關于Carbon Black的一個小插曲

時間：2022-04-15 18:51:01 | 來源：行業(yè)動態(tài)

時間：2022-04-15 18:51:01 來源：行業(yè)動態(tài)

At VMworld 2019, Pat Gelsinger told theCUBE that he felt like he got a great deal picking up Carbon Black for .1 billion.

在2019年的VMworld活動上，Pat Gelsinger告訴theCUBE，他覺得花21億美元的價格拿下Carbon Black是一筆好的大買賣。

His logic was in part based on the valuation of CrowdStrike, a Carbon Black competitor. At the time CrowdStrike, as you can see on the chart below, had a valuation that was nine times higher than that of Carbon Black. And you can see from the trailing-12-month revenue that CrowdStrike was a bigger company by more than 0 million, but the real story was the companys growth at more than 100%. CrowdStrike at the time was growing much faster than Carbon Blacks 22%, justifying a significantly higher relative value.

他這樣說的邏輯一部分是基于Carbon Black競爭對手CrowdStrike的估值。CrowdStrike當時的估值（如下圖）是Carbon Black的9倍。而且可以從尾部12個月的營收里看到，CrowdStrike是一家規(guī)模更大的公司，營收比Carbon Black高一億多美元，但故事的核心是CrowdStrike的增長達100%。CrowdStrike當時的增長速度遠高于Carbon Black的22%，證明其相對價值明顯更高。




Of course, the thinking from VMware was that it could pick up Carbon Black at a discount to the market leader and inject growth and profitability into the asset by bundling into VMwares increasingly capable security offerings. VMware created a cloud security group headed by Carbon Black Chief Executive Patrick Morley, which underscores a commitment to the sector.

當然，VMware的想法是可以以低于市場領導者的價格折價收購Carbon Black，然后通過將其捆綁到VMware日益強大的安全產(chǎn)品上為該資產(chǎn)注入增長和盈利能力。VMware創(chuàng)建了一個由Carbon Black首席執(zhí)行官Patrick Morley領導的云安全集團，凸顯了在該領域的承諾。

Now in VMwares recent earnings call, it said Carbon Black had good bookings performance. Who knows exactly what that means, but if it were significantly more than 22% (Carbon Blacks growth rate at acquisition time), our guess is that VMware would have been more effusive. So lets assume that since the acquisition Carbon Black growth has been flattish relative to its growth at acquisition as VMware figures out how to integrate the company.

VMware在最近的財報電話會議上表示，Carbon Black的預訂表現(xiàn) "良好"。誰都不知道這到底是什么意思，但如果增長率明顯超過22%（收購時Carbon Black的增長率是22%），我們猜VMware的溢美之詞可能會更夸張一些。我們不妨假設自收購后，Carbon Black的增長相對于收購時的增長更趨向于平緩，VMware在這一段時間不是在想辦法整合這個公司嘛。

Nonetheless, we would still peg its valuation as having increased substantially since the time of acquisition perhaps in the billion-to- billion range. So its a nice pickup for VMware in our view, which has a good track record of acquiring companies and monetizing the assets. And we think the value of Carbon Black inside of VMware will likely grow from here. Further, the ETR data on Carbon Black is encouraging.

盡管如此，我們?nèi)詴J為Carbon Black的估值自收購時起已大幅上升了，或許在30億至50億美元之間。所以在我們看來，對VMware而言是宗不錯的收購，VMware在收購公司及將資產(chǎn)貨幣化方面有良好的記錄。而且我們認為，置于VMware內(nèi)部的Carbon Black的價值可能會從這里開始增長。此外，Carbon Black的ETR數(shù)據(jù)也令人鼓舞。

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