Opera (company) explained

Opera
Type:Public company
Traded As:NASDAQ:
Founded: in Oslo, Norway
Hq Location:Oslo, Norway
Products:Opera Browser, Opera GX
Num Employees:582 (2023)[1]
Parent:
Owners:

Opera (formerly Opera Software AS) is a multinational technology[4] conglomerate holding company headquartered in Oslo, Norway with additional offices in Europe, China, and Africa. Opera offers a range of products and services that include a variety of PC and mobile web browsers, GameMaker and gaming portals, the Opera News content recommendation products, the Opera Ads platform, and a number of Web3 and e-commerce products and services. The company's total user base is 311 million monthly active users.[5]

In 2016, Opera was acquired by an investment group led by a Chinese consortium.[6] On 27 July 2018, Opera Limited became a public company listed on the NASDAQ Stock Exchange, raising $115 million in its initial public offering.[7] Opera is a subsidiary of Kunlun Tech Co., Ltd., and controlled by Zhou Yahui.[8]

History

See also: History of the Opera web browser.

Early development

Opera Software was founded as an independent company in Norway in 1995 by the Icelandic Jon Stephenson von Tetzchner and Geir Ivarsøy.[9] They had initially begun development of the Opera web browser while both working at Norwegian telecommunications company Telenor.[10]

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. Opera 4.0, released in 2000,[11] included a new cross-platform core that facilitated creation of editions of Opera for multiple operating systems and platforms.[12]

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,[13] 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.

First IPO and public company

In February 2004, Opera Software announced it was preparing for an initial public offering on the Oslo Stock Exchange in March.[14]  On 11 March, Opera's IPO opened, trading under the symbol OPERA.[15]

In 2004, Opera Software settled a lawsuit with an "international corporation" paying 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.[16] [17]

On 12 January 2005, Opera Software announced that it would offer free licenses to higher education institutions[18] - 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).[19] 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.[20] 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.[21] The complaint resulted in the creation of BrowserChoice.eu.[22]

In 2011, development directors Rolf Assev and Christen Krogh, decided to quit Opera to try something new.[23]

In 2012, Opera Software and Bharti Airtel signed an agreement to provide Opera Mini browsers to Airtel mobile customers.[24] 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.

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.[25] In April Opera Software decided to centre development of the Opera Desktop browser in Poland.[26] On 12 April,[27] Opera TV AS (now Vewd Software AS[28] [29]) 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).[30] 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".[31]

Acquisition and second IPO

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.[32] 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,[33] though the deal reportedly did not meet regulatory approval.[34] 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[35] [36] [37] (a consortium of Chinese investors led by Beijing Kunlun Tech Co and Qihoo 360) for an amount of US$600 million. 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.[38] An earlier deal was not approved by Norwegian regulators. On 4 November 2016, Golden Brick Capital Private Equity Fund I L.P. completed the acquisition.[39] After divesting itself of the Opera browser and brand, Opera Software ASA changed its name to Otello Corporation ASA.[40]

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.[41] 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.[42] In July 2018, Opera filed for an IPO. The company went public on the NASDAQ on 27 July and raised over $115 million.

Acquisitions

In November 2019, Opera launched a new project called Opera News Hub. The platform helps bloggers create and share content.[43] 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.[44] 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.[45]

Opera acquired YoYo Games from Playtech in January 2021, for, 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.

In February 2021, Opera launched the fintech Dify, an in-browser payment app that includes cashback service and a digital wallet.[46] Customers who use Dify get reimbursed when purchasing items from partner websites like Nike, Asos, and eDreams.[47] [48] The fintech was first offered in beta in Spain.

Products

Active products

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.[61]

Since then, Opera has developed its own VPN available within its desktop and Android browser.[62]

On 22 March 2021, in celebration of the three-year-anniversary of Opera Touch, it was announced that the iOS version of Opera Touch was rebranded to simply Opera,[63] and it was also given a new, and refurbished UI.

In August 2017, Opera Coast was discontinued and removed from the Apple App Store. The reason is unknown, but some believed that the company is focusing on some products.

Controversies

Opera was involved in a years-long feud with Microsoft dating back to 2001.[64] On at least three occasions, Opera accused Microsoft of deliberately breaking interoperability of its MSN services and the Opera browser or other non-Internet Explorer browsers.[65] Microsoft denied that it was intentionally shutting out Opera users. In response, Opera released the "Bork Edition" of its web browser, causing MSN to display only the phrase, "Bork, bork, bork!" which was popularized by The Muppet Show character, Swedish Chef.[66] [67] [68] [69] In 2004, Opera received a confidential $12.75 million payment from an "international corporation" reported to be Microsoft.

