并购 探讨近来科技行业并购火爆之谜

探讨近来科技行业并购火爆之谜  

The speed and volume of mergers and acquisitions large and small in the technology industry has ramped up. Global tech M&A volume in the first half of this year was up 55% over last year
reaching its highest level since 2000.
Part of the reason for the buying spree is because tech panies have massive cash piles on their balance sheets. There’s also the acqui-hire trend
where tech panies are created cheaply
raise seed funding easily
fail
and then “sell” to Yahoo YHOO 0.76%
Facebook FB 2.35%
or Google GOOG 0.98% – which merely want the employees.
But that’s not all. As vice chairman of JPMan Chase
Jimmy Lee has a front-row seat to the deal action. And he’s been increasingly pushing the firm into tech deals
most notably
the much-anticipated initial public offering of Chinese e-merce giant Alibaba.
但这还不是全部。摩根大通（JPMan Chase）副董事长吉米o李在并购领域一直处于前列。他推动摩根大通越来越多地参与到了科技公司的资本运作，其中最引人注意的就是中国电子商务巨擘阿里巴巴（Alibaba）备受期待的首发上市。
Speaking on stage at Fortune’s Brainstorm Tech conference in Aspen on Monday
Lee pointed to another sign of a tech M&A boom: Shares of publicly traded tech panies going up
not down when they announced acquisitions in recent years. Traditionally
panies that acquire another lose value because of the expense along with the uncertainty about making the deal pay off.
“So the buy side is saying
we’re going to pay for growth
and it’s okay if we pay a premium
” Lee said. “A lot of it is a growth challenge that panies now want to go after
and attack it hard.”
See a video of the discussion here.
Lee cited Facebook’s success with its $1 billion Instagram acquisition (recently outlined in the latest issue of Fortune magazine) and Google’s success with buying YouTube eight years ago as examples of successful growth by acquisition.
Companies have been hoarding cash
Lee said
and the cost of capital “is virtually zero.” The rise of tech panies with massive balance sheets has created another interesting wrinkle for venture capital world. Aside from buying up portfolio panies
they’re also peting. Google built up has a formidable venture capital practice
and large media panies from Comcast to Time Warner have also ramped up their startup investing.
Jim Breyer
CEO of Breyer Capital
noted that these corporate venture arms
which weren’t always viewed as serious players in the VC game
are now “peting very effectively.” That has increased the petitive risks to venture investors
Breyer added. The petition is global
too
with Asian conglomerates from Alibaba and Baidu to Tencent bidding up deals.
And about those valuations: Yes
they’ve gone up. Josh Kopelman
a partner at First Round Capital
says seed deals have increased in price by around 20% to 30% in recent years
which makes his job difficult. “We have tried to maintain price sensitivity
” he said. “But you’re also talking to a VC who passed on Twitter … because of price.” He noted that he decided not to do the same thing when Square knocked on his door.