ClickZ: Claria Comes Out of the Shadows

Claria's recent filing for a roughly $150 million IPO forced the closely held company to reveal certain financial details for the first time. It showed that a couple clients provided a large proportion of company revenues in 2002 and 2003. At the same time, it showed that those revenues diversified over time to include different types of revenue streams. In 2002, Avenue A accounted for about one in five revenue dollars. The next year, about one in three dollars came from Overture in a search distribution deal with Claria's SearchScout software.

A quick view of the S-1 statement shows that the company still has about $70 million of available funds and is making about $35 million more a year. At about a dollar of earnings per share, a typical growing Internet market valuation of 40 times earnings would put Claria at a market cap of about $1.5 billion.