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專欄 - 從華爾街到硅谷

企業(yè)級軟件公司估值調(diào)頭向下

Dan Primack 2014年04月30日

Dan Primack專注于報道交易和交易撮合者,從美國金融業(yè)到風險投資業(yè)均有涉及。此前,Dan是湯森路透(Thomson Reuters)的自由編輯,推出了peHUB.com和peHUB Wire郵件服務(wù)。作為一名新聞工作者,Dan還曾在美國馬薩諸塞州羅克斯伯里經(jīng)營一份社區(qū)報紙。目前他居住在波士頓附近。
過去多年,風投對企業(yè)級軟件初創(chuàng)企業(yè)的估值一路上升。但如今情況正在發(fā)生逆轉(zhuǎn)。隨著企業(yè)級軟件公開市場下行,不利影響逐漸蔓延,風投對初創(chuàng)階段企業(yè)級軟件企業(yè)的估值也開始下降。

????私人市場通常隨著公開市場的漲跌而起伏。就風投對企業(yè)級軟件公司的估值而言,情況似乎也是如此。

????我們不妨看看過去幾年上市的幾家獲得風投支持的企業(yè)級軟件公司近期的股價表現(xiàn):WorkDay公司在過去三個月股價下跌了13.88%。Talbeau軟件公司股價縮水了15.48%。而Splunk公司更是跌去了20.18%??傊?,公開市場投資者的關(guān)注點從成長更多地轉(zhuǎn)向了價值。

????目前獲得風投對企業(yè)級軟件領(lǐng)域的估值數(shù)據(jù)還為時過早,但多位投資人向我表示,他們已經(jīng)看到公開市場下行的影響。不出所料,首當其沖的是上市前融資回合,同時,市場下行的影響正在逆企業(yè)生命周期蔓延至企業(yè)初期的風投估值。

????對此,Emergence Capital Partners公司合伙人戈登?里特解釋稱:“企業(yè)級軟件估值方面一直存在‘傳遞’心態(tài)。所以,當公開市場的估值縮水,企業(yè)和風投公司自然得適應(yīng)變化?!盓mergence Capital Partners曾投資過Salesforce.com和Veeva Systems等公司。

????Veeva公司的股價在過去一個季度的下跌幅度超過了30%。

????里特還表示,他知道好幾位企業(yè)家為了加快達成交易,接受了比今年早些時候較低的估值。

????Merus Capital公司的肖恩?登普西表示,他在首輪投資領(lǐng)域尚未看到估值有大的變化,但他承認,估值下降可能只是時間問題。登普西說道:“大家可以看到,涌入后期投資領(lǐng)域的對沖基金和其他公司太多了,這肯定不會有什么好結(jié)果。我們從事首輪投資,因此最后才會波及到我們。但如果大型后期交易出現(xiàn)問題,我們也無法獨善其身。”

????不過,值得注意的是,里特、登普西以及其它接受采訪的風投家似乎都不擔心企業(yè)級軟件行業(yè)會長期處于寒冬。不僅是因為他們對宏觀經(jīng)濟持續(xù)復(fù)蘇有信心,還因為云技術(shù)等的估值使大企業(yè)愿意投資于類似的新技術(shù),即便增長有所放緩(再說,增長放緩之前也不是沒有出現(xiàn)過)。(財富中文網(wǎng))

????譯者:項航

????The private markets typically follow the public markets on the way up, and also follow them on the way down. And that seems to be what we're seeing when it comes to venture capital deals for enterprise software companies.

????Take a look at the recent stock performance of some of VC-backed enterprise software companies that have gone public within the past several years: WorkDay (WDAY) is down 13.88% over the past three months. Talbeau Software (DATA) is off 15.48%. And Splunk (SPLK) is down 20.18%. In short, public market investors are moving a bit from growth to value.

????It's far too early for us to have VC valuation data for the sector, but several investors tell me that they've already seen an impact of this downward shift. Not surprisingly, it's a cascade that first hit pre-IPO rounds, and is working its way through the venture lifecycle to earlier stages.

????"There has been a real 'pay-it-forward' mentality when it's come to enterprise software valuations," explains Gordon Ritter, a partner with Emergence Capital Partners whose track record includes investments in Salesforce.com and Veeva Systems (VEEV). "So it's pretty natural that as public market valuations pull back, entrepreneurs and VCs have had to adjust."

????Veeva stock, for what its worth, is down more than 30% over the past quarter.

????Ritter adds that he knows of several situations in which entrepreneurs have accepted lower valuations than they might have earlier this year, just so that they can get their deals done faster.

????Sean Dempsey of Merus Capital says that he has not yet seen much valuation change at the Series A level, but acknowledges that it's probably just a matter of time. "You've seen so many hedge funds and other firms like that get into the later-stage space, and you just know that it's not going to end well," he says. "We invest in Series A so we're at the end of the lag, but when some of these larger late-stage deals go bad we'll feel some repercussions."

????It's also worth noting, however, that neither Ritter, Dempsey nor other VCs I spoke with seem concerned that the enterprise software sector could experience a long-term freeze. Not only because of confidence in continued macro economic recovery, but also because the value proposition of things like cloud make it unlikely that big corporations would resist spend on such new technologies, even if things slowed down (as they have done in the past).

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