ECO reveals more details from the report made by the official auditor who approved Yupido's capital increase from 240 million to 28.8 billion euros. What does this technology do, after all?
Yupido has been at the heart of media attention for the uncanny and unprecedented capital increase performed last year, from 243 million euros to 28.8 billion euros — twice as much as the market value of Galp Energia and almost two billion euros more than Deutsche Bank’s value, which is 27 billion euros. As ECO had previously disclosed exclusively, the operation was a result of the incorporation of a multimillionaire “intangible asset” — an “innovative digital platform” for the media, standing out for its algorithms.
ECO was able to access the report in which the official auditor António Alves da Silva assessed that asset and gave green light to the 11,722% capital increase, describing and justifying the assessment he made of Yupido’s platform.
Firstly, the official auditor says that Yupido is a platform for “the storage, protection, distribution and spreading of all kinds of media content”, namely new media formats such as 360 degree or 4k quality video. The report is clear: “The technology we are assessing focuses equally on the TV device itself”, which went from “HD technology” to “ultra HD or 4k”. The auditor goes even further, saying the sale of TV devices with “6k and 360 degree movies” is already a reality.
"My motivation for this assessment was looking at it and remembering about Steve Jobs.”
Another aspect supporting this gigantic assessment of this “new technology” are its “advanced computing algorithms”. According to the report ECO accessed, “the digital platform assessed gathers a number of technology on compression, storage, transport and protection of media content”.
The Portuguese newspaper Observador was able to talk with the auditor, António Alves da Silva, who stated that when technology was presented to him, he was “amazed”. “I met with some people, those in charge of the company and some technicians. I saw the TV’s image and not much more. I am no specialized technician, but I was amazed“, he stated.
Alves da Silva added: “I made this report three years ago. When this technology becomes more common, maybe the company’s value will be derisory. If this technology takes effect, it will revolutionize the whole system”. The official auditor concluded: “My motivation for this assessment was looking at it and remembering about Steve Jobs”. António Alves da Silva makes a funny final remark: before taking full responsibility for the “reasonableness” of the assessment, he mentions that the assessment included “a conservative market penetration rate”; he also assured the “software’s potential valuation” could ascend to even “higher amounts”.
ECO contacted the Finance ministry about Yupido, and the answer was that they are not allowed to disclose or comment on anyone’s tax situation. The ministry stated that “tax secrecy” prevents them from saying whether or not they are investigating Yupido for the capital increase. Yet, the company has drawn the Portuguese Police’s attention: according to the Portuguese newspaper Expresso, the Criminal Police “is assessing” the situation.