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Mediasurface and its hugely ambitious IPO plans

Seeks £400m market cap

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Web content management provider Mediasurface is planning to float next year although preliminary market valuations of £400 million appear to be on the very high side. Last year the London-based company generated £260,000 in sales but has already notched up £3.5 million this year. According to the Sunday Times, predictions for next year are £10 million sales - giving a forward price-sales ratio of 40. The content management software market is highly fragmented -- market leader Texas-based Vignette has only got around 200 customers, worldwide. So you could argue that there is everything to play for on the consolidation front. This is what is happening on Ads management software for example, with the publishing community coalescing around the DART/NetGravity axis. But that consolidation is driven by media buyers who are comfortable with those products. And DART's pay as you go pricing is very attractive to smaller publishers like --The Register -- for example. But what would drive consolidation in the content management market? Most big Web publishers still produce their own products, tailored to their own needs. The Register's own database-driven content management system represents a six-figure investment... probably the same as it would cost to buy and implement MediaSurface's Oracle-based system? Is it much worse? We don't think so. ® Daily Net finance news from The Register

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