谷歌借重金收購(gòu)?fù)M(jìn)社交營(yíng)銷領(lǐng)域
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????谷歌（Google）昨日宣布，公司已經(jīng)收購(gòu)了社交營(yíng)銷公司野火互動(dòng)（Wildfire Interactive）。此前谷歌曾競(jìng)購(gòu)另一家社交營(yíng)銷公司Buddy Media，但未能如愿，后者已被云計(jì)算服務(wù)及CRM軟件供應(yīng)商Salesforce.com收購(gòu)。下面這些交易的要點(diǎn)來(lái)自于記者與知情人士就谷歌此項(xiàng)交易進(jìn)行的對(duì)話： ????1. 收購(gòu)價(jià)格？媒體報(bào)道的售價(jià)是2.5億美元，但幾位知情人士稱，若包括與未來(lái)盈利掛鉤的后續(xù)付款條款以及員工的留任獎(jiǎng)金，該交易對(duì)野火互動(dòng)的總估值約為4億美元。 ????2. 投資回報(bào)。對(duì)于頂峰投資（Summit Partners）、Felicis Ventures、500 Startups和SoftTech VC等野火互動(dòng)的風(fēng)投股東來(lái)說(shuō)，這個(gè)收購(gòu)價(jià)格意味著豐厚的回報(bào)。2010年4月，野火互動(dòng)400萬(wàn)美元的A輪融資對(duì)該公司的估值為1,500萬(wàn)美元。若不考慮頂峰投資2011年末牽頭的1,000萬(wàn)美元B輪融資所產(chǎn)生的攤薄作用（因?yàn)椴涣私饩唧w估值水平），2.5億美元的收購(gòu)價(jià)對(duì)應(yīng)12.5倍的回報(bào)；4億美元的收購(gòu)代價(jià)對(duì)應(yīng)20倍的回報(bào)。當(dāng)然，攤薄顯然是有影響的，但無(wú)論如何，股東們分配到的回報(bào)將令人嘆為觀止。另外值得注意的是，頂峰投資對(duì)野火互動(dòng)的風(fēng)險(xiǎn)投資確實(shí)冒了一把險(xiǎn)，因?yàn)樵摴就ǔＶ煌顿Y成熟度高得多的企業(yè)。 ????3. 種子基金大豐收。但最大的贏家的是原始出資方fbFund，即由Accel Partners和Founders Fund各出資一半設(shè)立的總規(guī)模為1,000萬(wàn)美元的種子基金。該交易給fbFund帶來(lái)的回報(bào)在50倍至100倍之間，有可能是其迄今為止最成功的一筆投資。該種子基金沒有像最初計(jì)劃的那樣提供無(wú)追索權(quán)的融資，眼下看來(lái)的確是件好事。 ????4. Facebook會(huì)配合嗎？關(guān)于最后這點(diǎn)，F(xiàn)acebook本身是否在fbFund中持有權(quán)益仍然是未知數(shù)。如果有的話，那就有意思了，屆時(shí)谷歌還得間接地給這個(gè)老對(duì)手開張支票。更為重要的是，野火和Facebook未來(lái)的關(guān)系將會(huì)如何發(fā)展？目前為止，雙方說(shuō)的都很好聽。但Facebook會(huì)一直容忍谷歌獲得理論上對(duì)Google Plus非常有價(jià)值的數(shù)據(jù)嗎？ ????譯者：默默 |
????Google (GOOG) yesterday announced that it had acquired social marketing company Wildfire Interactive, apparently after previously losing out on Buddy Media to Salesforce.com (CRM). A few notes, based on conversations with folks close to the situation: ????1. How much? The reported sale price is $250 million, but multiple sources tell me that the total deal is valued at around $400 million once earn-outs and employee retention bonuses are taken into account. Expect that a decent part of that initial chunk is in cash, if not virtually all of it. ????2. Return on investment. This is a massive return multiple for WildFire's venture investors, which include Summit Partners, Felicis Ventures, 500 Startups and SoftTech VC. The company's $4 million Series A was done at a $16 million pre-money valuation in April 2010. Not taking into account dilution from a Summit-led $10 million Series B round in late 2011 (because I don't know the valuation), it's a 12.5x return at $250 million, or 20x at $400 million. Yes, the dilution obviously matters but, no matter what, the distributions should be impressive. Also worth noting that Summit took a real chance with this one, given that it typically invests in much more mature businesses. ????3. Seed harvest. But the biggest return goes to seed backer fbFund, a $10 million vehicle backed in equal parts by Accel Partners and Founders Fund. Somewhere in the 50x-100x range, and likely that vehicle's largest win to date. Guess it's a good thing that fbFund didn't remain as a non-recourse grant program, as originally intended. ????4. Can FB play nice? On that last point, it's unclear if Facebook (FB) itself had points in fbFund. If so, Google would be in the interesting position of writing one of its biggest rivals an indirect check. More relevant will be to watch how the WildFire-Facebook relationship progresses going forward. So far, both sides are saying all the right things. But how long will Facebook want Google having access to data that could, in theory, be of value to Google Plus? |
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