Ad network ValueClick Inc., a pay-per-click network, is bucking the trend as well. With two IPOs last year, one in the U.S. and one in Japan, the company raised more than $100 million, which is still in the bank, said John Ardis, VP-marketing at ValueClick.
"We have no burn rate," he said, pointing to the senior management's decision to fund ValueClick's international expansion purely with operating funds, as opposed to money from the IPO as originally planned. ValueClick has opened five new international offices and two new U.S. offices in the past year, and showed a $6.8 million pro-forma operating profit for 2000.
"The key to running a successful online business is to run it like an offline business," he said.