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10. Oanda

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Estimated Value: $1.2 billion

Business:
Currency market site where users can trade currencies and get real-time quotes on exchange rates.

Location:
Toronto, Canada (offices in New York, Toronto, and Zurich)

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More Info: About Oanda

CEO:
Michael Stumm

Investors:
New Enterprise Associates, Legg Mason, Cascade Investment LLC, T. Rowe Price, and Index Futures.

Analysis:
Oanda is an online trading tool and quote provider for foreign exchange with a flagship currency software platform called FX Trade. The platform allows anyone from institutional investors to individuals to trade currencies or access market information.

Oanda's revenue has grown from $18 million in 2005 to $45 million in '07, and the company's operating margin is a remarkable 70% (last year's operating profit was $34 million on $45 in revenue). Oanda makes money by being a market maker, and its spreads are attractively small (.9 basis points for EURO/USD trades)

Oanda recently got a $100 million infusion from two venture capital groups and has over 75,000 worldwide clients. Based on the company's growth prospects and extraordinary operating margin, we believe the business is worth 20X revenue, or $1.2 billion.

 

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