关于Carbon Black的一个小插曲

时间：2022-04-15 18:51:01 | 来源：行业动态

时间：2022-04-15 18:51:01 来源：行业动态

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活动上，Pat Gelsinger告诉theCUBE，他觉得花21亿美元的价格拿下Carbon Black是一笔好的大买卖。

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.

他这样说的逻辑一部分是基于Carbon Black竞争对手CrowdStrike的估值。CrowdStrike当时的估值（如下图）是Carbon Black的9倍。而且可以从尾部12个月的营收里看到，CrowdStrike是一家规模更大的公司，营收比Carbon Black高一亿多美元，但故事的核心是CrowdStrike的增长达100%。CrowdStrike当时的增长速度远高于Carbon Black的22%，证明其相对价值明显更高。




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.

当然，VMware的想法是可以以低于市场领导者的价格折价收购Carbon Black，然后通过将其捆绑到VMware日益强大的安全产品上为该资产注入增长和盈利能力。VMware创建了一个由Carbon Black首席执行官Patrick Morley领导的云安全集团，凸显了在该领域的承诺。

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在最近的财报电话会议上表示，Carbon Black的预订表现 "良好"。谁都不知道这到底是什么意思，但如果增长率明显超过22%（收购时Carbon Black的增长率是22%），我们猜VMware的溢美之词可能会更夸张一些。我们不妨假设自收购后，Carbon Black的增长相对于收购时的增长更趋向于平缓，VMware在这一段时间不是在想办法整合这个公司嘛。

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.

尽管如此，我们仍会认为Carbon Black的估值自收购时起已大幅上升了，或许在30亿至50亿美元之间。所以在我们看来，对VMware而言是宗不错的收购，VMware在收购公司及将资产货币化方面有良好的记录。而且我们认为，置于VMware内部的Carbon Black的价值可能会从这里开始增长。此外，Carbon Black的ETR数据也令人鼓舞。

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