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????上周，手機照片分享網站Instagram以5億美元的估值獲得5,000萬美元的風險投資。周一，該公司同意以10億美元的價格接受Facebook公司的收購。 ????這一周的時間里到底發生了什么事？ ????首先，風投其實已經運作一個多月了。實際上，《華爾街日報》（Wall Street Journal）早在3月9日就報道了這筆可能會發生的交易。但上周與風投最終敲定這筆交易時，Instagram依然還在籌劃著要建立一個大型的獨立公司。而Facebook那時還沒出價。 ????我怎么會知道這些內幕呢？首先，我是從熟悉內情的人士那里得知情況的。其次，也是更重要的一點事，如果Instagram手里已經握有一宗價值10億美元的收購要約，它根本不可能募得那筆風投。要知道，風投融資中，創始人往往需要稀釋股權——而如果公司再過幾天就打算出售，創始人顯然沒有理由接受這種攤薄。況且，（風投機構給出）的估值只有Facebook出價的一半，作為公司創始人就更不可能接受這個稀釋方案了。如果只是需要臨時融資，可以向現在的股東，甚至是向銀行提出申請（這時Facebook的收購要約可以作為預授信的依據）。 ????實際上，Facebook是在Instagram完成融資后才發出收購要約的。我們尚不清楚這是上周四還是周末發出的，但肯定就是過去這幾天的事。更重要的是，這個時機可能并不是什么巧合。 ????上周三，Instagram的安卓應用的下載量在發布首日就超過了100萬次。 ????各方業內人士對Facebook發出收購要約背后的心理活動做了下面這樣的解釋：上周二，Instagram的安卓應用在發布首日下載量就超過100萬次。于是，Facebook開始感到如臨大敵：這么一家社交分享型公司居然能從iOS系統如此平滑無縫地遷移到安卓系統上。隨后又傳來了消息：Instagram從紅杉資本（Sequoia Capital）和Greylock合伙公司（Greylock Partners）這些財大氣粗的投資公司手里募得了5,000萬美元的風投。也就是說，Facebook如果要收購這家公司可能碰到對手了。 ????一位觀察人士稱：“我想Facebook是有點恐慌了。所以它決定在競標的數額進一步提高之前，先下手為強。” ????而且，跟其他公司還不一樣的是，Facebook有足夠的資源和高效的組織架構在短時間內完成這筆交易。 ????換言之，Instagram在同意被收購前的幾天里接受了風投融資，同時稀釋股權的這一做法非常正確。或者說，在某種程度上，可能正是因為它接受了新的風投，才有了被收購的機會。 ????譯者：清遠 |
????Last week, mobile photo-sharing site Instagram raised $50 million from venture capitalists at a $500 million valuation. Today, the company agreed to be acquired for $1 billion by Facebook. ????So what happened in the intervening days? ????For starters, the venture capital round had been in the works for more than a month. In fact, the Wall Street Journal reported the deal back on March 9. But when the round finally closed last week, Instagram still was planning on building a large, independent company. Facebook had not yet made an offer. ????How do I know? First, because people familiar with the situation have told me so. Second, and more importantly, there is no way Instagram raises that money if it has a $1 billion acquisition offer in hand. Remember, venture financings typically involve founder dilutions -- and there is no reason to accept dilution if you're just going to sell a few days later. And you certainly don't accept dilution at a valuation that is just 50% of what Facebook is offering. If you need bridge financing, just ask existing shareholders. Or even your neighborhood bank (that Facebook offer would have served as pre-approval). ????Instead, Facebook made its acquisition offer after Instagram closed the funding round. Not sure if that means last Thursday or over the long weekend, but it was within the past several days. More importantly, the timing may not have been coincidence. ????Last Wednesday, Instagram's Android app was downloaded more than 1 million times in its first day of availability. ????Here's how a couple different sources explain Facebook's thinking: Last Tuesday, more than 1 million people download Instagram's new Android app on its first day of availability. Facebook begins to get nervous that a social-sharing company like Instagram is able to migrate from iOS to Android so seamlessly. Then comes word that Instagram has raised $50 million in new funding from deep-pocketed investors like Sequoia Capital and Greylock Partners. In other words, Facebook may have a challenger. ????"I think Facebook panicked," says one observer. "So it decided to take out the competition before it had a chance to grow even bigger." ????And, unlike most other companies, Facebook has the resources and streamlined organizational structure to put together such a deal on short notice. ????In other words, Instagram didn't make a mistake accepting VC funding/dilution just days before agreeing to be acquired. Instead, it may be getting acquired, in part, because it accepted the new funding. |
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