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Opera (company)

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Not to be confused with Otello Corporation (formerly Opera Software ASA).
Opera
Company typePublic
Nasdaq: OPRA
Industry
  • Software
  • Internet
Founded1995; 29 years ago (1995) in Oslo, Norway
Founders
HeadquartersOslo, Norway
Key people
  • Zhou Yahui (Co-CEO) & Chairman
  • Lin Song (Co-CEO)[1]
  • Frode Jacobsen (CFO)[2]
  • Jørgen Arnesen (EVP Mobile)[3]
  • Riu Hu (EVP Opera News)[4]
  • Krystian Kolondra (EVP Browsers)[5]
  • Aaron McParlan (General Counsel)[4]
  • Per Wetterdal (VP Global Business Development)[6]
  • Binfeng Qu (Head of OList)[4]
ProductsOpera Browser
Revenue99,200,000 United States dollar (2017) Edit this on Wikidata
−15,400,000 United States dollar (2017) Edit this on Wikidata
Total assets636,500,000 United States dollar (2017) Edit this on Wikidata
Owner
  • Beijing Kunlun Tech Co., Ltd. (Zhou Yahui) (48%)[7]
  • Qifei International Development Co. Limited (Qihoo 360) (27.5%)[8]
  • Keeneyes Future Holdings Inc (Zhou Yahui) (19.5%)[7][8]
  • Golden Brick Capital Private Equity Fund I L.P. (5%)[8]
Number of employees
538 (2017) Edit this on Wikidata
DivisionsOpera Gaming
Websiteopera.com

Opera is a Norwegian multinational technology company[9] that specializes in web browsers, FinTech, and other services such as Opera News. The company's total user base, including users of its desktop browsers, mobile browsers and other services exceeds 380 million monthly active users.[10]

Opera is headquartered in Oslo, Norway, with additional offices in Europe, China, and Africa.[11][12][13] On July 27, 2018, Opera Software went public on the NASDAQ stock exchange, raising $115 million in its initial public offering.[14]

History

See also: History of the Opera web browser, Otello Corporation § Acquisitions, Opera Mobile § History, Opera Mini § History, Nintendo DS Browser § Launch, and Internet Channel § History

Opera Software was founded as an independent company in Norway in 1995 by Jon Stephenson von Tetzchner and Geir Ivarsøy.[15] They had initially begun development of the Opera web browser while both working at Norwegian telecommunications company Telenor.[16]

Opera Software's first product, the Opera web browser version 2.10 for Windows, was publicly released in 1996. Opera began development of its first browser for mobile device platforms in 1998.[15] Opera 4.0, released in 2000,[17] included a new cross-platform core that facilitated creation of editions of Opera for multiple operating systems and platforms.[18]

Up to this point, the Opera browser was trialware and had to be purchased after the trial period ended, however, this ended with version 5.0, released in 2000. Instead, Opera became ad-sponsored, displaying advertisements to users without a license,[19] which was commonly criticized as a barrier to gaining market share. In newer versions, the user was allowed a choice of generic graphical banners or text-based targeted advertisements provided by Google based upon the page being viewed.

In February 2004, Opera Software announced it was preparing for an initial public offering on the Oslo Stock Exchange in March.[20] On March 11, Opera’s IPO opened, trading under the symbol OPERA.[21]

In 2004, Opera Software settled a lawsuit with an "international corporation" paying $12.75 million USD to Opera. It was speculated that the "international corporation" named in the statement announcing the settlement was Microsoft, which had previously blocked Opera users from correctly viewing MSN.com.[22][23]

On 12 January 2005, Opera Software announced that it would offer free licenses to higher education institutions[24] — a change from the previous cost of US$1,000 for unlimited licenses. Schools that opted for the free license included Massachusetts Institute of Technology (MIT), Harvard University, University of Oxford, Georgia Institute of Technology, and Duke University.

With version 8.5 (released in 2005) the advertisements were removed entirely and primary financial support came through revenue from Google (Opera's default search engine).[25] In August 2005, the company introduced Opera Mini, a new Java ME based web browser for mobile phones originally marketed not to end users but to mobile network operators to pre-load on phones or offer for their subscribers.[26] In 2007, Opera filed a complaint against Microsoft in the European Commission, alleging that bundling Internet Explorer with Microsoft Windows is harmful to both the consumer and to other web browser companies.[27] The complaint resulted in the creation of BrowserChoice.eu.[28]

In 2012, Opera Software and Bharti Airtel signed an agreement to provide Opera Mini browsers to Airtel mobile customers.[29] In 2013 Opera Software decided to not use their in-house rendering engine for the Desktop Browser anymore. From Version 15, the Opera browser for computers would be using the Blink rendering engine, a fork of Webkit developed together with Google.

