Accoona Files For An IPO

By Amit Chowdhry ● Aug 5, 2007

“‘Hakuna Matata,’ what a wonderful phrase.” It’s actually so wonderful, that someone took this Swahili phrase and named it after their search engine. Accoona is a search engine that utilizes artificial intelligence technology to find content related to these searches.

For example, I did a quick search on the band, Sum 41 and what came in return was a link to Sum 41 ringtones, Sum 41 concert tickets, a bio on EXPN.com, some web results, some news results, and a link to some Sum 41 questions on Accoona Answers

Based in Jersey City, NJ, Accoona has filed for an IPO. And the proposed maximum offering price is about $80.5 million.

“For now, according to its S-1, almost all of its revenue has come from its e-commerce business in North America: it operates six online retail sites in consumer electronics and home appliances sector. For Q107, it had losses of $14.8 million, compared with a loss of $5.5 million the year-ago period. Revenues for the quarter rose to $37.5 million from $23 million the year-ago period,” reported Rafat Ali of paidContent.