谷歌借重金收購挺進社交營銷領域
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????谷歌（Google）昨日宣布，公司已經(jīng)收購了社交營銷公司野火互動（Wildfire Interactive）。此前谷歌曾競購另一家社交營銷公司Buddy Media，但未能如愿，后者已被云計算服務及CRM軟件供應商Salesforce.com收購。下面這些交易的要點來自于記者與知情人士就谷歌此項交易進行的對話： ????1. 收購價格？媒體報道的售價是2.5億美元，但幾位知情人士稱，若包括與未來盈利掛鉤的后續(xù)付款條款以及員工的留任獎金，該交易對野火互動的總估值約為4億美元。 ????2. 投資回報。對于頂峰投資（Summit Partners）、Felicis Ventures、500 Startups和SoftTech VC等野火互動的風投股東來說，這個收購價格意味著豐厚的回報。2010年4月，野火互動400萬美元的A輪融資對該公司的估值為1,500萬美元。若不考慮頂峰投資2011年末牽頭的1,000萬美元B輪融資所產(chǎn)生的攤薄作用（因為不了解具體估值水平），2.5億美元的收購價對應12.5倍的回報；4億美元的收購代價對應20倍的回報。當然，攤薄顯然是有影響的，但無論如何，股東們分配到的回報將令人嘆為觀止。另外值得注意的是，頂峰投資對野火互動的風險投資確實冒了一把險，因為該公司通常只投資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各出資一半設立的總規(guī)模為1,000萬美元的種子基金。該交易給fbFund帶來的回報在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劃的那樣提供無追索權的融資，眼下看來的確是件好事。 ????4. Facebook會配合嗎？關于最后這點，F(xiàn)acebook本身是否在fbFund中持有權益仍然是未知數(shù)。如果有的話，那就有意思了，屆時谷歌還得間接地給這個老對手開張支票。更為重要的是，野火和Facebook未來的關系將會如何發(fā)展？目前為止，雙方說的都很好聽。但Facebook會一直容忍谷歌獲得理論上對Google Plus非常有價值的數(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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