成功收购策略的6大关键原则（上）.doc

天和财务: / PAGE ………………………………………………………………………………………………………………………… 前程似锦 路在脚下 成功收购策略的6大关键原则（上） SIX KEY PRINCIPLES OF A SUCESSFUL ACQUISITION STRATDY ,PART1 来源： HYPERLINK / \t _blank HYPERLINK / \t _blank 天和网 核心提示：思科的前CSO通过研究该公司七年间的75项收购案,揭示出确保收购行为创造价值的六条原则。 After overseeing 75 acquisitions in seven years at Cisco in the 1990s, then-CSO Mike Volpi helped the company become a role model for tech MA and an acquisition-as-growth strategy. In this two-part series, he reveals six ways companies can make sure their acquisitions create value. 【据消息】审查了思科公司（Cisco）在20世纪90年代间的7年内的75项收购案之后，思科公司当时的首席战略官（CSO ）迈克尔?沃尔潘帮助该公司成为高科技行业收购以及收购并增长策略的一个行为榜样。在本系列的两篇文章中，迈克尔?沃尔潘揭示可以确保 HYPERLINK / 企业收购行为创造价值的六条原则。 When we began the mergers-and-acquisitions journey at Cisco in 1993, we had no idea what we were getting into. It was clear that there was a new category of products called “switches” that was threatening our leadership position in routing at the time. Our engineering team felt that they could build a better switching product based on Cisco’s existing technology foundation. But the venture community had funded a number of switching companies that were months if not years ahead of Cisco in the race to market. Instead of developing our own technology, we decided to buy Crescendo Communications, which turned out to be a huge success. The descendants of that Crescendo product line provide Cisco with in excess of $10 billion in revenue and rich profits today. 当我们于1993年开始思科的兼并和收购旅程时，我们不知道我们正在进入什么地方。很明显，有一个新的被称为“开关”的产品类别，威胁着我们当时路由设计的领导地位。我们的工程团队认为，他们可以根据思科现有的技术基础建立一个更好的开关产品。但在这场比赛中，企业界已经资助了一些比思科早几个月甚至早几年前进入该产品市场的开关公司。我们没有开发自己的技术，而是决定收购Crescendo通信公司，后来这证明是一个巨大的成功。Crescendo产品线的衍生物为思科提供了超过10亿美元价值的收入和丰厚的利润。 The truth is, we got a bit lucky. Historical data shows that the majority of acquisitions fail. The Crescendo acquisition didn’t, and we were encouraged, so we set ourselves on a path that eventually lead to 75 acquisitions over the next seven years. At its peak, the