Håkon Wium Lie, former chief technical officer

In March 2015 Mobile World Congress in Barcelona, Opera won Global Mobile Award of Best Mobile Product, Initiative or Service in Emerging Markets for Opera Web Pass and Sponsored Web Pass.[30] In April Opera Software decided to centre development of the Opera Desktop browser in Poland.[31] On April 12,[32] Opera TV AS (now Vewd Software AS[33][34]) was established to separate TV-related business from all other assets, which became part of Opera Software AS; both companies became wholly owned subsidiaries of Opera Software ASA (now Otello).[35] In September, the company announced a rebrand with a new three-dimensional “O” logo and brand identity. In the process, the company logotype changed from "Opera Software" to “Opera”.[36]

In 2016, the company changed ownership when a group of Chinese investors purchased the web browser, consumer business, and brand of Opera Software ASA. The remaining assets were renamed as the Otello Corporation.[37] The ownership change was initiated in February 2016 when a group of Chinese investors offered US$1.2 billion ($8.31 per share) to buy Opera Software ASA,[note 1][38] though the deal reportedly did not meet regulatory approval.[39] On 18 July 2016, Opera Software ASA announced it had sold its browser, privacy and performance apps, and the Opera brand to Golden Brick Capital Private Equity Fund I Limited Partnership[40][41][42] (a consortium of Chinese investors led by Beijing Kunlun Tech Co and Qihoo 360) for an amount of US$600 million.[39] The transaction for sale of Opera's consumer business was approved on 31 October 2016 by the Committee on Foreign Investment in the United States.[43] An earlier deal was not approved by Norwegian regulators.[42] On 4 November 2016, Golden Brick Capital Private Equity Fund I L.P. completed the acquisition.[44] After divesting itself of the Opera browser and brand, Opera Software ASA[note 1] changed its name to Otello Corporation ASA.[45]

In January 2017, the company introduced Opera Neon, a new concept browser that is intended as an exploration of browser design alternatives. The browser is built on top of the Blink engine similar to the original Opera browser, and it is available for Windows and macOS. In January 2018, Opera launched Opera News, an AI-driven news app dedicated to African users. It reached more than a million downloads in less than a month.[46] In April, the company released a new mobile browser called Opera Touch. It includes an innovative user interface focused on ease of use and one-handed browsing.[47] In July 2018, Opera filed for an IPO. The company went public on the NASDAQ on July 27 and raised over $115 million.[14]

In November 2019, Opera launched a new project called Opera News Hub. The platform helps bloggers create and share content.[48] In January 2020, Opera acquired PocoSys, an Estonian startup that developed banking-as-a-service software. The deal also included an agreement to take over Pocopay, PocoSys’s sister company.[49] In June 2020, Opera partnered with APO Group to provide accurate information about COVID-19 in Africa. News articles from different health authorities are collected by APO and made available to Opera users through the Opera Mini browser and Opera News app.[50]

Opera acquired YoYo Games from Playtech in January 2021 for US$10 million, from which the company also announced the launch of its Opera Gaming division to promote game development within the Opera GX browser with YoYo Games and its GameMaker game development software.[51]

In February 2021, Opera launched the fintech Dify, an in-browser payment app that includes cashback service and a digital wallet.[52] Customers who use Dify get reimbursed when purchasing items from partner websites like Nike, Asos, and eDreams.[53][54] The fintech was first offered in beta in Spain.[53][52]

Controversy

In January 2020, short-seller Hindenburg Research, a forensic financial research organisation, claimed that Opera offered predatory short-term loan products in Kenya, India, and Nigeria. According to the report, "most of Opera's lending business is operated through apps offered on Google's Play Store. In August [2019], Google tightened rules to curtail predatory lending and, as a result, Opera's apps are now in black and white violation of numerous Google rules."[55] Opera's response was:

The Company is aware of and has carefully reviewed the report published by the short seller on January 16, 2020. The Company believes that the report contains numerous errors, unsubstantiated statements, and misleading conclusions and interpretations regarding the business of and events relating to the Company.

