.expert.com.ua/links/http://evolver.fm/2011/02/18/pandora-claims-over-30-million-monthly-listeners-as-ipo-approaches/">30M users converted to active users</a></noindex> (listen at least 1x per week)</li>
<li>That gives us a 37.5% conversion rate (30M/80M)</li>
<li>Pandora is currently only available in the US (and expanding to foreign markets is very hard)</li>
<li>The US has 240M people online (310M people * 77% internet penetration)</li>
<li>Facebook is one of the most popular services in the US</li>
<li><noindex><a rel="nofollow" title="http://articles.chicagotribune.com/2011-01-23/business/ct-biz-0124-facebook-world-20110123_1_facebook-social-network-millionth-user" target="_blank" href="http://en.expert.com.ua/links/http://articles.chicagotribune.com/2011-01-23/business/ct-biz-0124-facebook-world-20110123_1_facebook-social-network-millionth-user">146M users have tried Facebook in the US</a></noindex> (who knows how many are active)</li>
<li>If Pandora could become as popular as Facebook, they’ll reach another 66M users (146M &#8211; 80M)</li>
<li>That will give them another 25M active users (66M * 37.5%)</li>
<li>So the likely maximum Pandora’s userbase can grow in the US is 85%, or 55M active users</li>
</ul>
<p><strong>Revenue extrapolation for 2010<br />
</strong>Pandora has reported $77.8M in advertising revenue for the first 9 months of 2010. For the sake of analyzing per customer numbers on a yearly basis, let’s assume no additional growth for the last 3 months (although they most certainly will grow). So that’s $104M in advertising revenue for 2010 (($77.8M / 9 months) * 12 months).</p>
<p><strong>Best case scenario for net advertising profits</strong></p>
<ul>
<li>Pandora made $3.46/user from advertising in 2010 ($104M revs / 30M active users)</li>
<li>It paid $1.56/user in music royalties for 2010 ($45M / 30M active users)</li>
<li>Thus, gross profit from advertising (before other costs like servers, bandwidth, staff, and marketing) was $2/user ($3.46 &#8211; $1.56)</li>
<li>Music royalty cost may go down a little with additional scale, but that’s not a given (they paid 45% of revenues in royalties in ‘07, 81% in ‘08, 60% in ‘09, and now 50% in ‘10 — it was very high in ‘08/09 before the Copyright Royalty Board adjusted rates until 2015)</li>
<li>But let’s be kind and assume reduced royalty costs of 40%, so the number drops to $1.24/user, which would increase gross profit per user to $2.21 ($3.46 &#8211; $1.24)</li>
<li>So the most Pandora can make from advertising in gross advertising profits is $122M (55M active users * $2.21)</li>
<li>Let’s say they reach fantastic economies of scale and their remaining costs only go up 50% even as their user base soars 85%. That means other costs will total 66M (44M * 1.5)</li>
<li>So the best case scenario for advertising profits (assuming Facebook-like popularity) would be a net $56M ($122M gross profit &#8211; $66M costs)</li>
</ul>
<p><strong>Best case scenario for net subscription profits</strong></p>
<ul>
<li>Using the same assumption for 2010 as above, Pandora made $16M from subscriptions</li>
<li>A subscription costs $36/yr, so that means they have 444K paying subscribers ($16M / $36)</li>
<li>So their free-to-paid conversion rate is 1.5% (444K paying users / 30M active users)</li>
<li>If they can keep up that conversion rate as they grow to Facebook popularity (highly unlikely), they’ll get a total of 821K paying subscribers</li>
<li>That would net a total of $30M from subscriptions (we’ve already included costs of content and operation in the advertising analysis above, so let’s just assume it’s all profit)</li>
</ul>
<p><strong>Adjusting the best case scenario for total profits<br />
</strong>Based on the quick analysis above, the best case scenario for growth in the US gives Pandora the potential for $86M/year in profits ($56M from advertising and $30M in subscriptions). Given that they’d have to become as popular as Facebook to get there, that’s beyond optimistic. So let’s just say if they become 2/3s as popular, they’d make $56M/yr. Still highly optimistic, but not as far removed from reality.</p>
<p><strong>But what if they go international?<br />
</strong>They could, but it would be incredibly tough and expensive. Not only would they face daunting competitors in Europe like Spotify, they’d also have to deal with a labyrinth of licensing issues. Add in the increased cost of marketing, overseas offices, and the hardship of international advertising sales (you don’t think it’s as profitable to sell ads in Portugal as it is in the US, do you?) and you’re left with an international expansion that is unlikely to materially increase Pandora’s worth as a business.</p>
<p><strong>So where does that leave the valuation?</strong></p>
<ul>
<li>The best case scenario is to become a $56M/yr-in-profits business</li>
<li>Let’s say they’ll be worth 12x P/E at that point (a generous number given that <noindex><a rel="nofollow" title="http://finance.yahoo.com/q/ks?s=AAPL+Key+Statistics" target="_blank" href="http://en.expert.com.ua/links/http://finance.yahoo.com/q/ks?s=AAPL+Key+Statistics">Apple is trading at a forward 12x P/E</a></noindex> and have tremendous growth upside)</li>
<li>That means Pandora’s market cap — by the time they hit all their best case scenario marks! — would be $672M ($56M * 12)</li>
<li>Given the current number of outstanding shares, that means the price per share should be $4 ($672M market cap / 160M outstanding shares)</li>
</ul>
<p>That means $4/share is where the price should land after an awesome 85% growth in active users AND a decade of losses transformed into a delicious $56M/yr in profits. Now factor in that this best case scenario has big risks: they don’t become as popular, royalty costs go up, they get more competition, the users switch to mobile instead of computer with less profitable ads, and on and on. What exactly do you think is the fair price for the stock today? </p>
<p>Let me continue my generous streak and say that Pandora might be a reasonable gamble at $2/share, tops. That would still value a company that’s never seen a dollar of profit in its decade-long history at almost $320M (~160M outstanding shares at the moment). An astonishing, princely sum for a promise-of-a-perhaps profitable business in the future.</p>
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