Ocenění zákazníků v online společnostech

Online industry is responsible for considerable part of world's GDP and understanding the value creation principles within it is getting increasingly important. Online companies often operate differently than traditional firms and pose various valuation challenges. We look at this problem through the optics of customer base, which we see as one of the key valuation drivers in modern online companies. The analysis of theoretical concepts and previous research within this field of research is applied to the sample consisting of biggest and most influential acquisitions in the history of online industry. Acquisitions are examined on cost-per-user multiple. Further, regression analysis is performed in order to find the relationship between acquired user base and value of transaction. We find statistically significant effect of size of acquired customer base on the deal value. Further we find statistically significant difference between cost-per-user multiples in acquisitions motivated by expansion and by competition.