Opera's loan app OKash, OPesa and CashBean subsequently increased its repayment period from 15-61 days to 60-365 days.[56]

Hindenburg Research also disclosed that they were holding short positions in Opera's shares, indicating that the organization would benefit financially from Opera's declining stock.[57][58] Opera Software's CEO and Chairman, Zhou Yahui, was also recently affiliated with Qudian, a Chinese firm also involved in loans, which saw its US stock plummet after accusations of fraud and illegal lending practices.[59][better source needed]

Products

See also: Otello Corporation § Divestitures

Active products

  • Opera desktop browser (Windows, MacOS, Linux)
  • Opera browser for Android
  • Opera GX : Opera’s gaming browser, released in June 2019. The browser allows users to customize how much RAM, CPU, and network bandwidth it uses,[60] and reached 4 million monthly active users.
  • Opera Mini: originally released in 2005, version 50 of the browser was released in May 2020.[61] The redesign included a new UI, an improved data-saving mode, and a built-in file sharing service.[61]
  • Opera News: released in 2018, a news app with an AI-engine[62] In 2020, Opera announced that its Opera News service had more than 200 million monthly active users.[63]
  • Opera Touch: a mobile browser released in 2018, available for Android and iOS[64]
  • OPay: a fintech startup incubated by Opera,[65] it is a mobile-based money platform in Nigeria released in 2018.[66]
  • Opera Ads: advertising platform which integrates into all of Opera’s products released in May 2019.[67][68]

Discontinued products

In February 2018, after previously announcing that the service and app would be shut down, the Opera Max app, a VPN based mobile data compression service, was sold to Samsung. It was rebranded as Samsung Max, but will only be compatible with eligible Samsung Galaxy smartphones going forward.[69]

Since then, Opera has developed its own VPN available within its desktop and Android browser.[70]

Notes

  1. ^ a b Opera Software ASA (now Otello Corporation ASA) and Opera Software AS are different companies.