In 2013, Opera switched from its rendering engine, Presto, to Chromium's WebKit (now Blink), a decision described as a "sad day for the web."[70] [71]

From 2018[72] to 2020, Opera was involved in the incubation of Kenyan loan companies OKash and Opesa. In January 2020, the then Opera-owned businesses were accused of offering predatory terms with interest rates of up to 876 percent per annum and employing unethical debt recovery practices such as debt shaming and abusing customer privacy.[73] [74] [75] In August 2020, Opera announced its divestment from majority ownership of its microlending holdings,[76] [77] [78] and in March 2022, Opera sold its stake outright.[79]

Notes and References

  1. Web site: 2023 Annual Report (Form 20-F) . 24 April 2024 . US Securities and Exchange Commission.
  2. Web site: SEC . Opera Ltd 2021 Annual/Transition Report 20-F/A . https://web.archive.org/web/20221031195045/https://www.sec.gov/Archives/edgar/data/1737450/000143774922016090/opra20211231_20fa.htm . 2022-10-31 . 28 June 2022 . SEC.report . en . Kunlun, our parent company, and Mr. Yahui Zhou, our chairman of the board and chief executive officer, have control over our company and their interests may not be aligned with the interests of our other shareholders. As of the date of this annual report, Kunlun, a Chinese public company traded on the Shenzhen stock exchange, indirectly owns 55.60% of our issued and outstanding ordinary shares. As such, we are a consolidated subsidiary of Kunlun. . 2022-10-31 . bot: unknown .
  3. Web site: 昆仑万维参股公司Opera Limited拟赴美上市 . . 2 July 2018 . zh-CN . 2 July 2018 . 3 May 2019 . https://web.archive.org/web/20190503101110/https://cn.reuters.com/article/kunlun-tech-opera-usa-ipo-0702-idCNKBS1JS01V . dead .
  4. Web site: OPRA - Opera Ltd Shareholders - CNNMoney.com . 2024-01-26 . money.cnn.com.
  5. Web site: 20 January 2024 . Opera Reports Both Revenue and Adjusted EBITDA Above Guidance in its Third Quarter 2023 Results . 2024-01-20 . Opera.com.
  6. Web site: Lunden . Ingrid . 18 July 2016 . Opera renegotiates its $1.2B sale down to $600M for its browsers, privacy apps, Chinese JV . 2024-01-20 . TechCrunch . en-US.
  7. News: Opera browser raises $115 million in initial public offering. Shankland. Stephen. 27 July 2018. CNET. 27 July 2018.
  8. Web site: 3 February 2024 . Opera 2022 Annual Report . 2024-02-03 . SEC Edgar.
  9. Web site: About Opera – Opera. Opera.com. 30 January 2018. https://web.archive.org/web/20081011064244/http://www.opera.com./company/about/milestones/. 11 October 2008. dead.
  10. News: Opera is the oldest browser, and it is still surviving: Jon Tetzchner, founder, Opera software. 2020-09-17.
  11. Web site: Affiliated Organization of Firefox and Mozilla. Mozilla Japan . 2006 . 24 October 2007.
  12. Web site: Opera browser version history . Schenk . Mark . 6 January 2007 . 24 October 2007 . dead . https://web.archive.org/web/20071014002906/http://www.markschenk.com/opera/history.html . 14 October 2007 .
  13. News: Opera browser goes free with version 5.0 launch . Lettice . John . . 6 December 2000 . 11 October 2007.
  14. Web site: Opera plans public offering. 2020-09-17. CNET. 9 February 2004. Broersma. Matthew.
  15. Web site: Opera details IPO plans. 2020-09-17. CNET. 26 February 2004. Broersma. Matthew.
  16. News: Microsoft behind $12 million payment to Opera. Hansen. Evan. 24 May 2004. CNET. 25 October 2016.
  17. News: Opera wails about MSN problem. Hansen. Evan. 24 May 2004. CNET. 25 October 2016.
  18. http://www.opera.com/pressreleases/en/2005/01/12/ Students surf safely with Opera: Opera site license free for educational institutions
  19. News: Opera Goes Free with Help from Google . Baker . Loren . Search Engine Journal . 20 September 2005 . 12 October 2007.
