Lebed recently released another tout of Broadvision. Nothing new in the e-mail has a material effect on revenues near term.
In his latest tout Lebed continues to tout the number of customers that Broadvision won in 2011 however he continues to fail to disclose the revenue number that these customers totaled.
What Lebed fails to disclose is the quality of customer wins for Broadvision. Recently reported in the fourth quarter Jive Software stated its customer wins include the following:
"Signed new and expanded customer relationships including ACE Group, PricewaterhouseCoopers LLP/UK, SAP and Thomson Reuters among others"
Besides that Jive also expanded on its customer partnership as stated in the following:
Expanded relationships with leading global system integrators Accenture,CapGemini and Hewlett-Packard"
Lebed fails to disclose this information as it continues to show that Broadvision is facing a very challenging path forward to justify its lofty valuation. Without sizable revenue and cash flow Broadvision will be significantly overvalued compared to its peers in the software space. With paltry revenues from the ClearVale platform revenues continue and remain lofty by value and in terms of growth investors.
Jive Software one of Broadvision's largest competitor in the social media space reported 4th quarter revenues of $22.5 million which was up 53% year over year.
While 2011 total revenue reported was $77.3 million which was up 67% year over year.
Again Lebed fails to state Broadvision's declining revenue for the past decade.
Jive also has a cash position of over $180.6 million of which $72 million came from its recent initial public offering. What Lebed fails to state is Jive's cash position compared to Broadvison which has been cash flow negative. Their legacy products continue to decline in value as customers continue to leave for larger and more flexible databases.
Lebed continues to tout that Broadvision should receive a higher valuation yet as Broadvision has stated in is recent conference call that there is no company developments to disclose that would explain the run-up. Again the National Inflation Association (NIA) and Marlin Capital hold a significant amount of the float. Be careful of these touts as fundamentals in due time will expose of this tout.