Yehey! up for sale?

According to a reliable source (who wants to remain anonymous), Philippine web-portal Yehey is being put up for sale by parent company iVantage Corp.

Yehey! Corp has slowing been veering away from the internet advertising model and gone into web development/web design, e-commerce (Kaban) and digital marketing, among others. Yehey’s biggest clients include San Miguel Corp., Isuzu, Ateneo De Manila and Procter and Gamble.

Apparently, the business model hasn’t really panned out for the team of about 90+ people at Yehey! and the current revenue isn’t anywhere near the earlier target of Php140 Million for 2009 {via GMANews}. They made Php71 Million in revenues last year.

Yehey! has also abandoned earlier plans of going public (first reported about the IPO last February 2007 as well as the comment from CEO Donald Lim).

At least one key executive has been “let go” and there’s big possibility more heads will roll. Unless the team can do some magic trick and hit the targets, Yehey’s biggest chance of survival is when it gets sold and infused with fresh capital.

Updates:

• In the first quarter of 2009, the firm reported a net loss of P7.4 million, from a net income of P2.4 million in the comparative period last year. In its 2008 annual filing, the firm reported a Php7 million net loss {Business Mirror}.
• In a July 7, 2009 story on Business Mirror, iVantage corporate secretary Bayani K. Tan said the company is “trying its best” to list by way of introduction in the Philippine Stock Exchange (PSE). In the comments, Nix Nolledo says Yehey has since been listed already. That might have only happened in the last 3 weeks.
• Yehey had a net loss of Php10.9 million in 2006. Revenues in 2007 was Php23.3 million and tripled it to Php71 Million in 2008 {via GMANews} but was still in the red by Php7 Million. Yehey has adjusted 2009 initial revenue projections from Php140 million in January to just Php80 to Php90 Million by July.