  20. http://www.opera.com/pressreleases/en/2005/08/10/ Have WAP but want WEB? Introducing Opera Mini for mobile phones
  21. News: Opera files complaint against Microsoft in the EU over IE, Windows bundle; CTO makes Web standards case . Dignan . Larry . . 13 December 2007 . 17 June 2020.
  22. Web site: Microsoft to randomly generate EU browser ballot list . 4 December 2009 . Ars Technica . 14 November 2010.
  23. Web site: directors leaves opera. 20 December 2011 .
  24. News: Opera Software. . 6 June 2012 . 7 June 2012.
  25. Web site: GSMA ANNOUNCES WINNERS OF THE 2015 GLOBAL MOBILE AWARDS. 3 March 2015. 4 March 2015.
  26. Web site: M. Haavard. Goodbye, Opera!. A Blog From Outside the Trenches. 1 August 2015. 21 April 2015.
  27. Web site: Opera TV AS – Relationship Science. Relationship Science.
  28. Global Leader In Enabling OTT, Opera TV, Acquired By Moore Frères & Company.
  29. Opera TV is Now Vewd.
  30. Web site: To the General Meeting of Opera Software ASA and Opera Demerger AS. KPMG AS. OperaSoftware.com. 18 December 2015. 29 July 2017.
  31. https://www.youtube.com/watch?t=8&v=KvJJk5Z-iZE Revealing the new Opera brand
  32. News: Hughes. Matthew. 18 December 2017. Opera Software ASA rebrands to Otello Corporation after selling its browser business (Update). en-US. The Next Web. 2018-04-21.
  33. News: Chinese Group Bids $1.2 Billion for Company Behind Opera Web Browser. The New York Times. 10 February 2016. 30 January 2018. Tsang. Amie. Mozur. Paul.
  34. Web site: Opera browser sold to a Chinese consortium for $600 million. Engadget.com. 18 July 2016 . 30 January 2018.
  35. News: 4 November 2016. BRIEF-Opera Software says has closed $575 mln with China's Golden Brick. en. Reuters. 2021-07-22.
  36. Web site: Opera renegotiates its $1.2B sale down to $600M for its browsers, privacy apps, Chinese JV. 2021-07-22. TechCrunch. en-US.
  37. Web site: Opera browser sold to a Chinese consortium for $600 million. 2021-07-22. Engadget. 18 July 2016 . en-US.
  38. News: BRIEF-Opera Software says wins approval for China sale. 27 February 2020. Reuters News Agency.
  39. Web site: Successful closing of the Transaction. Newsweb.no.
  40. News: Opera Software ASA rebrands to Otello Corporation after selling its browser business (UPDATE). Hughes. Matthew. 18 December 2017. The Next Web. 2018-04-21. en-US.
  41. Web site: Workman. Dean. Opera news app hits 1 million downloads in 4 weeks. IT News Africa. 19 May 2018. 7 February 2018.
  42. Web site: Lardinois. Frederic. Opera launches a new mobile browser. Techcrunch. Oath Inc.. 19 May 2018. 25 April 2018.
  43. Web site: Opera expands news platform with the launch of OperaNewsHub . Businessday NG . 27 August 2020 . 11 November 2019.
  44. Web site: Norway's Opera acquires Estonian startup PocoSys to expand its fintech operations. 2020-10-06. Tech.eu. 27 January 2020 . en-US.
  45. News: 11 June 2020. APO Group Partners Opera to Provide Africans with Credible COVID-19 Information. Ventures Africa. 2020-10-20.
  46. Web site: Díaz. Marta Pachón. Opera browser, created before Google was born, launches into the fintech universe with the Spanish premiere of Dify. 2021-03-18. Business Insider.
  47. Web site: Opera's new online shopping cashback service is built directly into its browser. 2021-03-18. Engadget. 17 February 2021 . en-US.
  48. Web site: February 2021. 18th. 18 February 2021. Norwegian web browser Opera launches fintech "Dify" in beta. 2021-03-18. FinTech Futures. en-GB.
  49. Web site: 19 May 2020. Opera GX gets built-in Instagram, workspaces to keep tabs organized. 2020-11-12. Windows Central.
  50. Web site: 25 May 2020. Opera Mini 50 arrives with new design, improved data saver and more. 2020-12-08. MobileSyrup. en.
