Daily News Blog from KLR - Providence, Rhode Island, Newport, Boston, Massachusetts

Pinterest - the online pinboarding website that allows people to post high-quality images of their favorite things - is the next big thing in social media.

It brought in 11 million unique visitors in January and is driving more traffic across the internet than many big-name companies such as Google, notes CNN Money.

However, author Dan Primack suggests that maybe Pinterest needs to mellow out its overwhelming popularity.

"After all, there comes a future point when people don't pay attention to a company's actual success because they (mistakenly) believe it was achieved years ago," Primack wrote.

His solution? File for an initial public offering.

He feels this will create more transparency in the company, "take it down a notch" and reduce the pressure of "living up to its own hype."

Primack cites Facebook, which has encountered governance issues and concerns about growth (too great of a reliance on Zynga) since it announced its intention to go public earlier this year. The author doesn't believe Pinterest should necessarily go public, but simply begin drawing up an S-1 document as part of a long-term growth strategy.

According to Fast Company, Pinterest currently has $37.5 million in investments. Larchmont, New York-based Bessemer Venture Partners led its Series A financing, while Andreessen Horowitz led a Series B.

KLR offers services for industries that many other CPA firms in Boston may not be familiar with. Its technology consulting branch provides assistance for software developers, technology support services, hardware manufacturers and more.  

Online review website Yelp set the price range for its initial public offering today, which may signal that it's close to completing its IPO, The Associated Press reports.

Yelp, which filed its S-1 documents three months ago, plans to sell at $12 to $14 per share with the potential to raise as much as $115 million, before expenses.

The New York Times adds that at the midpoint price range, Yelp would be valued at around $778 million, or as high as $840 million.

While this pales in comparison to another hotly anticipated upcoming internet IPO receiving technology consulting - Facebook, valued between $75 billion and $100 billion - it has still shown strong revenue growth and is poised to be profitable.

The AP notes that Yelp gained $83.3 million in revenue during 2011 - a 75 percent increase from 2010. However, it still faces substantial net losses - $16.9 million to be exact - a 74 percent increase from a year ago. Yelp has reported annual losses every year since being founded in 2004.

One of Yelp's biggest competitors - Angie's List - has seen its stock rise 19 percent since it went public in November, which may bode well for Yelp's prospects. Its price per share has grown from $13 at opening to $15.41 as of this week. Its market value is $757 million.

KLR offers services for industries that many other CPA firms in Boston may not be familiar with. Its technology consulting branch provides assistance for software developers, technology support services, hardware manufacturers and more.  

Demand Media, the popular online media company and content farm that operates brands such as eHow and Cracked, reported fourth quarter net losses "due to costs for improving its platform," Reuters reports.

The company went public this past January after receiving technology consulting, pricing its stock at $17 a share and valuing it at more than $1 billion, CNN Money notes. It expects to raise about $67 million, and will use the funds for content investments, working capital and international expansion.

However, Reuters points out that Demand posted a net loss of $6.4 million during Q4, this after seeing net income earnings of $1 million during Q4 2010. Conversely, revenue rose 16 percent during that time period to $81.3 million.

Questions still remain about whether Demand will ultimately be profitable. CNN Money reports that it has faced criticism about its questionable accounting methods, as it doesn't expense the cost of paying its writers upfront. Instead, it spreads those funds out over the course of five years, boosting its bottom line.

KLR offers services for industries that many other CPA firms in Boston may not be familiar with. Its technology consulting branch provides assistance for software developers, technology support services, hardware manufacturers and more.  

A collaborative between health information technology firm NaviNet and a consortium of health insurers is aimed to create better quality and lower-cost healthcare in Boston and elsewhere, Boston Business Journal reports.

St. Louis, Missouri-based Lumeris Corporation and three Blue Cross Blue Shield plans - Horizon Blue Cross Blue Shield of New Jersey, Independence Blue Cross of Pittsburgh and Highmark of Pittsburgh - were all part of the acquisition, which the news source believes is a "coming wave" of alliances between health plans and health IT firms.

"Facilitating better care collaboration has been a huge focus for us and this acquisition clearly demonstrates that others share our vision and are willing to push it to the forefront," said NaviNet CEO Bradley Waugh. "We're thrilled to be working alongside such industry leaders and look forward to collectively setting the standard for accountable care."

Boston-based NaviNet attests that it's one of the largest real-time communications networks for physicians, hospitals and insurers. It has already obtained around $50 million in funds from venture capital firms in Boston and elsewhere.

One of the highest-ranked Boston accounting firms, KLR boasts 160 team members across the East Coast. Because of its expansive reach, employees are able to specialize in support for healthcare-based companies, including practice management consulting, corporate compliance assistance and business valuation services.

Brightcove, a Cambridge, Massachusetts-based platform for delivery of online video, began trading its post-IPO stock on NASDAQ at $14.50 per share, Boston Business Journal reports.

The company originally priced 5 million shares in its IPO at $11 per share, hoping to raise $55 million. Its value currently sits at around $380 million.

Brightcove is backed by two firms - one venture capital firm in Boston located in Cambridge, and another in Palo Alto, California. Each holds 21.4 percent of the company.

According to Mass High Tech, Brightcove intends to move its office to an 82,000 square-foot Atlantic Wharf complex in Boston by April. It also plans to expand its staff by 120 people.

Brightcove offers solutions for media, brand marketers, retailers, government entities and non-profits, small businesses and agencies, its website states. For instance, brands can use Brightcove's technology to increase awareness and find new audiences, motivate viewers with calls to action and build customer loyalty with quality content.

KLR is one of the largest CPA firms in Boston, and offers assistance to venture capital firms. These include internal audit assessments as well as international tax services and specialized tax services such as cost segregation, research and development and energy studies. Due diligence for buyers and preparedness for sellers can also be provided during the acquisition process.