References

  1. ^ https://www.wsj.com/market-data/quotes/OPRA/company-people/executive-profile/171105877. {{cite web}}: Missing or empty |title= (help)
  2. ^ "Frode Jacobsen". Bloomberg.
  3. ^ "AU Pushes African Trade Deal to January". Ventures Africa.
  4. ^ a b c "Management Team". Opera.
  5. ^ "Opera snaps up Pocosys to expand fintech operation in Europe". Verdict.
  6. ^ "QNB GROUP, MASTERCARD UNDERTAKE FIRST SUCCESSFUL INTERNATIONAL TRANSACTION IN SUDAN". Ventures Africa.
  7. ^ a b "昆仑万维参股公司Opera Limited拟赴美上市". Reuters (in Chinese (China)). July 2, 2018. Retrieved 2 July 2018.
  8. ^ a b c "Shareholder Structure | Opera Limited". opera.gcs-web.com. Archived from the original on 15 October 2018. Retrieved 4 September 2018.
  9. ^ "OPRA - Opera Ltd Shareholders - CNNMoney.com". money.cnn.com. Retrieved 2021-08-10.
  10. ^ "Opera user base continuing strong growth trajectory; exceeding 380 million monthly active users in August and up more than 30 million year-to-date". investor.opera.com. 2020-09-10. Retrieved 2021-06-07.
  11. ^ "A Tour of Opera Software's Super Cool Wroclaw Office". Officelovin'. 2016-09-12. Retrieved 2020-10-30.
  12. ^ Chan, Isabelle. "Opera sets up office in India". ZDNet. Retrieved 2020-10-30.
  13. ^ Street, Kenyan Wall. "Opera Software opens Kenya & Nigeria offices, pumps $100M to grow African digital economy". african markets. Retrieved 2020-10-30.
  14. ^ a b Shankland, Stephen (July 27, 2018). "Opera browser raises $115 million in initial public offering". CNET. Retrieved July 27, 2018.
  15. ^ a b "About Opera - Opera". Opera.com. Archived from the original on October 11, 2008. Retrieved 30 January 2018.
  16. ^ https://economictimes.indiatimes.com/opinion/qna/opera-is-the-oldest-browser-and-it-is-still-surviving-jon-tetzchner-founder-opera-software/articleshow/7068303.cms. Retrieved 2020-09-17. {{cite news}}: Missing or empty |title= (help)
  17. ^ "Affiliated Organization of Firefox and Mozilla" (PDF). Mozilla Japan. 2006. Retrieved 24 October 2007.
  18. ^ Schenk, Mark (6 January 2007). "Opera browser version history". Archived from the original on 14 October 2007. Retrieved 24 October 2007.
  19. ^ Lettice, John (6 December 2000). "Opera browser goes free with version 5.0 launch". The Register. Retrieved 11 October 2007.
  20. ^ https://www.cnet.com/news/opera-plans-public-offering/. Retrieved 2020-09-17. {{cite web}}: Missing or empty |title= (help)
  21. ^ https://www.cnet.com/news/opera-details-ipo-plans/. Retrieved 2020-09-17. {{cite web}}: Missing or empty |title= (help)
  22. ^ Hansen, Evan (May 24, 2004). "Microsoft behind $12 million payment to Opera". CNET. Retrieved October 25, 2016.
  23. ^ Hansen, Evan (May 24, 2004). "Opera wails about MSN problem". CNET. Retrieved October 25, 2016.
  24. ^ Students surf safely with Opera: Opera site license free for educational institutions Archived 2012-05-29(Timestamp length) at archive.today, January 12, 2005, retrieved on October 25, 2005
  25. ^ Baker, Loren (20 September 2005). "Opera Goes Free with Help from Google". Search Engine Journal. Retrieved 12 October 2007.
  26. ^ Have WAP but want WEB? Introducing Opera Mini for mobile phones Archived 2006-06-18 at the Wayback Machine, URL accessed on April 20, 2006
  27. ^ Dignan, Larry (13 December 2007). "Opera files complaint against Microsoft in the EU over IE, Windows bundle; CTO makes Web standards case". ZDNet. Retrieved 17 June 2020.
  28. ^ "Microsoft to randomly generate EU browser ballot list". Ars Technica. Retrieved 14 November 2010.
  29. ^ "Opera Software". Retrieved 7 June 2012.
  30. ^ "GSMA ANNOUNCES WINNERS OF THE 2015 GLOBAL MOBILE AWARDS". 3 March 2015. Retrieved 4 March 2015.
  31. ^ M, Haavard (21 April 2015). "Goodbye, Opera!". A Blog From Outside the Trenches. Retrieved 1 August 2015.
  32. ^ "Opera TV AS - Relationship Science". Relationship Science.
  33. ^ "Global Leader In Enabling OTT, Opera TV, Acquired By Moore Frères & Company" (Press release).
  34. ^ "Opera TV is Now Vewd" (Press release).
  35. ^ "To the General Meeting of Opera Software ASA and Opera Demerger AS" (PDF). OperaSoftware.com. KPMG AS. December 18, 2015. Retrieved 29 July 2017.
  36. ^ Revealing the new Opera brand. Opera, on YouTube. 21 September 2015. Retrieved 2018-01-04.
  37. ^ Hughes, Matthew (2017-12-18). "Opera Software ASA rebrands to Otello Corporation after selling its browser business (Update)". The Next Web. Retrieved 2018-04-21.
  38. ^ Tsang, Amie; Mozur, Paul (10 February 2016). "Chinese Group Bids $1.2 Billion for Company Behind Opera Web Browser". The New York Times. Retrieved 30 January 2018.
  39. ^ a b "Opera browser sold to a Chinese consortium for $600 million". Engadget.com. Retrieved 30 January 2018.
  40. ^ Staff, Reuters (2016-11-04). "BRIEF-Opera Software says has closed $575 mln with China's Golden Brick". Reuters. Retrieved 2021-07-22. {{cite news}}: |first= has generic name (help)
  41. ^ "Opera renegotiates its $1.2B sale down to $600M for its browsers, privacy apps, Chinese JV". TechCrunch. Retrieved 2021-07-22.
  42. ^ a b "Opera browser sold to a Chinese consortium for $600 million". Engadget. Retrieved 2021-07-22.
  43. ^ "BRIEF-Opera Software says wins approval for China sale". Reuters News Agency. 27 February 2020.
  44. ^ "Successful closing of the Transaction". Newsweb.no.
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  46. ^ Workman, Dean (February 7, 2018). "Opera news app hits 1 million downloads in 4 weeks". IT News Africa. Retrieved 19 May 2018.
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  51. ^ Takahashi, Dean (January 20, 2021). "Opera acquires YoYo Games for $10 million and launches Opera Gaming division". Venture Beat. Retrieved January 20, 2021.
  52. ^ a b Díaz, Marta Pachón. "Opera browser, created before Google was born, launches into the fintech universe with the Spanish premiere of Dify". Business Insider. Retrieved 2021-03-18.
  53. ^ a b "Opera's new online shopping cashback service is built directly into its browser". Engadget. Retrieved 2021-03-18.
  54. ^ February 2021, 18th (2021-02-18). "Norwegian web browser Opera launches fintech "Dify" in beta". FinTech Futures. Retrieved 2021-03-18.{{cite web}}: CS1 maint: numeric names: authors list (link)
  55. ^ "Opera reportedly has multiple predatory loan apps in the Play Store with interest rates of up to 876%". Android Police. 2020-01-21. Retrieved 2020-06-30.
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  66. ^ "Opera's OPay still plans Africa expansion on Nigerian super app". TechCrunch. Retrieved 2020-11-19.
  67. ^ "Opera launches advertising platform". Punch Newspapers. 13 May 2019. Retrieved 2020-11-19.
  68. ^ "Opera Ads releases new ad units". Vanguard News. 2019-11-18. Retrieved 2020-11-19.
  69. ^ "Samsung rescues data-saving privacy app Opera Max and relaunches it as Samsung Max". VentureBeat. 2018-02-23. Retrieved 2018-02-23.
  70. ^ "Opera's VPN returns to its Android browser". TechCrunch. Retrieved 2020-12-01.
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