  51. Web site: Opera news app hits 1 million downloads in 4 weeks. 7 February 2018 . 2020-11-12. en-US.
  52. Web site: 9 June 2020. Opera News Sets a New Record With 200 Million Users. 2020-12-08. MarTech Series. en-US.
  53. Web site: The latest marker of Chinese interest in African fintech is a $120 million funding round for OPay. 2020-11-19. Quartz Africa. 18 November 2019 . en.
  54. Web site: Opera's OPay still plans Africa expansion on Nigerian super app. 2020-11-19. TechCrunch. en-US.
  55. Web site: Opera launches advertising platform. 2020-11-19. Punch Newspapers. 13 May 2019. en-US.
  56. Web site: 18 November 2019. Opera Ads releases new ad units. 2020-11-19. Vanguard News. en-US.
  57. Web site: Wasuna. Brian. 9 April 2021. Kenya: Chinese Billionaire Behind Kenya's Popular Mobile Money Lending Apps. 2021-09-12. allAfrica.com. en.
  58. Web site: 6 May 2018. Sunday. OKash loans app hits over Sh10m daily transactions. 2021-09-12. Business Daily. 26 December 2020 . en.
  59. Web site: OKash loan app 'exceeding expectations'. 2021-09-12. Citizentv.co.ke. 2 May 2018 . en-US.
  60. Web site: 29 August 2021. Chinese investors are again looking to Africa's fintech start-ups. 2021-09-12. South China Morning Post. en.
  61. News: Samsung rescues data-saving privacy app Opera Max and relaunches it as Samsung Max. 23 February 2018. VentureBeat. 2018-02-23. en-US.
  62. Web site: Opera's VPN returns to its Android browser. 2020-12-01. TechCrunch. en-US.
  63. Web site: 22 March 2021 . Opera Touch for iOS celebrates its 3rd anniversary with revamped UI and rename to Opera . 2023-06-17 . Opera press.
  64. Web site: Festa. Paul. Opera wails about MSN problem. 2021-12-05. CNET. en.
  65. Web site: Festa. Paul. Microsoft behind $12 million payment to Opera. 2021-12-05. ZDNet. en.
  66. Web site: Broersma. Matthew. Opera says 'bork' to MSN standards. 2021-12-05. CNET. en.
  67. Web site: 18 February 2003. Opera gets its own Bork on Microsoft. 2021-12-05. The Sydney Morning Herald. en.
  68. Web site: Pruitt. Scarlet. 14 February 2003. Opera unleashes Swedish Chef on MSN. 2021-12-05. Network World. en.
  69. Web site: Opera Bork Bork Borks MSN Page – ExtremeTech. 2021-12-05. www.extremetech.com.
  70. Web site: Staff. Ars. 13 February 2013. Hey Presto, Opera switches to WebKit. 2021-10-26. Ars Technica. en-us.
  71. Web site: Opera admits defeat, switches to Google's Chromium – ExtremeTech. 2021-10-26. www.extremetech.com.
  72. News: Kiruga . Morris . This lending app loves you until you're late on a payment. Then the shaming begins. . 20 January 2022 . Rest of World . 26 May 2020.
  73. Web site: Owino. Julie. 9 June 2020. Borrow from Opesa and Okash at your own risk-DLAK. 2021-09-12. Capital Business. en-US.
  74. Web site: Kamau. Frankline Sunday and Macharia. How Kenyans give up privacy for costly mobile loans. 2021-09-12. The Standard. en.
  75. News: Shankland . Stephen . Opera expanded from browsers to money-lending apps, and a report says they're gouging borrowers. Opera denies it. . 7 January 2022 . CNET . 21 January 2020 . en.
  76. News: Gakweli . Mwakaneno . Opera Launches New Lending Fintech "Nanobank" in Partnership With Mobimagic – Kenyan Wallstreet . 7 January 2022 . The Kenyan Wallstreet . 21 August 2020.
  77. News: Idris . Abubakar . Opera exits a Nigerian venture, launches new fintech for emerging markets . 7 January 2022 . TechCabal . 31 August 2020.
  78. News: Nwite . Samuel . Opera Launches Nanobank As it Divests Nigerian Subsidiary . 7 January 2022 . Tekedia . 1 September 2020.
  79. Web site: Opera stock jumps 13% postmarket on sale of stake in Nanobank for $127.1M Seeking Alpha . 2022-12-22 . seekingalpha.com . 22 March 2022 . en.

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