Palo Alto, California-based Backplane announced it recently closed a Series A round of financing for an undisclosed amount. It received funding from five new firms, as well as continued participation from Google Ventures.

The investment was structured as a convertible note in order to create more flexibility for eventual Series B rounds that "could occur rather quickly," according to Econsultancy.

Backplane describes itself as a community platform that "unites people around interests, affinities and movements." It's intended to be a Facebook hybrid, combining calender, email and social networking features, as well as photo sharing and multilingual chat functions.

"We are thrilled to add an extraordinary group of investors and industry leaders who have helped pioneer game-changing technology businesses to our Series A," said Matt Michelsen, co-founder and CEO of Backplane.

Backplane's first community, called littlemonsters.com, was centered around pop star Lady Gaga. The singer was so impressed with the company's work that she invested around $1.5 million in the project.

Venture capital firms in Boston and elsewhere may believe there's room for a platform such as Backplane's, even with Facebook's presence. However, the news source notes that it also faces competition from similar products in the space such as Jive, Ning, BuddyPress and vBulletin.

KLR is one of the largest CPA firms in Boston, and offers assistance to venture capital firms. These include internal audit assessments as well as international tax services and specialized tax services such as cost segregation, research and development and energy studies. Due diligence for buyers and preparedness for sellers can also be provided during the acquisition process.

Venture capital and private equity firms that invested in Michael Kors Holdings prior to its December IPO are making out like bandits, as the company's shares rose as much as 26 percent earlier this week, DealBook reports.

According to CNN Money, Kors planned to raise nearly $800 million through its IPO, as it looks to capitalize on the rising luxury retail sector.

Kors is the second-most successful debut out of the 125 IPOs made in 2011, trailing only technology company InvesSense, DealBook adds. Plus, it is outperforming other popular tech stocks such as Zynga and Groupon.

"Michael Kors has strong and expanding global recognition as a brand that embodies the jet-set lifestyle that consumers aspire to," John Idol, Kors chief executive, told the news source. "We believe that we are well positioned to continue to build our global luxury lifestyle brand, and that we have a tremendous opportunity for growth."

The luxury channel in general has outperformed the underwhelming economy, as both Ralph Lauren and Coach have also reported strong earnings lately.

Kors opened 28 new stores during 2011's third quarter, and now operates 231 facilities worldwide.

KLR is one of the largest CPA firms in Boston, and offers assistance to venture capital firms. These include internal audit assessments as well as international tax services and specialized tax services such as cost segregation, research and development and energy studies. Due diligence for buyers and preparedness for sellers can also be provided during the acquisition process.

A life sciences company from Texas, Diamondback Energy, recently registered with the SEC for a $50 million initial public offering in common stock.

According to 24/7 Wall St., Diamondback is an independent oil and natural gas company "currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas."

It was formed recently - in December 2011 - by a private equity firm in Connecticut, and plans to use the IPO proceeds to "fund exploration and development activities for general corporate purposes including acquisitions, working capital and debt repayment."

The company's profits dropped 1.7 percent to $8.41 million during the nine months ending September 30, despite a revenue spike of 79 percent to $33 million during that same time period.

It will apply for a listing on the NASDAQ Global Marketing under the symbol FANG.

As one of the leading accounting firms in Boston, KLR offers services for private equity firms, including business valuations, state and local tax consulting, financial modeling and international tax and business advisory services. Because of its size, KLR can also provide acquisition plan assistance such as pre-transaction evaluation and purchase price allocation.

Nearly one year to the day after it pulled its planned initial public offering, Seattle, Washington-based Atossa Genetics officially registered with the SEC with plans to offer 1 million shares at $5 to $7.

GenomeWeb reports Atossa, a biotech that develops diagnostic tests for breast cancer, reneged its IPO on February 15 without citing an specific reason.

However, this current offering could command a market value of $106 million. It plans to use the funds to expand its cytology and molecular diagnostics laboratory - The National Reference Laboratory for Breast Health - as well as to hire and train sales and marketing staff, continue research and development, support internal research and for general corporate purposes.

Healthcare companies in Boston interested in breast cancer research may want to take a closer look at Atossa's developments. It has already begun diagnostic tests for breast cancer - with hopes of offering two more by 2013 - and has a proprietary treatment for pre-cancerous breast changes that could begin preclinical studies this year.

One of the highest-ranked Boston accounting firms, KLR boasts 160 team members across the East Coast. Because of its expansive reach, employees are able to specialize in support for healthcare-based companies, including practice management consulting, corporate compliance assistance and business valuation services.

Ironwood Pharmaceuticals of Cambridge, Massachusetts, recently announced a slight change to its February 10 initial public offering.

Underwriters of the IPO have exercised their option to purchase an additional 787,500 shares at $15.09 per share. Ironwood will now issue 6,037,500 shares and, via net proceeds, will boost its public stock offering to $85 million - a $5 million increase from the original amount.

With the proceeds from the IPO, Ironwood plans to strengthen its balance sheet and prepare for the launch of an investigational drug designed to treat irritable bowel syndrome - Linaclotide.

Mass High Tech reports that Ironwood partnered with New York City-based Forest Laboratories in August to submit Linaclotide to the U.S. Food and Drug Administration (FDA) for approval. Its application was accepted in October and Ironwood expects full FDA approval by June.

What's more, Ironwood also recently signed a licensing agreement with Australia-based Bionomics to research anti-anxiety compounds.

One of the highest-ranked Boston accounting firms, KLR boasts 160 team members across the East Coast. Because of its expansive reach, employees are able to specialize in support for healthcare-based companies, including practice management consulting, corporate compliance assistance and business valuation services.